Gold Markets launches special issues and offers for “Union Day”

The markets of Dubai and Sharjah witnessed gold and jewelry stores offering special issues on the occasion of the 54th Union Day of the country, including gold jewelry bearing the name of the Emirates in Arabic and English, in different golden shapes, and others that included the colors of the state flag, while stores launched special offers for “Union Day” to sell gold jewelry of small weights and without “workmanship.”

Officials of gold and jewelry trading shops told Emirates Today that these issues include gold and jewelry products, pointing out that the markets are currently witnessing a varying demand for jewelry, with some dealers expecting prices to record further increases in the future.

In detail, the director of the “Ricky Gold and Jewelry Trading Company,” Ricky Dahnak, told Emirates Today: “The gold markets are currently witnessing the launch of special products on the occasion of the 54th Federation Day of the UAE, including gold jewelry and jewelry adorning storefronts in celebration of the occasion,” pointing out that many customers, including citizens, residents, and tourists, are buying these products as souvenirs.

He added, “The special offers and products for Union Day come in light of the gold stores’ competitiveness to attract customers and stimulate sales, by providing special offers and issues for the occasion,” noting that “the gold markets are witnessing mixed activity in demand, despite the rise in prices, with many dealers anticipating additional future increases in gold prices.”

For his part, the CEO and Managing Director of the “Dahmani Jewelry Group,” Amit Dahmani, said, “Many stores offer jewelry in special editions during the occasion of Union Day, with products bearing the colors of the UAE flag, or containing the letters of the word (UAE),” indicating that this is consistent with customers’ tendency to buy these products as souvenirs, and supports the competitive policies of the stores in the markets and commercial centers.

He stressed that “the demand in the local markets is currently supported by the holiday season,” pointing out that a large number of customers prefer to buy gifts during that period, whether in the context of celebrating the occasions witnessed during that period or as gifts during the holiday and travel season.

He explained that “the momentum of tourism activity witnessed by the local markets during that period enhances the rise in demand in the markets, at remarkable rates,” noting that “the largest share of sales goes to tourists from Gulf countries, in addition to tourists from China, Russia, and European countries.”

In the same context, the sales manager at the “Al Sarraf Jewelry” store, Abdullah Muhammad Ali, agreed that the markets are witnessing the launch of many offers and products on the occasion of Union Day, whether discount offers or souvenir products for the dear occasion.

He explained, “The demand in the markets comes with support from customers’ demand to buy souvenirs during the weekend and the Union Day holiday, which allows greater scope to stimulate sales.”

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Gold prices rise

At the end of last week, gold recorded price increases with values ​​ranging between 14 and 18.25 dirhams per gram of various karats, compared to its 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 reached 508 dirhams, an increase of 18.25 dirhams compared to its price at the end of the previous week, while the price of a gram of 22-carat gold reached 470.5 dirhams, an increase of 17 dirhams.

The price of a gram of 21 carat gold reached 451 dirhams, an increase of 16 dirhams, and the price of a gram of 18 carat gold reached 386.75 dirhams, an increase of 14 dirhams.