Dubai Jewelers attributed it to increased purchases for savings
A 300% increase in bullion and coin sales is expected in Dubai during 2020
Tawheed Abdullah: “Most of the bullion and coin sales were concentrated in small and medium weights.”
The Chairman of the Dubai Gold and Jewelery Group, Tawheed Abdullah, expected that sales of bullion and gold coins will record an increase of 300% during the past year, compared to 2019, due to the impact of the repercussions of the Corona pandemic, which increased the culture and concepts of buying bullion And currencies for savings purposes.
Abdullah added, in a press statement during a meeting held by the group yesterday, that “most of the sales of bullion and coins were concentrated in small and medium weights, such as 20, 30 and 50 grams of pieces,” explaining that “this means that the turnout is due to ordinary dealers who buy for the purpose of saving, not From investors in the gold sector ».
He pointed out that the popularity of the tourism activity in the country increased the sales of gold jewelry during the fourth quarter of last year, and these indicators also continued during the beginning of this year, which led to an increase in sales, in conjunction with the Dubai Shopping Festival, and a number of occasions that stimulate purchase.
Abdullah explained that «the festival has contributed to the increase in sales in a number of outlets, rates ranging between 20 and 25%, since its launch last month until now, which has stimulated many stores to contribute to the festival’s prizes, which are currently estimated at about seven million dirhams. Pointing out that the merchants covered 95% of the costs of these prizes.
He pointed out that the resumption of air links with international destinations restored momentum to gold exports to various countries, after they were affected during the closures during the peak stage of the pandemic.
Abdullah stated that the Dubai Gold and Jewelery Group is currently cooperating with a number of Israeli industrial companies specialized in the field of manufacturing and designing techniques for gold jewelry and jewelry, in order to exchange experiences, in addition to benefiting from the experiences of Israeli companies in accessing the American markets, which supports the growth of local exports of gold. For those markets, which are new markets for local companies.
In turn, a member of the Board of Directors and Head of Marketing Department at Dubai Gold and Jewelery, Executive Director of the Strategic Partnerships Sector of the Department of Tourism and Commerce Marketing in Dubai, Leila Suhail, said that since the beginning of the first 30 days of the Dubai Shopping Festival campaigns, 60 shoppers have received 15 kilograms of gold, within Prizes for shoppers at the festival, while the remaining 40 shoppers have a chance to win 10 kilograms of gold.
The Chairman of the Dubai Gold and Jewelery Group, Tawheed Abdullah, said that the UAE is in the first place in the trade and circulation of gold bullion at the global level, if it accounts for 12% of the total trade in gold bars around the world during the past year, which shows the extent of the popularity of these Trade in the country, especially in the Dubai market.
He added, “The UAE tops the list of major players in the gold bullion trade, followed by Switzerland, the United Kingdom and India.”
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