Today's Edition
REEM AL BRAIKI (ABU DHABI)
Abu Dhabi's gold and jewellery markets are experiencing a significant increase in sales with the advent of Eid Al-Adha. Sales managers in gold stores report a notable rise in demand for various gold jewellery pieces, despite the gradual increase in gold prices.
"The demand for gold jewellery remains strong due to Eid Al-Adha, a prime occasion for buying gold gifts," said Ahmed Anizan, a sales manager. "Women are particularly inclined to purchase gold jewellery, and the summer vacation season further boosts gold's popularity as a gift."
Anizan highlighted a shift towards viewing gold as an investment rather than just a luxury. "Many customers now see gold as a valuable investment," he added. Preferences vary among different nationalities: citizens and Gulf residents favour 21-gram gold, Asians prefer 22-gram gold, and Arabs typically choose 18-gram gold. Gold jewellery studded with diamonds is predominantly favoured by local citizens.
Anizan noted that gold sales peak during national and religious holidays, with Ramadan being the highest season. "Eid Al-Adha also sees high sales, driven by both decorative and gift-giving purposes."
Mohammed Al-Yafei, a sales official in Madinat Zayed, confirmed the trend. "Eid Al-Adha significantly boosts sales, especially for heritage designs like Bahraini gold," he said.
"Evening hours see higher demand for heavier pieces, and market expectations suggest a further rise in gold prices due to geopolitical and economic conditions."
