Due to the high price of precious metals, gold jewelers in the United Arab Emirates are counting on the approaching and current Indian holidays, including Onam, Diwali, Dhanteras, and the wedding season, to boost sales.
Interest rate reductions, central bank purchases, and worldwide geopolitical concerns have all contributed to the recent upward trend in precious metal prices. This has led some UAE consumers of gold jewelry to switch to gold bars and coins as investments. Additionally, many customers on a tight budget started purchasing lower-quality precious metal jewelry and smaller trinkets.
Spot gold was up 0.96 percent at $3,447.95 an ounce on a global scale. For the most of the previous several weeks, it was trading below $3,400. Traditionally, the busiest periods of the year for jewelry markets are the approaching wedding and celebration seasons. Additionally, we expect robust demand to last far into the upcoming months.
Gold jewelry is still a popular choice for both conventional gifts and personal purchases during festive occasions. Accordingly, we are seeing a rise in sales as Onam approaches, which is consistent with the usual pattern of increased demand for jewelry around significant holidays, stated Shamlal Ahamed, managing director for international operations at Malabar Gold & Diamonds.
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