Gold necklaces and bracelets on display from one of the gold shops at Gold Souq. PIC by Joelyn Baluyut/The Peninsula
Doha, Qatar: As Qatar bids farewell to the holy month of Ramadan, preparations for the celebration of Eid Al Fitr are in full swing.
In the traditional marketplace of Souq Waqif, vendors and tailors are experiencing a surge in demand for custom-made clothing as people prepare for the festivities. Meanwhile, across from Souq Waqif, at the Gold Souq, a similar buzz of activity surrounds the purchase of gold items.
Aside from clothes, dresses and accessories, gold is one of the most popular gifts during Eid.
Sales of gold jewellery have seen a significant boost during Ramadan and Eid Al Fitr, with a notable increase in customers, including GCC, Arab, and foreign tourists visiting Qatar.
According to salespersons at the Gold Souq, top buyers hail from countries such as the Philippines, Bangladesh, and Egypt.
Ridwan, a salesperson at one of the Gold Souq shops, noted a 50% increase in customers since Ramadan began, attributing it to people’s desire to reward themselves or gift their loved ones with gold during the holy month.
He stressed that beyond being a piece of jewellery, gold is considered an investment that appreciates over time.
Necklaces, earrings, and bracelets, followed by the full set are among the most sought-after items by buyers, as said by Sandra, another salesperson at the Gold Souq.
Yousef, a customer from Egypt residing in Qatar for a decade, purchased a gold necklace for his wife and daughters as a reward during Ramadan. He explained that gold’s timeless appeal and its value as a wearable investment were key factors in his decision. “It never goes out of style and it’s a wearable investment and can be passed on from one generation to another.”
Cassandra, a customer from the Philippines, shared her intention to purchase gold for herself this Eid, marking her first full month of fasting.
The price of gold varies based on its karat, with rates for 24k, 22k, and 21k gold per gram currently at QR272.762, QR250.032, and QR238.667, respectively.
According to data from The Observatory of Economic Complexity (OEC) for the year 2022, Qatar exported $94.9m worth of gold, ranking 98th globally in gold exports. Nepal, the United Arab Emirates, Bahrain, India, and Turkiye were the primary destinations for Qatari gold exports.
Qatar also imported $228m worth of gold in 2022, ranking 46th globally in gold imports, with the United Arab Emirates, Switzerland, Belgium, Germany, and Hong Kong being the main sources of gold imports. OEC is an online data visualisation and distribution platform focused on the geography and dynamics of economic activities.
