21 dirhams, the total price increases per gram in 6 weeks

Tourist turnout supports the demand for gold jewelry sales

Tourist purchases accounted for the largest share of gold jewelry sales.


Gold prices rose at the end of the week between 50 fils and 1.25 dirhams for various carats, compared to their prices at the end of last week, according to price indicators announced in Dubai and Sharjah, while prices continued their increases for the sixth week in a row, bringing the total value of the yellow metal gram increase during six weeks to about 21 dirhams.

Officials of outlets for the gold and jewelry trade told Emirates Today that the sales of tourists accounted for the largest shares of sales of new gold jewelry, especially in the Dubai markets, pointing out that the continuation of price increases for long periods made some dealers, who were postponing purchase decisions, turn to To buy their supplies from the artifacts associated with their occasions.

In turn, the director of the “Ayyam Jewelry” store, Jalish Saqr, said, “The yellow metal finally recorded the longest period of consecutive weekly increases, since more than nine months, as the increases lasted for about six weeks, which made some dealers tend to buy some necessary supplies related to special occasions.” They have, after they had previously postponed purchase decisions, in addition to an activity in the rates of tourist demand to buy gifts from handicrafts.

Adita Singh, director of sales at the Tansheeq Jewelery Company, explained that “the tourism boom during the current period in the local markets has reflected positively on recent gold jewelry sales, despite the successive large increases recorded by the yellow metal,” pointing out that “ Tourists, especially in Dubai markets, currently account for the largest proportion of sales.

He added, "Sales are expected to improve during the coming period for handicrafts and jewelry, with the support of the growth in the movement of visitors and tourists, commercial events and exhibition activities, especially in Dubai, which supports the sales activity of the handicrafts sector in the local market."

For his part, the sales official at the “Anan Jewelry” store, Abdulaziz Al-Khatib, indicated that “tourist sales accounted for the largest share of sales during the recent period, especially in light of the continued rise in gold prices during the recent period, which made some residents reluctant to buy. Currently, with the exception of some dealers associated with events that require the purchase of handicrafts.

He explained that «the sales movement of dealers for gold products, whether ingots or used artifacts, is still greater than the rates of demand for the purchase of new artifacts».

In addition, the price of a gram of 24 karat gold was 234.5 dirhams, an increase of 1.25 dirhams, compared to its prices at the end of last week.

While the price of a 22-carat gram was 216.5 dirhams, an increase of 50 fils.

The price of a 21-carat gram amounted to 207.75 dirhams, an increase of 75 fils.

The price of an 18-carat gram reached 179.75 dirhams, an increase of 50 fils.

• 234.5 dirhams, the price of a gram of 24 carat gold. 

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