Surge in gold shopping in UAE ahead of Dhanteras, Diwali
Large crowds of shoppers were seen thronging into gold shops in Dubai.
Preparations for the four-day-long festival of lights are in full swing in Dubai.
Families are actively shopping for diyas (festive lamps), gifts, traditional sweets, and precious metals. Celebrations begin with Dhanteras on Friday, October 25, the first day that marks Diwali. Large crowds of shoppers were seen thronging into gold shops at the Deira, Sharjah Gold Souq and Bur Dubai's little India Meena Bazaar. (Check the latest gold prices in UAE)
"We do not need to spend large sums of money on gold and other precious metals. It is considered auspicious and a sign of welcoming prosperity into the family when precious metals are purchased," said Madhumati Gokhale, a housewife from Karama told Khaleej Times on Wednesday.
Retailers prepared for the 'Gold Rush'
Tawhid Abdulla, the chairman of Dubai Gold and Jewellery Group, said, "Diwali is a very Indian-centric occasion; hence 22 karat gold and diamond jewellery get sold the most. Millennials, however, may choose 18 karat lifestyle Jewellery as well." He added, "Consumers also prefer gold coins."
Meanwhile, Arjun Dhanak, the director of Kanz Jewels said sales are expected to exceed previous year sales. He said, "The initial sales show that we are on course to be on par or even exceed the sales that we had in the previous years."
He added, "Sales see an upward growth during this season due to the festival period and the associated gifting. People believe in gold being one of the best investments, and it has performed well in the past years too."
What do people buy for Dhanteras?
Shamlal Ahamed, the managing director, international operations, Malabar Gold and Diamonds, said, "We see good demand for all kinds of gold and diamond jewellery, especially in traditional and lightweight daily wear category."
Chirag Vora, the managing director of Bafleh Jewellery, said, "Mostly 22 karat jewellery, diamond and Polki jewellery and gold bars and coins are purchased."
Joy Alukkas, chairman and managing director of Joyalukkas Group, said, "We also witness a spike in wedding jewellery as the festive season is followed by wedding season and wedding shoppers will find it the right time to buy their jewellery."
There is no shortage of special offers in design as well as cost from the retailers. Chandu Siroya of Siroya Jewellers said, "This year, we have brought special lightweight traditional jewellery to suit the budgets of all the customers. We also have a large collection of modern Italian, Turkish and Singaporean jewellery which will appeal to customers of different ethnic origins."