Dubai's gold souk awaits festival and summer vacation demand

Gold retailers in Dubai expect big boost in sales during the forthcoming festival season in May that will be followed by summer holidays.

A number of jewellers are currently attempting to attract customers with special offers on advance booking; zero deduction in exchange schemes, and so on for Akshaya Thritya. Abdul Salam, Executive Director, Malabar Gold and Diamonds, said: “We have seen considerable improvement in sales in the first two weeks of April, compared to that of March. We have started taking advance booking from customers with just 10 per cent advance payment. This will protect them from price fluctuations. After booking with 10 per cent advance payment, customers can ensure the actual purchase on May 14.”

“Whenever there is an uncertainty globally, investors tend to keep their money safe by investing in gold. The price of gold and land has never fallen, if you take a historical data,” he reasoned.

Sky Jewellery also has special promotions. “We had a successful campaign ‘Golden April’, which gave a different shopping experience for customers and gave us a slight edge over other jewellers. On the 22nd of every month, we have ‘Festival of 22’, offering instant rewards and we see four times more sales than on other days,” said Cyriac Varghese, General Manager, Sky Jewellery.

“We are offering a 55 raffle prizes, free gold coins and cash-back vouchers for Akshaya Thritya. We are also displaying seven new designs in gold and five new designs in diamond ornaments,” Varghese added.

Kalyan Jewellers has been offering 100 grams of gold every day beginning March 25. The offer will last until May 10, 2016.

Gold sales is better in April than in March. For Akshaya Thritya jewellers offer many schemes and discounts, said Tomy Joseph, General Manager, Dubai Gold and Jewellery Group.