Abu Dhabi/Dubai: A dip in the gold price ahead of Diwali has seen residents, especially Indians, across the UAE loosening their purse strings.
On Tuesday, 22 carat gold stood at Dh144 per gram, 24 carat at Dh153.50 per gram and 18 carat at Dh117.75 per gram -- a four per cent drop in recent days
According to Joy Alukkas, chairman and managing director, Joyalukkas Group, the fall in gold prices could not be better timed with Dhanteras and Diwali around the corner.
“There is always a demand at this time, but with prices falling there has been a surge in sales across all retailers in the UAE. We started our Diwali promotions two weeks ago and recorded a 30 per cent increase in sales last week,” he said.
“Most buyers are going for 22 carat jewellery chains, necklaces and bangles. Every year we see women purchasing new mangal sutras (traditional necklace worn by married Hindu women). So this year we designed two sets with a bracelet and ring as well. The first lot sold out within days and we had to place new orders.”
The chain is running several promotions for Diwali with 5kg of gold up for grabs in raffles. “On Dhanteras day we will be giving a free quarter gram coin for every Dh3,000 jewellery purchase. Customers can also avail of our zero deduction offer for exchange of their old jewellery.”
No making charge
Sumith Pancholi, assistant showroom manager at Pure Gold Jewellers on Hamdan Street, Abu Dhabi said footfall has been high since last week and the store has recorded a 30 per cent increase in sales. “We are offering a zero dirham making charge on bangles and chains, and that is attracting lots of customers,” said Pancholi. The jeweller also has a special ‘Buy one, get one free’ offer on diamond jewellery.
“When you buy Dh3,500 worth of diamond jewellery, you take home another piece free. We are getting an overwhelming response,” he said.
Tushar Patni, managing director of Ajanta Jewellers, said in festive seasons like Diwali there is always a surge in demand.
“I will say that sales are not as good as last year. But as the dip in gold prices and Diwali coincide, we stand to benefit,” said Patni.
Offers galore
Chirag Vora, chairman & managing director of Bafleh Jewellers in Meena Bazar, Dubai said the last 10 days have seen hectic sales. “This is one time of the year when people buy gold. It is very competitive among jewellers and the market is flooded with offers. We are giving away a half-gram 18 carat gold pendant for every Dh5,000 jewellery purchase and quarter gram gold coin for every Dh3,000 jewellery purchase.”
Vinay Jethwani, Partner, Meena Jewellers, said: “We are giving away gold coins, airline tickets, iphone 7 and diamond jewellery.
