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29 March 2024

Indian jewellery store owner 'missing' from UAE

Jewellery store has been closed (JOSEPH GEORGE)

Published
By Joseph George

An Indian jeweller, who had heavily borrowed to open a new store has disappeared.

His shop is closed and his mobile phone is switched off and his house remains locked. “We do not even know if there is jewellery in his store or he has managed to take it all away,” says Faisal, one of his neighbours.

SU, who is in his 50s, was one of the first few to open a jewellery store in Umm Al Quwain - almost 30 years ago.

According to some of old timers his was the only jewellery store when it was started and at times Keralites would even come from Dubai to buy gold ornaments from his store.

The trouble began when his store was burgled almost five years ago. “Most of his gold was stolen. Although they managed to catch the thieves, the gold was not recovered,” he adds.

Somehow he managed to revive the business. He borrowed heavily from lenders and managed to open another new store in a more up-market area about 16 months ago.

But misfortune again struck and his shop was robbed again a year ago. “He still did not give up. He somehow managed to continue to operate. He was heavily indebted though. The interest rates were very high,” says Mohammed U.

Most of the jewellers operate by borrowing gold at a fixed price and selling it at a profit as the gold price increases. But of late the gold prices have declined adding to SU’s burden.

When his store remained shut on Saturday, people did not immediately take note. However it was closed on Sunday as well and that is what raised suspicion. Some of his lenders immediately went to his house and found that the house was also locked. All his mobile phones are also switched off.

The jewellery store was very prominent. Everyone in the emirate knows about it. We still do not believe that he has fled the country,” says Faisal.