Dubai Jewelery set aside 6.5 million dirhams in Dubai Shopping Festival prizes
Gold sales in Dubai post a remarkable improvement in the fourth quarter
200 gold and jewelry stores participate in the current edition of the Dubai Shopping Festival.
Emirates today
Abdullah Tawhid: "The measures taken by the government reflected positively on the speed of market recovery from the repercussions of the pandemic."
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Dubai Gold and Jewelery Group revealed that gold sales recorded a remarkable improvement during the fourth quarter of 2020, with a growth rate that exceeded the same period in 2019, by an estimated 5%, supported by the return of tourist groups, the resumption of flights to a large number of international destinations, and an increase The demand for buying bullion and gold coins for savings and investment, and the growth in the purchase of crafts for dealers who canceled plans to travel abroad.
She confirmed to Emirates Today that the increase in sales during the fourth quarter supports the target of increasing it by more than 10% during 2021, pointing out that the group allocated 6.5 million dirhams for the Dubai Shopping Festival, an increase of 10% over the allocations of the previous session.
Gold sales
In detail, the Chairman of the Dubai Gold and Jewelery Group, Tawheed Abdullah, said that “gold sales in the Dubai markets recorded a remarkable improvement and recovery during the fourth quarter of 2020,” pointing to a growth rate that exceeded the same period of 2019, which amounted to about 5 %.
He stressed that the measures taken by the government reflected positively on the speed of market recovery from the repercussions of the Corona pandemic, in reasonable rates.
Supportive factors
Abdullah pointed out that there are several factors that supported the improvement in gold sales during the fourth quarter of this year, which approached in its beginning the indicators of the same period of 2019, before achieving growth rates that exceeded last year's sales at the end of November and during this December.
He explained that "the most prominent supporting factors are the remarkable activity of the return of tourist groups, the decisions to resume flights to a large number of international destinations, and to visit the country for the purposes of work and conferences, in addition to the growth of the export of gold jewelry."
Bullions and coins
He added that «the important factor that supported the growth of sales, during the last fourth, was the demand for buying bullion and gold coins, for the purposes of saving and investment,» noting that this is one of the results of the pandemic that affected the gold markets, as it raised the confidence of dealers of different nationalities to invest Or saving with gold, after recording significant price increases, and it served as a safe haven at the international level during the pandemic.
Abdullah also pointed out that the sales of gold jewelry increased during the fourth quarter, especially during November and December, with a large number of residents and citizens canceling the usual travel plans during that period.
Festival incentives
The Chairman of the Dubai Gold and Jewelery Group revealed that the group allocated allocations of 6.5 million dirhams in prizes to the "Dubai Shopping Festival", an increase of 10%, compared to the allocations of the previous session of the festival, pointing out that the financial allocations for the current session of shoppers in the gold sector are preparing Among the highest among the group's awards allocations in the festival's sessions, in a way that supports the sales activity of gold jewelry in greater proportions.
He stressed that the festival, since its inception, has contributed to reviving sales in large proportions, whether for gold or jewelry, while the rates of high sales are expected to grow in greater proportions in the coming weeks, especially as they keep pace with the peak activity of tourist groups during the winter season.
Abdullah pointed out that more than 200 gold and jewelry stores have participated in the current session of the Dubai Shopping Festival, enabling shoppers to participate in a raffle campaign with various prizes.
"The campaign allows shoppers, when buying gold jewelry worth 500 dirhams, to obtain a raffle coupon, in exchange for two raffle coupons when buying diamond and pearl jewelry worth 500 dirhams," he said.
He stressed that the coupons provide an opportunity to win a total of 25 kilograms of gold.
Twelve shoppers among the winners on January 30, 2021 will receive 3 kilograms of gold (250 grams of gold each as a grand prize).
Pandemic impacts
The Chairman of the Dubai Gold and Jewelery Group, Tawheed Abdullah, said that despite the remarkable improvement in gold sales during the fourth quarter of 2020, the effects of the pandemic contributed to reducing overall sales since the beginning of 2020 by an estimated 20%, compared to a year ago. 2019, indicating that they are reasonable ratios and the lowest among the countries of the region, given the measures that contributed to the speed of recovery, and compensated for the periods of closures and slow sales during the height of the pandemic.
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