Dubai: Whether it is investing, taking advantage of the biggest gold and jewellery promotion, or getting one’s hands on designed products imported from over 30 countries, gold and jewellery has proven to be one of Dubai Shopping Festival’s (DSF) major attractions.
After an overwhelming response received by gold and jewellery shoppers this DSF, Dubai Gold and Jewellery Group (DGJG) said the 20th edition of DSF has greatly contributed to the drastic push in the gold sector raising average gold sales 25-30 per cent at all the participating outlets.
The enormity of prizes, giving people a chance to win up to 100kg of gold and 40 carats of diamonds, including the chance to buy a link in a world breaking longest chain could be one of the main reasons why many shoppers have been flocking to gold shops and to the Gold Souq to purchase gold and jewellery.
Overall demand for jewellery in Dubai has been steadily increasing, but since it is home to the largest Indian expat population, who values gold and considers it as the best way to invest their savings, this has also played a significant role in boosting gold jewellery sales on a larger scale during festive seasons like DSF.
Bijoy Parapilly, an Indian Senior accountant said, for him, buying gold during DSF allows him to hit two birds in one stone.
“Gold will always continue to be the best investment. During the festival we prefer buying gold because of the great offers, but also because we get the chance to try our luck at the start of the year. During this month we enjoy getting together with the family and taking advantage of all the attractions happening around us,” he said.
From a customer’s perspective, Parapilly said, although gold prices are standard everywhere, the making charges at particular participating outlets drop lower, which gives shoppers another reason to shop for gold during this period.
With the majority of his customers from India, Joy Alukkas, chairman and managing director of Joyalukkas Group, which has been part of the festival since it was first launched in 1995, told Gulf News that it all goes back to gold being part of Indian’s lifestyle.
“It is part of our lifestyle and traditions. Indians love gold because they find it as a good investment but also because it’s a form of dowry in India. The big promotion launched this year has increased the number of our sales because people are getting chances to enter a raffle draw everyday,” Alukkas said.
Alukkas added that with the increased competition in the market, making changes at his store are often reduced during the DSF to attract more customers.
Abdul Salam, group executive director of Malabar Gold and Diamonds, said Dubai has always been known as the city of gold, and that gold has always been a major attraction during DSF, which people from all over the world look forward to.
“The rarest gold items are found in the UAE and are brought from all over the world, like from Turkey, Singapore, India and other places. Dubai is the only city in the world where you can find all different styles in one place,” said Salam, adding that Indians have always been their major buyers.
He also said that during the festival Malabar Gold and Diamonds increases the stock level 30-40 per cent more to meet the high demand, but makes sure to include different designs to meet different tastes.
“Indian and Chinese tourists were among the top gold spenders this DSF at our shops. The good price difference between Dubai and India further encouraged consumers to travel and purchase gold and jewellery in Dubai,” he said.
Siji Mathew, an Indian resident working at a bank, said that her husband decided to get her a diamond ring and gold chain this DSF, since it was also her wedding anniversary.
“Indians always prefer giving gifts in the form of gold, and this is because it’s a great asset, you can wear it everyday, see it all the time and it never perishes. You can also always pass it on to your children,” she said.
Due to the consumer requests and popular demand, DGJG announced that the promotion has been extended until February 5, where the mega raffle draws for 40 kilo gold and eight carat diamonds will be hosted.
