Gold continues to rise… and tourist sales support the demand for handicrafts

Gold prices continued to rise for the second week in a row, and increased by the end of this week between 2.25 and 2.5 dirhams, for various karats, compared to their prices at the end of last week, according to the price indices announced in Dubai and Sharjah, bringing the total increases in the price of a gram of gold to 7.5 dirhams in two weeks.

Officials of gold and jewelry trade outlets told Emirates Today that tourist sales supported the demand for jewelry, and accounted for the largest shares of sales, especially in Dubai markets, despite the high prices that were reflected in resident sales and the demand for bullion and currency products.

Dilip Son, the sales manager at the Daimo Jewelery store, said, “The continued price increases of gold and its reaching high rates contributed to the decline in sales of jewelry in general to residents, but its effects were not noticeable with regard to tourist sales, which witnessed growth during the recent period supported by the popularity of jewelry.” “tourist season,” expecting that “sales of tourist groups will witness greater growth during the coming period in a manner commensurate with the pace of tourist demand in local markets, and ahead of the holiday seasons.”

For his part, Aditya Singh, sales director at the Tanchik Jewelery Group, explained that “tourist groups accounted for the largest shares of jewelry sales during the recent period in sales outlets, especially in Dubai markets, despite the recent rise in prices of the yellow metal,” pointing out “Tourist demand supports sales growth, regardless of price fluctuations.”

The sales manager at the “Al Fanan Jewellery” store, Dilip Patni, said that “the growth in demand from tourists has greatly enhanced the outlets’ sales of jewelry during the recent period, with the decline in demand from residents, in light of the continued recording of gold prices for successive increases during the recent period, which… It made a large number of residents postpone purchasing decisions in anticipation of prices returning to decline.”

He pointed out that “it is expected that the shares of tourist sales, especially in Dubai’s handicraft markets, will rise to greater proportions in the coming days, keeping pace with the festive and holiday seasons, which many tourists prefer to spend in the local market.”

In addition, the price of a gram of 24-carat gold reached 242.5 dirhams, an increase of 2.5 dirhams, compared to its prices at the end of last week. While the price of a 22-carat gram was 224.75 dirhams, an increase of 2.5 dirhams. The price of a 21-carat gram reached 217.5 dirhams, an increase of 2.5 dirhams. The price of an 18-carat gram reached 186.5 dirhams, an increase of 2.25 dirhams.