Posted on August 22, 2018

Eid Al Adha festivities coupled with the recent fall in gold prices have boosted gold jewellery and gold bar sales in Qatar. Most of the jewellery showrooms in Qatar have witnessed up to 20 percent rise in sales of gold jewellery during the pre-Eid week, according to market sources.

"Gold jewellery sales started picking up a week before the start of Eid Al Adha festivities. We have witnessed sales increase of at least 20 percent in the pre-Eid week, when compared with the previous week. Along with jewellery, sales of gold bars have also picked up at our outlet," Samarth Vishwanath, manager at the main branch of Akshaya Jewellery in Doha, told Qatar Tribune. While sales of jewelleries have gone up owing to Eid festivities, Vishwanath said, many people are buying gold bars to take advantage of the recent fall in gold prices. Prices of 22 carat and 24 carat gold per gram have fallen to QR139 and QR149 respectively this week. Prices of one gram gold of same purity were at least QR10 higher a few weeks ago. The demand for gold bars is inversely related to gold prices, rising when prices are low and falling when it is high, he said.

Vishwanath, however, said that compared to last Eid Al Adha the sales this time are not very encouraging as many customers are out of the country on annual vacation. This year, the school vacations have clashed with Eid Al Adha festivities, he said, adding that sales are expected to improve further once people are back from vacation. Echoing the same, Al Sulaiman Jewellery & Watches Managing Director Azim Abbas said that the sales during the Eid Al Adha festivities would have been much better if it was not a vacation time. "Sales are good and better than our expectations although we know that many clients are on vacation. Nevertheless, sales are better than last year and we expect to do good today before the Eid celebrations start," Abbas said.

Sabastian Poll, assistant sales manager at the Doha branch of Malabar Gold and Diamonds, said there was not much increase in sales of jewellery items this Eid as many people were on vacation. "We have seen some increase but not very significant compared to the last Eid Al Adha festivities," Sabastian said. "Many of our customers are Indian expatriates from the state of Kerala. Such customers are not in a mood to buy jewellery at a time when their home state is devastated by recent floods," he further said. 

Tom C Jacob, regional sales manager at Sky Jewellery, said that sales during the pre-Eid week were good and he expected the sales to grow once the festivities start. "We generally do good business during Eid festivities as many customers flock our showroom to buy gifts for their families. Sales have been going up," Jacob said. "We have been witnessing good sales for the past three months. We expect the good sales to continue as customers will also intend to take advantage of the low prices," he added.

source: Qatar Tribune