Supported by the high prices.. Dealers are selling used goldsmiths
Gold prices recorded new, additional increases, with values ranging between 50 fils and one dirham per gram of various carats, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.
The price of a gram of 24-carat gold amounted to 235 dirhams, an increase of one dirham, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold recorded 220.75 dirhams, an increase of 50 fils.
In turn, the price of a gram of 21-carat gold reached 210.75 dirhams, an increase of 50 fils, and the price of a gram of 18-carat gold reached 180.75 dirhams, an increase of 50 fils.
Officials of gold and jewelry trade outlets confirmed that the markets have recently witnessed a demand for dealers to sell what they have in their possession of used goldsmiths to take advantage of the continued high rates of gold.
And they told «Emirates Today» that some dealers prefer to sell their old models in light of gold prices reaching record high rates, supported by demand in international markets, and waiting until prices return to decline, to buy modern models, noting that bullion and gold coins are witnessing Currently a state of slow buying and selling.
Selling "used"
The director of "Rikesh Jewelery Company", Rykesh Dhann, said that the most prominent activity in the gold markets is currently focused on dealers selling their used gold pieces, to benefit from the continuation of gold at high price limits, under pressure from the repercussions of the Russian-Ukrainian crisis.
He added that most dealers in the gold bullion sector are currently postponing purchase or sale decisions, in anticipation of price indicators that have been circulating for seven days at similar rates, while they are waiting for the opportunity to decline in large percentages to buy, or rise in large percentages to sell what they have of bars and currencies.
old models
For his part, the manager of "Machoom Jewelery Store", Raj Bahi, said that a number of dealers prefer to sell their gold jewelry of old models during times of price hikes.
He added that with the recent arrival of gold prices to unprecedented rates, and their continuation at these high limits, this motivated a greater number of dealers to sell what they had to obtain financial liquidity, or to dispose of old ones, and to return to buy modern models during times of price decline. , motivating to buy in the coming periods.
Remarkable growth
In the same context, Dilip Soni, sales manager at Diamond Jewelery, said that the remarkable rise in the number of dealers selling second-hand artifacts to stores is due to the recent high price limits of gold.
He added that the markets are also witnessing transactions from tourist groups, especially in Dubai, to buy gifts of gold jewelry, especially in light of the current revival of tourism activity.
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