Jordan: Jewellery sector eyes rebound as gold prices drop
According to Ribhi Allan, president of the Jordanian Jewellers Association, global gold prices dropped by $60 per ounce over the past week, a shift that has been reflected in the local market.
Allan attributed the drop to recent geopolitical developments, including signs of de-escalation in the Russia-Ukraine conflict and a relative calm in tensions between Israel and Iran. These changes have reduced the demand for gold as a safe-haven asset, leading to the downward trend in prices, he said.
"Greater global market stability has weakened gold's appeal as a hedge against uncertainty," Allan noted.
In Jordan, jewellers are hopeful that lower gold prices would boost consumer demand in the coming weeks. The timing coincides with the end of the school exam season and the start of the summer wedding period, traditionally a peak time for gold purchases.
Samer Badwan, a gold merchant in downtown Amman, said the recent drop has already sparked renewed interest. 'We are seeing more customers coming in to ask about prices,' he told The Jordan Times.
Saed Suboh, who manages a long-established jewellery shop in Wehdat, echoed this view. 'This decline is what many were waiting for, especially young couples preparing for marriage.'
Jordan's local jewellery market has faced a slowdown in recent months due to persistently high prices and broader economic challenges. With the recent price drop, traders are optimistic that improved affordability will drive stronger demand throughout the summer.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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