Operators of some gold shops across Doha explained that Eid holidays coinciding with the wedding season contributed to the recovery in purchasing activity, which had declined recently due to the gold price increase since the beginning of the holy month of Ramadan. They stressed demand was especially good on heritage, Bahraini, Italian, and Turkish jewellery among others.
Jeweller Abdulrab al-Yafei noted that many Arab nationalities prefer to buy 21-carat gold and mostly bracelets, necklaces, chains and rings, in addition to popular designs such as Ramadan crescent-shaped chains and models including pearls, as well as complete sets. Sales have been high until mid-Ramadan, especially around Garangao.
Ali Hamza, another jeweller, said: “With the start of the holiday season, there has been a noticeable improvement due to the preference of some people to buy Eid gifts that include sets, rings or bracelets, in popular or modern designs”.
Jeweller Abdulaziz Saleh pointed out that the price of one ounce of gold went up from $2,090 to $2,330. If 21-carat gold was at QR220 per gram at the beginning of Ramadan, it was currently at QR238. Most of the purchasing activity is obligatory for some, due to the start of the wedding season, he added.
Ali Salem, also a jeweller, pointed out that the purchasing activity has been very high since the beginning of Ramadan and gradually declined with the rise in gold prices, but the holiday season has contributed to the revival of sales, and reaching up to 20%.
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