Doha, Qatar: Festive mood during Eid Al Adha pushed up gold sales in Qatar. The showrooms in the country witnessed rise in sales of gold jewellery, helped by attractive offers launched by gold retailers.
The sales of gold jewellery received a considerable boost during the Eid Al Adha holiday as locals, residents and tourists were keen to spend on such items. A gram of 24-carat gold was trading at QR236 while 22-carat gold was trading at QR222.5, yesterday.
Speaking to The Peninsula, Santosh TV, Regional Head, Malabar Gold & Diamonds said, “During Eid, we received many customers who have shopped to gift valuables to their dear ones. This year’s Eid experience was excellent as people were able to travel to their home country compared to the COVID-19 situation, it was a better Eid. For us the sales and growth were good compared to year on year.”
“We witnessed 20 percent additional growth in the sale of gold jewellery compared to the previous year. One of the main factors behind high sale was the ‘HomeGoing’ campaign and summer vacation as expatriates tend to buy gold before going to their home country.”
The ‘HomeGoing’ campaign was a great opportunity for customers to exchange their old jewellery without any loss and buy the latest designs which ended on July 1.
The exquisite collection launched as part of the ‘HomeGoing’ offers comprised necklaces, bangles, bracelets, rings and earrings across Malabar Gold & Diamonds exclusive brands such as Mine, Era, Precia and Starlet.
Santosh noted that gold prices were high from June 1 but slowly from June 15 to 20 they came a bit down which benefitted the customers as it was also the time of Eid vacation, and this was seen as a good opportunity for buyers.
Regarding investment in gold as a saving scheme, he noted “We have different types of schemes for customers. Under one of the schemes, you pay QR200 or more and benefit when 12 months are completed by receiving additional bonus voucher which can be redeemed. People have shown good response and are ready to invest in this scheme.”
He added, “The demand for gold is high because compared to other industries people have more confidence and are interested in investing in gold.”
Also, speaking to The Peninsula, a sales executive of a jewellery showroom said, “We saw a good turnout of customers and were keen to display different designs of jewellery, especially during the festive season.”
“I prefer to buy gold jewellery items from Qatar due to the diversity of designs and gifted my family gold jewellery this time. There is no doubt about the quality of gold available here compared to my home country,” an Asian expatriate said.
Expatriates prefer to buy gold jewellery from Qatar before going on vacation because of the best quality of gold available here.
