Both gold and jewellery retailers in the Middle East will look into store closures to keep their costs in check once they re-open after the COVID-19 enforced shutdown. Reducing the size of the store network will be a priority for the big retailers, while for smaller players it becomes a question of survival.
But one thing is clear – having a jewellery store in every neighbourhood or community is just not going to work any longer, it would appear. Some gold retailers have multiple shops within The Meena Bazaar and Deira Gold Souq areas and could see some unprecedented change in the coming weeks.
The price of gold is once again on the rise and and is quickly approaching the $1,700 an ounce mark. The Dubai Gold Rate for 22K is Dh192.5 a gram. (21/04/2020).
