Eid gifts, reductions in “workmanship” and offers increase the demand for gold and jewelry

Gold and jewelry store officials said that the markets have witnessed a growth in demand for jewelry and gold jewelry in recent days, supported by the purchase of gifts on Eid al-Adha and the incentives of offers presented in the markets.

They added to “Emirates Today” that a number of stores offered discounts on “workmanship” fees, in addition to discounts of varying percentages on diamond and pearl jewelry, which strengthened the attraction of many dealers, pointing out that the low prices of gold and the length of the Eid al-Adha holiday are important factors that supported the growth in demand during the recent period.

Dubai Jewelery Group announced stores launching offers during the Eid Al Adha season, which included discounts of up to 65% on diamond and pearl jewelry, “custom engraving” services on gold jewelry, and free gifts on some purchases, in addition to “half-back” offers on a selection of diamond and pearl jewelry.

Gold prices recorded limited increases at the end of last week, with values ​​ranging between 2.5 dirhams and 4.25 dirhams per gram of various karats, compared to its prices at the end of the previous week, according to the price indicators announced in the Dubai and Sharjah markets.

The director of Dahkan Gold and Jewelry Trading Company, Jay Dahkan, said, “The Eid al-Adha holiday witnessed a remarkable growth and improvement in the demand for sales of gold jewelry and jewelry of various kinds, in light of the demand of a large number of customers to buy gifts during the holiday period.”

He added to Emirates Today: “Some stores offered offers on manufacturing fees for gold jewelry in varying proportions, in addition to discounts on the prices of diamond and pearl jewelry, which in turn enhanced the recovery in demand for gold and jewelry stores in Dubai markets during the holiday period.”

For his part, the sales official at the “Imbral Gold and Jewelery Trading” store, Ashwin Shawn, said, “The long period of the Eid al-Adha holiday contributed to increasing the demand of customers to buy gifts of gold jewelry and jewelry during the recent period, in addition to the competitiveness of the offers presented in the markets from many stores.”

He explained that “the low prices of the yellow metal during the previous days, which changed to a limited extent recently, contributed to motivating many dealers to buy, whether bullion products or gold jewelry, which was reflected positively on the markets.”

In the same context, the sales manager at the “Mashu Gold and Jewelry Trading” store, Raju Bahi, considered that “the current prices of the yellow metal support the continued growth of demand for purchasing gold gifts, especially with many dealers heading to buy bullion of different weights, in light of the expectations that the prices of the yellow metal will rise at greater rates during the coming periods.”

He added: “The competitiveness of offers during the recent period had many positive effects on the markets, as it motivated customers to buy gold gifts, diamond jewelry, and pearls.”

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Gold prices

The price of a gram of 24-carat gold at the end of the week reached 547.5 dirhams, an increase of 4.25 dirhams, compared to its price at the end of the previous week, while the price of a gram of 22-carat gold reached 507 dirhams, an increase of four dirhams.

In turn, the price of a gram of 21-carat gold reached 486 dirhams, an increase of 3.5 dirhams, and the price of a gram of 18-carat gold reached 416.75 dirhams, an increase of 3.25 dirhams, while the price of a gram of 14-carat gold reached 325 dirhams, an increase of 2.25 dirhams.