Looking to shine this Akshaya Tritiya, wedding, and Eid al Fitr season? Sales in gold will be increasing these coming months with the coinciding holidays.
Since VAT has been introduced, gold prices have slowed down, but now it is estimated that sales will increase by 15% after a steady growth during February to March.
With the gold buying season coming upon us, many retailers such as Kalyan Jewellers, Joyallukas and Malabar Gold & Diamonds are offering some great deals for you to take advantage of. These include Joyalukkas’ Akshaya Tritiya promotion, giving away 200 gold bars to raffle winners, as well as Malabar Gold & Diamonds ‘The Great Gold Rush’ promotion giving a chance for customers to win 100 gold bars across outlets throughout the GCC.
As buying gold is a tradition for celebrators of Akshaya Tritiya, and Eid brings Ramadan to a close and encourages festive garments, it is also locals and tourists that will contribute to the increase of sales. Buying gold is engraved in the culture of many GCC residents and UAE’s booming tourism market has got visitors to indulge in the souks as well.