Dubai: Leading jewelers are having three-day “flash sales” where customers can save up to 50% on select collections and even 10% off full-priced items. The issue is whether consumers will be persuaded to revisit the stores now that the Dubai gold pricing has dropped by over Dh8 from its midweek peak of Dh383.5 per gram for 22 K gold.
Beginning today, the three-day sale will attempt to capitalize on the rather sharp price decline over the previous two to three days and absorb any remaining demand. Even so, the sale takes place during one of the weakest periods in the UAE’s demand for gold and jewellery.
Customers have received mailers from Damas, which was purchased by Titan of India this week for $282 million, underscoring the three-day sales frenzy. Large and medium-sized jewelers are also producing their own variations.
Malls in Dubai and individual stores across various categories have recently offered three-day flash deals, attracting a sizable number of customers. In the days ahead, jewelers hope to receive the same response.
We are hoping that consumers will respond for three reasons: the price of gold in Dubai has dropped significantly from its almost all-time high,” a shopkeeper stated. “Two, both the newest and older jewelry lines are discounted.
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