The rise in gold prices encourages dealers to sell “used” to stores
Officials of outlets selling gold and jewelry trade said that the markets recently witnessed a demand from dealers to sell used gold works to stores, supported by gold recording new price increases.
gold prices
And gold prices recorded at the end of last week, increases of between 2 and 2.5 dirhams 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 223.5 dirhams, an increase of 2.5 dirhams, while the price of a gram of 22-carat gold recorded 210 dirhams, an increase of 2.25 dirhams.
In turn, the price of a gram of 21-carat reached 200.5 dirhams, an increase of 2.25 dirhams, and the price of a gram of 18-carat gold reached 171.75 dirhams, an increase of two dirhams.
Limited demand
The sales manager of the "Diamond Jewelery Store", Dilip Soni, said that the demand of a number of dealers to sell used gold jewelry for stores, is one of the most prominent indicators of the gold trade markets during the recent period, after the shift in gold prices to the rise.
He pointed out that at a time when the markets witnessed a demand for gifts of gold and jewelry during the previous week, the outlets finally recorded a limited demand for them, affected by price changes, and anticipation of the yellow metal recording price declines in large motivating proportions.
For his part, the director of "Rikesh Jewelery Company", Rickish Dhann, said that the recent price changes had different repercussions on the gold markets, as they limited the demand for gifts of new goldsmiths, at a time when the markets witnessed a demand from dealers to sell what they had in their possession. Used for stores.
He added that the markets often witness indications of selling used gold jewelry during the period leading up to the summer holiday season, but it was larger during the current period, supported by the high prices and the desire of some to obtain financial liquidity.
old designs
As for the sales official at the “Imperial Jewelery Store”, Ashwin Shawni, he said that the demand for selling used goldsmiths for stores is not limited to the purpose of obtaining financial liquidity, but is related to the desire of a number of dealers to dispose of works of old designs and replace them in later periods with modern ones. When prices decline according to what is expected in the coming period.
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