Gold shops rely on holidays and "Dubai Shopping" to stimulate sales
Gold prices recorded a decline at the end of the week between 1.5 and 4.75 dirhams.
Photography: Patrick Castillo
Officials of outlets for the gold and jewelry trade reported that the decline in gold prices during the recent period supported the improvement in demand for new artifacts.
They told Emirates Today that they are counting on the winter holiday season, Christmas and New Year's Day, in addition to the Dubai Shopping Festival, to stimulate sales.
In detail, gold prices recorded a decline at the end of last week, ranging between 1.5 and 4.75 dirhams for various carats, compared to their prices at the end of the previous week, according to the price indices announced in Dubai and Sharjah.
The price of a gram of 24-carat gold was 215 dirhams, a decrease of 1.75 dirhams, while the price of a gram of 22-carat reached 199 dirhams, a decrease of 4.75 dirhams.
The price of a gram of 21 carats was 192.5 dirhams, a decrease of two dirhams, while the price of a gram of 18 carats was 165 dirhams, a decrease of 1.5 dirhams.
In addition, the director of the "Mashoum Jewellery" store, Raj Bahi, said that the decline in gold prices reflected positively on the improvement in sales of new jewelry, expecting that the markets would witness gradual rates of recovery with the support of the winter holidays season and the celebration of Christmas and New Year's Day.
For his part, the sales official at the "Reggie Jewelery" store, Mangesh Balikra, confirmed that the markets are currently witnessing a relative improvement in the sales of handicrafts.
Bahi indicated that sales are expected to rebound during the coming period in light of the presence of many incentives, most notably the Dubai Shopping Festival offers, which give shoppers various gifts through periodic raffles throughout the festival period.
In turn, the director of the "Rakesh Jewelers" company, Rakesh Dahnak, said that many dealers are anticipating a further decline in prices in order to buy gold during the coming period, especially in light of international expectations of further price declines in accordance with international economic variables.
He added that this will support a significant improvement in sales during the coming period, especially with its coincidence with New Year's Eve and the Dubai Shopping Festival.
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