27-03-2025
UAE: Dubai's gold jewellers hope Eid Al Fitr, Indian festivals will increase sales
Gold jewellers in the UAE are pinning their hopes that festivals such as Eid Al Fitr and Indian festivals Akshaya Tritiya, Gudi Padwa will boost sales as prices go close to record highs in Dubai and globally.
Jewellers told Khaleej Times that bookings for Akshaya Tritya have already started and many have introduced promotions and discounts to cash in on the buying spree during this period.
The precious metal was trading at $3,046.49 per ounce, up 0.95 per cent on Thursday afternoon. In Dubai, 24K, 22K, 21K and 18K variants of the metal were trading at Dh365.75, Dh338.75, Dh324.75 and Dh278.25 per gram, respectively.
Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said customers continue to see gold as a valuable investment despite record-high prices.
'With the Akshaya Tritiya approaching, we understand the significance of this occasion and have introduced a 10 per cent advance booking offer to help customers secure their gold at current rates, protecting them from future price hikes. To add further value, we are also offering gold coin giveaways of up to 2gm on their purchases, making this an even more rewarding time to shop,' said Kalyanaraman.
Rohan Siroya, CEO of Siroya Jewellers Retail Division, said Ramadan and Eid are big drivers of gifting occasions for religious calendars.
'If you look at the Hindu calendar, we have Gudi Padwa and Ugadi, which come around the same time as Eid. Then we have Akshaya Tritiya buying which happens for a month. So now it's a bonanza. Bookings for Akshaya Tritiya have already started,' said Siroya.
Akshaya Tritiya will be marked on April 30 and Ugadi and Gudhi Padwa on March 30. Similarly, Eid is most likely to begin on March 31 in UAE.
'We offer gold rate locks one month in advance which is a big advantage to the consumer. Even during Ramadan, a lot of gifting happens, and this is the trend now. With gold pricing staying high, we've seen consumers wanting to buy smaller items and diamonds because prices have dropped. When you have a chance to buy diamonds, then why not,' Siroya told Khaleej Times.
Jay Patni, CEO of Jewel Dubai, sees up to a 5 per cent increase in sales, driven by festivals like Akshaya Tritiya and because consumers still have strong confidence in the precious metal despite prices hitting an all-time high recently.
'Sometimes, people shift a certain amount or percentage of their investment to gold just to safeguard themselves for a certain period of volatility. Rather than keeping their money idle in the bank or spending on luxury items, they feel that this is a safe haven and it may appreciate in the future,' said Patni.
He added that sales pick up towards the end of Ramadan when more people buy precious metal jewellery for Eid.
Jewel Dubai has also introduced lock-in promotion for shoppers ahead of the festivals.
Chirag Vora, managing director of Bafleh Jewellers, sees a slight drop in sales as prices hit a record high.
'It takes time for people to get used to the new pricing. One month is not good enough; they usually take 2-3 months to digest it,' he said, adding that Bafleh also introduces promotions during the Akshaya Tritiya festival for shoppers and tourists.
He noted that Akshaya Tritiya 'is always a busy period' for gold jewellers in Dubai. 'Ramadan becomes slightly slow, but it picks up during Eid,' added Vora.
