Posted on May 24, 2018

The sale of gold has seen up to 40 percent increase during the holy month of Ramadan as compared with the same month last year, according to gold traders. Traders say there is more demand for the yellow metal, especially the 21-carat gold, since the jewellery linked to heritage is preferred by citizens. 

The jewellery workshops are working round-the-clock to meet the rising gold demand this Ramadan. The unjust siege on Qatar has given a new impetus to the local jewellery industry, they say. The traders point out that they have been working to provide a diverse and unique collection of jewellery items. They are also working on opening new channels for import from Turkey, Kuwait and Italy. "The gold market has been buzzing with activity since the start of the holy month of Ramadan. The businesses see a massive boost during the holy month. Estimates show the jewellery sales in Ramadan this year went up by more than 40 percent compared to 2017," Fayez Bayzeid, a jewellery trader, said.

Bayzeid pointed out that the unjust siege on Qatar has provided the local workshops an opportunity to increase their production. "The local production has doubled to meet the needs of the market by 50 percent. Local traders are also looking for countries like Turkey, Kuwait, Italy and others to import gold items," he added. Issa al Yafei, another jewellery trader, said,"Gold sales in Ramadan have increased by 40-50 percent as the season witnesses an increase in demand, especially for 21-carat and 18-carat jewellery." "The demand from clients and consumers for jewellery items during this Ramadan has increased," said Abdulrab Attaf, another trader.

Attaf pointed out that the unjust blockade on Qatar has had no negative impact on the gold market, but on the contrary, the market has seen increase in gold sales. The traders said they are fully committed to display gold rate board, which will be clearly visible to the clients.

source: Qatar Tribune