Dubai and Sharjah's gold and jewelry markets have launched special collections for the 54th UAE Union Day. These collections feature gold jewelry with the name 'UAE' in Arabic and English, various gold designs, and pieces incorporating the colors of the national flag. Many stores are also offering special 'Union Day' promotions on lightweight gold jewelry with minimal workmanship fees.
According to officials at gold and jewelry stores, these releases include a variety of gold and jewelry products. They noted that the market is currently experiencing mixed demand for jewelry, with some traders expecting further price increases in the future.
Ricky Dahnak, manager of 'Ricky for Gold and Jewellery', told 'Emirates Today': 'Gold markets are currently offering special products for the 54th UAE Union Day, including gold jewelry and ornaments displayed in shop windows amidst the celebration of the occasion.' He added that many customers, including citizens, residents, and tourists, are buying these products as souvenirs.
He explained: 'The Union Day offers and products come in the midst of fierce competition among gold stores to attract customers and boost sales by providing special occasion-related offers and releases.' He also pointed out that 'gold markets are witnessing varied demand activity despite rising prices, with many traders expecting further price hikes for gold in the coming period.'
Amit Dhamani, CEO and Managing Director of 'Dhamani Jewellery Group', stated that 'many stores are showcasing special edition jewelry during the Union Day occasion, featuring products in the colors of the UAE flag or including the letters of the word (UAE)'. He mentioned that this aligns with the trend of customers purchasing these items as souvenirs and supports the competitive strategies of stores in markets and shopping malls.
He confirmed that 'demand in local markets is currently supported by the holiday and festive season'. He added that 'a large number of customers prefer to buy gifts during this period, whether to celebrate the occasions taking place at this time or as gifts during the holiday and travel season.'
He clarified that 'the surge in tourist activity in local markets during this period is boosting demand at remarkable rates'. He noted that 'the bulk of sales goes to tourists from Gulf countries, in addition to tourists from China, Russia, and European nations.'
Similarly, Abdullah Mohammed Ali, Sales Manager at 'Al-Suraf Jewellery', agreed that markets are offering numerous promotions and products for the Union Day, including both discount offers and special commemorative items for the cherished occasion.
He explained that 'demand in markets is driven by customers' willingness to buy souvenirs during the weekend and the Union Day holiday, which provides a greater opportunity to stimulate sales.'
Rising Gold Prices
Gold prices increased by between 14 and 18.25 dirhams per gram across different carats at the end of last week, compared to prices at the end of the previous week, according to price indices announced in Dubai and Sharjah.
The price of 24-carat gold per gram reached 508 dirhams, an increase of 18.25 dirhams from its price at the end of the previous week. The price of 22-carat gold per gram was 470.5 dirhams, an increase of 17 dirhams. The price of 21-carat gold per gram reached 451 dirhams, an increase of 16 dirhams. The price of 18-carat gold per gram was 386.75 dirhams, an increase of 14 dirhams.
