Dubai: Specialists in the trade and supply of gold products reported that gold markets in the country are currently witnessing an increasing demand from consumers to buy gold bullion products of all kinds, taking advantage of the recent decline in the price of the yellow metal.
They said, on the sidelines of the 58th Middle East Watch and Jewellery Show, which is being held at Expo Centre Sharjah until October 4, that there is a growing trend among consumers to buy 24-karat gold products, especially wearable products, which are called ‘wearable bullion’, and come in the form of necklaces and bracelets.
They pointed out that this type of product is receiving increasing attention from consumers, given the possibility of using it for more than one purpose at the same time, as it combines the use of gold as a means of adornment, keeping it as a tool for saving, in addition to the possibility of using it for investment purposes.
In detail, Hossam Abdel Rahim, sales manager at BTC Gold Supply Company, said that the current period is witnessing growth in demand for bullion products in general, supported by the decline in gold prices during the recent period, noting that the latest trends that have emerged in the market are represented by the remarkable demand for wearable bullion products.
Abdul Rahim explained that some of these products come in forms similar to small gold bars, but they are distinguished by different engravings and designs or by Quranic verses, which makes them suitable for hanging on chains or using them as necklaces. He pointed out that these products are made of 24-karat gold, but they come in decorative designs and shapes, unlike the traditional small bars that take simpler forms.
He added that another type of these products comes in the form of bracelets made of 24-karat gold, and their design is metaphorically closer to alloys, but they differ from them in terms of shape and design.
He pointed out that these products are treated as bullion when resold in terms of value, as they are made entirely of 24-karat gold and are free of stones or gems.
He explained that this differs from some gold products made from other karats, whose value may be affected upon resale, while products made entirely from 24 karats maintain their nature as pure gold products.
Abdul Rahim said that the demand for these products comes within the framework of a trend favoured by some families during the current period, to benefit from alloy products, but in different forms suitable for decoration and personal use, instead of limiting their use to the purposes of saving or long-term investment.
For his part, Mohammed Dheeban, Marketing Manager at Al-Rumaizan Gold and Jewellery Trading Company, said that there is a great demand from consumers to buy bullion products during the current period in general, with the aim of taking advantage of the recent decline in the price of the yellow metal.
He added that the markets are simultaneously witnessing a modern trend among some families towards buying products that can be used for saving and investment, and at the same time benefit from them for decorative purposes, explaining that this trend has prompted many families to buy products made of 24 or 22 karat gold, which come in forms such as necklaces, as an alternative to bullion in its traditional forms that cannot usually be used for personal decorative purposes.
Dheeban pointed out that this type of product is witnessing remarkable demand and is growing in parallel with the demand for gold bullion in its traditional forms.
For his part, Ahmed Aneizan, Deputy CEO of Salem Al-Shuaibi Jewellery Company, said that the markets are witnessing a remarkable demand for gold products and gold jewellery in general during the current period, noting that bullion products attract wide categories of consumers.
He added that a segment of customers is currently turning to buying gold products similar to bullion, but designed in a way that allows them to be used for personal adornment purposes, in addition to the possibility of using them as a means of saving.