Officials of outlets selling gold and jewelry trade said that the recent return of tourists to the markets, and the continued decline in gold prices, contributed to the recovery of gold jewelry sales.
They confirmed to “Emirates Today” that tourists accounted for the largest shares of sales, most of which were concentrated in 18-carat gold works.
At the end of last week, gold prices continued their declines, for the fourth week in a row, achieving a decline of between 50 fils and 1.25 dirhams per fine of various karat, compared to their prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets, bringing the total The value of the decline in the price of a gram of gold within four weeks to 10 dirhams.
The price of a gram of 24-carat gold reached 211.25 dirhams, a decrease of 75 fils, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 198.25 dirhams, a decrease of 1.25 dirhams. In turn, the price of a gram of 21-carat reached 198.75 dirhams, a decrease of 75 fils, and the price of a gram of 18-carat gold reached 162.25 dirhams, a decrease of 50 fils.
Dealer Hossam Yassin said that the price limits that gold prices have reached are an incentive to buy, after the successive decline in them during the recent period, pointing out that the current prices motivated him to buy gifts of gold works for his family.
For his part, the dealer, Sami Ibrahim, said that he bought two pieces of gold crafts from the category of small weights, as gifts, to take advantage of the low price limits for gold during the recent period.
The trader, Tamer Ali, agreed with his counterparts that the prices were an incentive for him to buy. He said that he bought his daughter a gift of 18-carat gold jewelry, after he followed the declines in gold prices in large proportions recently.
In addition, the director of “Diamond Jewelery Store”, Dilip Soni, said that the markets have recently witnessed signs of recovery in sales of gold works, supported by the movement of tourism in the markets, and prices, after the continued decline in the prices of the yellow metal for the fourth week in a row. He added that the manufactured products of 18 carat accounted for the largest shares of sales recently.
For his part, the director of «Dahkan Jewelery Company», Jay Dehkan, said that tourists accounted for large rates of demand for sales of gold jewelry recently, expecting that the markets will continue to record greater improvement in the coming period, supported by the continued flow of tourists and visitors to the exhibition’s activities. Expo 2020 Dubai.
He stressed that the continued decline in gold prices in recent weeks was one of the factors supporting the growth in demand for sales of gold jewelry, especially with the end of the busy period of dealers at the beginning of the school year, and the return of most dealers from their summer vacations.
In the same context, the director of “Famas Jewelery Store”, Taghi Hedayat, stated that the tourist movement in the markets recently supported the recovery of gold jewelery sales in large proportions recently, with most sales concentrated in medium and small gifts of 18 carat, and the preference of most European nationalities for that quality. of the crafts.
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