UAE’s gold and jewellery retailers are lining up the biggest discounts ever to get some buying activity for this Friday’s ‘Akshaya Trithiya’, the Indian festival that’s considered ideal for gold purchases.
This is also one of the key sales phases for the UAE’s gold retail sector, apart from the campaigns for DSF and Diwali, the other prominent Indian festival.
“Offers are on with retailers removing making charges on some collections, or selling them “at cost”, which essentially means a 20 per cent discount,” said Chandu Siroya of Siroya Jewellers, one of the biggest names in local gold wholesale space. “Typical promotions are in the 10 per cent off on making charges – but these are not normal times.”
Siroya’s on the ball when taking about normalcy… or how far removed the present situation is from anything the UAE’s gold trade has encountered. Gold prices are back above $1,830 an ounce levels, and currently at $1,836. In March, for a brief while, gold had dropped down to $1,695, giving shoppers the chance to make a few buys.
