However, the retailers do admit there is a substantial difference in sales between this year and previous years around this time.

Jewellery stores in the UAE are expecting an increase in sales around the Eid al-Adha weekend as they are hoping to see more customer footfall this weekend.

The factors behind slower sales this year are record gold prices, impact on tourism due to Covid-19 and the reduced disposable income on the back of general uncertainty in the global economy.

The price of 22K gold has increased from Dh161 at the end of July 2019 to Dh222 by end of last month, about a 37 per cent increase year-on-year. Small value purchasers are holding off their buying decisions as they wait for prices to normalise and economic conditions to improve.