Declining gold prices and tourist demand support demand for handicrafts

Gold prices fell, at the end of last week, between 6.25 and 7.5 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to price indices announced in Dubai and Sharjah.

Officials of gold and jewelry trade outlets told Emirates Today that metal prices recorded stimulating rates of decline, in addition to the growing demand for tourist groups, supported the demand for gold jewelry sales at remarkable rates in recent days, expecting demand to grow at greater rates during the coming days. As the festive and holiday seasons approach.

The price of a gram of 24-carat gold reached 315.5 dirhams, a decrease of 7.5 dirhams, at the end of last week, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 292 dirhams, a decrease of seven dirhams, and the price of a gram of 21-carat carat reached 282.75 dirhams. , a decrease of 6.75 dirhams, as it arrived The price of an 18-carat gram reached 242.25 dirhams, a decrease of 6.25 dirhams.

The manager of the “Riki Gold and Jewelry Trading” store, Rikesh Dhanak, said, “The decline in gold prices at stimulating rates has had positive effects in supporting the demand for jewelry sales during the recent period, with some dealers tending to take advantage of the lower prices in purchasing supplies for jewelry gifts.”

He added, “It is expected that the pace of demand will continue in the coming days at greater rates, with the approaching holiday season and the demand of dealers and tourists of various nationalities to buy souvenirs from the handicrafts.”

The sales official at the “Rej Gold and Jewelry” store, Manji Balkera, pointed out that “the decline in the prices of the yellow metal, and the growing demand of dealers from tourist groups, have positive repercussions on the growth of jewelry sales.”

He explained that “the boom in tourism activity during the current period is reviving sales of handicrafts and jewelry, especially as this period coincides with the approaching holiday season.”

The manager of the “Mashu Gold and Jewelry Trading” store, Raj Bahi, pointed out that “signs of improved sales have appeared during the recent period, supported by the decline in prices of the yellow metal, and the demand of tourist groups to buy gifts,” pointing out that “most of the purchases were concentrated in jewelry of two calibers.” 18 and 21 carats, in addition to some coins of medium weights.

He added, “Bullion sales are expected to witness greater demand if gold prices continue to decline at greater rates during the coming period, in a way that will be more attractive to those dealing in bullion products, whether for savings or investment purposes.”