Eid sales soar for Dubai jewellers

Sales before and at the beginning of Eid have been higher than expected, according to Dubai jewellers, with some outlets experiencing 20 to 30 per cent growth over last year.

Many attribute the increase to the fact that DSF coincides with Eid this year, while gold's status as a safe haven is also cited as a reason for high sales.

"Many shoppers still feel that gold prices could go up further, and that it is the safest way to store their wealth in these uncertain times," said M Ramachandran, the Chairman of Atlas Jewellers.

"The timing of DSF this year is ideal, as shoppers buy a lot of gold for Eid. The Gold and Jewellery Group promotion encourages this. I think Dubai must be the only place in the world where you can get a free raffle coupon to win a kilo of gold every day and a million dirhams at the end of the promotion."

"Compared to January last year, our sales are up by about 20 per cent, and compared to the DSF period last year, I would estimate there is an increase of about 30 per cent. Last weekend, my stores were so full that we had to turn people away. Because of this, I have actually brought people in to Dubai from my other GCC stores for the Eid period."

The DSF Dubai City of Gold promotion is encouraging gold and jewellery sales by offering a kilo of gold every day, in addition to the grand prize of Dh 1 million. Participation is through spending Dh 500 in any participating outlet.

There are 32 kilos of gold being given away, with the raffles taking place every night at the Global Village. The Gold and Jewellery Group has been a key sponsor of DSF since its inception.