Dubai gold retailers see rush for festive buying

Dubai gold retailers see rush for festive buying

Top retailers have launched promotions and campaigns in a bid to maximise sales

Published: Mon 2 May 2022, 9:04 PM

Gold retailers in Dubai have certainly the reason to smile as residents rush to buy the precious metals with Eid celebrations and Akshaya Tritiya boosting the festive mood.

Top retailers have launched promotions and campaigns in a bid to maximise the sales in hope that the pandemic rebound will reflect in buying sentiment.

Karim Merchant, chief executive officer and managing director of Pure Gold Jewellers, said: “We expect a strong seasonal buying given the post-pandemic rebound and stable gold prices and recommend buying with wide variety in designs and collections. We have a huge variety of 22 karat dedicated gold jewellery collections without making charges and exclusive diamond jewellery collections where customers pay only 25 per cent which we pay 75 per cent on behalf of the customer in addition to giving them the option of paying it over easy installment too.”

Gold prices currently in Dubai quote at Dh227.50 per 10 gramme for 24K, followed by 22K at Dh213.75; 21K at Dh204.00 and 18K at Dh174.75. Nish Bhatt, founder and chief executive officer, Millwood Kane International, said: “Gold buying on Akshaya Tritiya is considered