Pic: Salim Matramkot / The Peninsula
Doha: The gold market across the country has witnessed steady growth with Eid around the corner. Market experts say the industry will continue its growth trajectory during the season and throughout 2023.
Speaking to The Peninsula, Naufal Thadathil, Zonal Head at Malabar Gold and Diamonds, said: “As far as the trend is concerned and with the experience from people, we oversee 20 percent growth this year.”
With the joy-filled occasion is at hand, people have come forward to purchase and invest in gold to celebrate and share the gift of ornaments and jewellery.
“People have more confidence and expectation in gold and they experienced using liquidation in addition to carrying out current investments. Therefore, people are investing more money in this industry,” Thadathil said jubilantly.
At the start of Ramadan, numerous gold dealers across the country were assertive on the rise of the market by at least 50 percent, considering it a time for giving presents to friends and family. Reports state that the sector is poised for a massive recovery, while individuals are investing in it.
Expounding on the various offers in Ramadan to their customers, he noted that the gold retail market will further flourish with the increasing number of individuals in Qatar. “We are seeing growth in the gold industry. People are not taking it as an expense but as an investment method. They are spending on buying gold jewellery and in the recent past, they have expressed this as the commodity that helps them to liquidate easily when they need it.
“So this confidence has boosted our gold and diamond sales and thus can see about 10 percent in the growth of the gold industry,” he said.
As a leading retailer, Malabar Gold and Diamonds offers various collections including Aanika, Enigma, Luminous, Everafter, Zoul, Agobay, and Everyday affordable wear. During the season, the jewellery outlet also provides numerous offers to the customers, including a 10 percent advanced facility scheme, zero reduction offer, and a free gold coin offer for diamond jewellery.
Rising gold prices revamped the market compared to the previous years.
“The prices have come up compared to 2022 and 2021 and we expect these rates will continue for some more time this year,” a salesman at Sky Jewelers told The Peninsula.
Noting the rising number of customers in the store, he said: “People here come for various purposes including investments and buying our various collections to gift them.
“As Eid is approaching, we have started to receive many customers who have shopped to gift valuables to their dear ones.”
Displaying unique designs and collections throughout the country, the sector boosts its significance year by year. As Eid is a few days away, several gold stores in the country have started to witness higher demand and supplies.
