- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:12 05:34 12:18 15:43 18:57 20:19
Gold jewellery, coins and bars are losing their shine as props for promos. (SUPPLIED)
As the price of gold continues to skyrocket, it has lost its position as the leading commodity being offered as prize in festivals and promotions across Dubai. Shopping malls and festivals have today replaced the glitter with luxury cars and at times just mere discounts on stocks.
In the 2005 edition of the Dubai Shopping Festival, almost 120kgs worth of gold was offered. This year there was none. The recently concluded Dubai Summer Surprises too had 14 BMW 3 Series sedans - but no gold.
However, in the DSF between January 28 and February 28, gold was replaced with 32 Lexus LS 460 cars, four Lexus LX 570 sport utility vehicles, 32 Nissan sport utility vehicles, 12 Nissan sedans and cash of more than Dh3million.
In 2005 gold was priced at an average of $520 per ounce, while the current market price is around $1,343 per ounce.
KP Baiju, CEO of BUZ Consulting that handles the Dubai Shopping Festival and the Dubai Shopping Malls Group, told Emirates 24|7 that the reason for the shift from gold to cars is more because of budgetary purpose.
“The price of gold has been fluctuating almost every day, creating a problem for budget allocation for the promotion. Moreover cars are no less an attraction and based on our research we have found it to be an aspirational prize,” said Baiju.
According to Baiju, the new shopping season in Dubai is all set to begin with the second Eid, which would soon be followed by Christmas and New Year and then by the 2011 shopping festival.
However small time gold promotions continue to be operational. Bawadi Mall in Al Ain, has announced that it is giving away five prices of 37 grams of gold each (valued at $1,752) every week for customers shopping for over Dh200.
According to Khalid Shraim, Marketing Manager, Bawadi Mall in Al Ain, 60 per cent of shopping malls that used to offer gold in its promotions in the past years have switched to other prizes, such as garments, consumer electronics and fashion products.
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