Dubai Gold Market Awaits Festival Sales Surge
Dubai's Gold Traders Optimistic About Holiday Surge: Eid Al Fitr and Indian Festivals to Boost Sales
As Eid Al Fitr approaches, along with Indian religious festivals like Akshaya Tritiya, Gudi Padwa, and Ugadi, Dubai's gold traders are hopeful for a boost in sales – even though gold prices globally and in the city are near historic highs.
Expecting a Holiday Shopping Rush
In the UAE's jewelry market, this time of the year traditionally brings significant traffic. The Eid Al Fitr period and the Indian calendar's festivals not only hold religious significance but are also times for family gifting and significant purchases. The demand for gold jewelry and investment gold products spikes during these times – even as the market currently experiences high price levels.
Currently, gold prices on the Dubai market are as follows:
24 Karat: 365.75 dirhams/gram
22 Karat: 338.75 dirhams/gram
21 Karat: 324.75 dirhams/gram
18 Karat: 278.25 dirhams/gram
Globally, the price of gold per ounce has reached 3,046.49 dollars, marking a 0.95% increase compared to recent times.
Pre-Bookings and Promotions – Secure Your Gold Price
Many jewelry stores have already started taking pre-orders for the Akshaya Tritiya festival, which is observed on April 30th. Retailers are trying to attract customers with appealing promotions and discounts. One of the most popular offers is the "gold rate lock," allowing buyers to secure the gold price in advance and avoid possible future price hikes.
Additionally, many places offer a gold coin gift with larger purchases – up to 2 grams in value – further stimulating consumer activity.
Changing Consumer Behavior
Despite high prices, gold continues to be perceived as a safe investment by buyers. In the midst of economic uncertainty, many are increasingly turning to precious metals as a stable form of savings.
However, observations indicate that consumers are now opting for smaller-sized jewelry or switching to diamond jewelry, as their prices have decreased over recent months. During the Ramadan period, there is also significant demand for jewelry intended for gifting, which could give another boost to sales.
Anticipating a 5% Growth
Despite the rise in gold prices, several traders are expecting up to a 5% increase in sales in the coming weeks. Consumer confidence is strong, with many viewing gold as a long-term investment, preferring it over keeping their money in banks or other less stable assets.
Summary
Dubai's gold market is back in the spotlight, and religious and cultural festivals continue to play a key role in shaping purchasing habits. Jewelry traders are actively adapting to the market environment: offering discounts, price lock options, and gifts to stimulate buying, while consumers – despite prices – still see gold as a stable investment. The upcoming events in the following weeks could play a decisive role in maintaining momentum during the seasonal peak shopping period.
