Dubai gold retailers see rush for festive buying

UAE – Gold retailers in Dubai have certainly the reason to smile as residents rush to buy the precious metals with Eid celebrations and Akshaya Tritiya boosting the festive mood.

Top retailers have launched promotions and campaigns in a bid to maximize the sales in hope that the pandemic rebound will reflect in buying sentiment.

Karim Merchant, chief executive officer and managing director of Pure Gold Jewelers, said: “We expect a strong seasonal buying given the post-pandemic rebound and stable gold prices and recommend buying with wide variety in designs and collections. We have a huge variety of 22 karat dedicated gold jewelery collections without making charges and exclusive diamond jewelery collections where customers pay only 25 per cent which we pay 75 per cent on behalf of the customer in addition to giving them the option of paying it over easy installment too.”

Gold prices currently in Dubai quote at Dh227.50 per 10 gram for 24K, followed by 22K at Dh213.75; 21K at Dh204.00 and 18K at Dh174.75.

Nish Bhatt, founder and chief executive officer, Millwood Kane International, said: “Gold buying on Akshaya Tritiya is considered auspicious and every year we witness a spike in sales. With lockdown lifted, this year is expected to surpass the levels seen in the pre-pandemic era. Indians’ love for gold is well-known and has been a wealth creator for centuries. It is a hedge against inflation and a safe haven. Gold prices have risen around six per cent in the past year. The yellow metal saw a rise in prices due to the geopolitical tensions between Russia and Ukraine. Gold prices have softened in the past few weeks due to concerns around the US Fed hiking rates, bond yields rising in the US, and the dollar strengthening to a nearly 20-month high. The strengthening of the US dollar put pressure on gold prices. Moving forward, the pace of US Fed rate tightening, and geo-political tensions will guide gold prices.”

Joyalukkas is offering a cashback celebration till May 8 during the festive period. Customers can now enjoy a Dh50 gift voucher on the purchase of gold jewelery worth Dh2,500 and a Dh200 gift voucher on the purchase of diamonds, polki and pearl jewelery worth Dh2,500 and multiples thereafter.

Moreover, in addition to the exciting cashback offers, customers can now pay just a 10 per cent advance and get assured gold rate protection from Joyalukkas.

John Paul Alukkas, managing director at Joyalukkas Group, said: “Joyalukkas is always delighted to present their customers with the finest of experiences. To make shopping exciting and rewarding during the auspicious occasion of Eid and Akshaya Tritiya, we are pleased to offer these exclusive offers to our patrons. Customers can enjoy cashback gift vouchers and assured gold rate protection during the offer period.”

Similarly, Malabar Gold & Diamonds unveiled the Festive Jewelery collection, featuring the most eye-catching and unique trends in gold, diamond and precious gem jewellery, bound to captivate jewelery lovers at the best price. The ‘Festive Jewelery” collection presents an array of exclusive and stylish designs that are sure to entice jewelery enthusiasts of all age groups and ethnicities. These include Era – Uncut Diamond Jewelery, Precia – Gem Jewellery, Divine – Indian Heritage Jewelery and Ethnix – Handcrafted Designer Jewellery. Further, the brand has also launched trendy and unique designs within the ‘Bella’ and ‘Elegance’ collections housing a range of dazzling jewelery set in pure gold, for an enhanced shopping experience.

Through the ‘Gold Promise’ by Malabar Gold & Diamonds, customers can get a free one-gram gold coin on purchase of diamond and precious gem jewelery worth Dh5,000 and a half-gram gold coin on purchase of diamond and precious gem jewelery worth Dh3,000 with offers are valid until today.

“In anticipation of the upcoming festive season, we wanted to be at the forefront of our offering by introducing new and varied collections in gold, diamond and precious gem jewellery, along with special festive offers. We are also currently running the gold rate protection offer as an added advantage for this festive season through our ‘Be Gold Smart’ campaign, providing customers with the best opportunity to invest in gold and block the gold rate by paying just 10 per cent of the overall value in advance. We wish everyone blessed and safe festivities,” said Shamlal Ahamed, managing director – International Operations, Malabar Gold and Diamonds.

Kalyan Jewelers, one of India’s most trusted and leading jewelery brands, has announced a special festive offer in line with the auspicious occasions of Eid, Akshaya Tritiya and the approaching wedding season. This season also marks the 10th anniversary of Kalyan Jewelers’ association with the legendary actor – Amitabh Bachchan. To commemorate the occasion, Kalyan Jewelers has introduced special limited edition gold coins as a tribute to the superstar.

The unique offer will have 200 lucky customers take home the special limited edition Gold Coins throughout the festive season, on basis of a raffle draw. This season, every customer will receive a free raffle draw coupon for every Dh1,500 worth of jewelery purchases from Kalyan Jewelers.

Adding further delight to the customers’ festive purchases, the jewelery brand has announced that it will be giving away 3 coupons for diamond jewelery purchases worth Dh1,500 and 2 coupons for uncut and precious stone jewelery purchases worth Dh1,500. While customers purchasing gold jewelery worth Dh1,500 will receive 1 raffle coupon from Kalyan Jewelers.

Ramesh Kalyanaraman, executive director, Kalyan Jewelers said: “This festive season, we mark the milestone of a decade-long association with superstar Amitabh Bachchan. It has been a delightful experience for us to have Amitabh Bachchan represent the brand Kalyan Jewelers and the values, ethics as well as principles that we stand for. Looking back at the past decade, we have grown from strength to strength, widening our brand presence, regional footprint and market share across India and the Middle East. Our offers are valid until May 30, 2022, and the names of the 200 lucky winners will be announced on June 6, 2022, on the brand’s social media pages.

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