Asian expatriates going home for vacation at this time of the year are among the main factors that help increase the purchase of gold during Ramadan, a jewellery shop manager told Gulf Times.
“Every Ramadan, around June or July, there is an increase in the demand for gold, especially among Asian expatriates who usually go home for their
vacation during this season.
“For these expatriates, mostly Indians and Pakistanis, this is the best time to buy gold jewellery, which they take home as gifts for their families, relatives, and friends,” Atlas shop
manager Nijas VV said.
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Compared to last year’s prices, Nijas noted that there was a fall in the price of gold in the market. The current price of a gramme of 22 carat gold is QR135, and QR140 for a gramme of
24 carat gold.
“There was a fall in the price of gold or a QR15 to QR20 price difference compared to last year. During the same period in Ramadan, a gramme of 22 carat gold was between QR150 to QR155, and QR160 for a gramme of 24 carat gold,” Nijas explained.
He added, “But despite the price difference, most jewellery shops here still enjoy increased sales due to the bulk of expatriates going on vacation in June and July. Since this period falls on Ramadan, it has become a good season to buy gold.”
Aside from Ramadan, jewellery shops in Qatar experience an upward trend in the purchase of gold during Indian festivals such as Akshaya Tritiya and Diwali, which is believed to be an auspicious time to buy gold, according to Malabar Gold & Diamond assistant
manager Sathique Mohamed.
“Demand for gold is high during the Akshaya Tritiya and Diwali festivals, which usually brings a 15% to 20% increase in our store sales,” Mohamed said, whose showroom at LuLu Hypermarket on D-Ring Road was inaugurated in April by Bollywood actress Kareena Kapoor Khan.
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Nijas added that Indian festivals, including other festivities celebrated by other expatriate communities bring brisk business to jewellery stores in Qatar.
“People of different nationalities celebrate many types of festivities. Every season or festival, we would hold a specific promo or offer for that occasion. And it is during this time that many people would make their purchases,” he said.
He added, “But the vacation season during June and July, which fall on Ramadan, would still usher in more sales compared to festivals such as Diwali or Akshaya Tritiya, which only increase our sales on the festival day itself.”
Asked about customer preference, Nijas said Filipino buyers prefer 18 carat gold (75% gold) because of the strength of the gold compared to 24 carats, which is malleable and
flexible.
“In the market, there is a demand for 18 to 22 carat gold. Traditionally, people from Egypt, Syria, and Qatar usually buy 21 carat gold,” he added.
