The approaching Eid al-Fitr stimulates the demand for artisan sales

The price of a gram of 24 carat gold was 217.25 dirhams.

Photography: Ashok Verma

Gold prices rose, at the end of last week, between 3.25 and 4.5 dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.

Officials of gold and jewelry trade outlets told Emirates Today that despite the high prices, the sales of handcraft recorded a growth in demand, in support of the approaching Eid al-Fitr season, in addition to some buying gifts before traveling to spend the holidays in their country.

In detail, the client, Ghada Abdel Rahim, said that she "decided to buy a gift from the crafts on the occasion of Eid al-Fitr, due to her willingness to spend the Eid holiday in her country."

The dealer, Ibrahim Mahmoud, indicated that he "bought an 18-karat jewelry gift before traveling to spend the Eid Al-Fitr holiday with his family."

In turn, the director of “Dahkan Jewelery”, Jay Dahkan, said, “The markets have recently witnessed growth rates in demand for sales of gold jewelry, in support of the approaching Eid al-Fitr season, and a large number of dealers prefer to buy gifts at an early date. "The presence of visitors and tourists in the country now, was one of the factors supporting the growth of jewelry sales recently, especially since gold prices are still at appropriate price limits and stimulating purchase, compared to the high prices at the beginning of this year."

For his part, Galish Saqr, Sales Manager at Al-Ayyam Jewelery Company, said that “the approaching Eid al-Fitr season has motivated dealers to buy craft gifts, especially with some fear that prices will increase further during the coming period, in addition to a large number of dealers. They prefer to buy gifts from the crafts for their families before traveling to spend the Eid holidays in their countries. ” The manager of the "Mashaum Jewelery" store, Raj Bahi, added that "handicraft sales have boomed, supported by the approaching Eid Al-Fitr," noting that most of the sales were concentrated in small sizes, of 18 carats. The price of a gram of 24 carat gold was 217.25 dirhams, an increase of 4.5 dirhams, compared to the end of the previous week, while the price of a 22-carat gram, 204 dirhams, was recorded, an increase of 4.25 dirhams. The price of the 21-carat gram reached 194.75 dirhams, an increase of 4 dirhams. The price of the gram, 18 carats, reached 166.75 dirhams, an increase of 3.25 dirhams.

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