Dubai Jewelery: Supported by falling prices and increased spending and offers

Tourists and Dubai Shopping Increase Gold Sales 30%

• An increase in gold sales is one of the main indicators of the market's recovery.

  Photography: Ahmed Arditi

• Tawheed Abdullah: “There are strong indications that support expectations of a 10-15% increase in gold sales during the first quarter.”

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Dubai Gold and Jewelery Group reported that the activity of tourist groups in the local markets and the Dubai Shopping Festival offers contributed to the increase in sales of gold jewelry by 30% since the beginning of this year until the end of the first week of February.

She explained to «Emirates Today» that the offers of «Dubai Shopping» in its last session, increased gold sales by an estimated 5% compared to the previous session of the festival, due to several factors, most notably the decline in gold prices during the festival period, as well as the increase in spending by dealers with the decline in travel, and an increase Offers.

Altitudes

In detail, the Chairman of the Gold and Jewelery Group in Dubai, Tawheed Abdullah, said that sales of gold jewelry witnessed an increase since the beginning of this year until the end of the first week of February, with rates reaching 30% compared to previous months, with the support of the popularity and activity of tourist groups in The emirate's markets, as well as the influences of the Dubai Shopping Festival performances.

Supportive factors

Abdullah added, that the indicators monitored during the Dubai Shopping Festival in its 26th session, show an increase in sales of gold products by about 5% compared to the previous session of the festival.

He explained that this is due to several factors, the most important of which is the decline in the price limits of gold during the last festival period compared to the previous session, in addition to the increase in customer spending due to the decline in travel, whether for citizens or residents on foreign holidays, in addition to the increase in offers in stores with the aim of stimulating sales and compensating for slow periods The precedent during the past year imposed by the repercussions of the Corona pandemic, which in turn stimulated the offering of prize offers for shoppers with allocations estimated at seven million dirhams.

Recovered

Abdullah stressed that there are strong indicators in the local gold markets that support expectations of increased sales by rates ranging between 10 and 15% during the first quarter of this year compared to the same period last year, indicating that the market recovery is one of the most prominent of these indicators.

He mentioned that international reports indicate that the prices of the yellow metal have stabilized during the first quarter of 2021 compared to last year, with the support of expanding the provision of "Covid-19" vaccines in various countries, indicating that according to estimates, it is expected that the price indicators of an ounce of gold ranged between 1900. And $ 2000 during the first half of this year.

Gold coins

Abdullah stated that the Dubai Gold and Jewelery Group has recently observed a noticeable increase in the purchase of gold coins, which have become a favorite option for a large number of dealers, as they are in line with the prevailing culture imposed by the repercussions of the Corona pandemic, by paying more attention to saving policies through gold products. .

He said that gold coins represent a suitable option for saving, and at the same time they are suitable for decoration purposes through the spread of products for modern models through which currencies are used in products for necklaces and bracelets through modern designs.

Abdullah pointed out that dealers from different Asian countries are the most demanding of gold coin products, followed by dealers from Arab countries.

Alloys

Abdullah expected that the current year will witness continued growth in the demand for bullion products for the purpose of investing in gold, after it increased significantly during the second half of last year with the increase in the confidence of dealers in gold as a safe haven in light of the changes imposed by Corona.

"mother's Day"

Abdullah indicated that the group is currently preparing for new campaigns related to the “Mother’s Day” season, which is expected to attract a large number of citizens and residents, especially from Arab countries, in a manner that supports the growth of sales during the end of the first quarter of this year.

Speed ​​up the administration of the vaccine

The Chairman of the Dubai Gold and Jewelery Group, Tawheed Abdullah, said that the group had encouraged a large number of workers in the gold trade sector to receive the vaccine against the "Covid-19" virus, indicating that advanced stages were cut off after taking the largest proportion of workers For the vaccine, as only 2,000 to 3,000 workers remain, out of a total of 25,000 workers in the sector who have received the vaccine.

He added that the group supports accelerating the delivery of the vaccine to all workers in the field within the framework of activating the gold markets and increasing the confidence of dealers in the turnout by implementing the necessary measures to confront the spread of the virus.

Significant increase in sales from the beginning of 2021 until the end of the first week of February.

- Dubai Shopping offers increased gold sales by 5%.

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