A certification and chart from the International Gemology Institute used by Malabar Gold & Diamonds. PICTURE: Peter Alagos.
By Peter Alagos/Business Reporter
Diamond jewellery sales in Qatar have not been affected by the recent drop in the prices of gold and a subsequent rush for buying gold jewellery, Gulf Times has learnt.
One gram of 22 carat gold was priced at QR127 in the country yesterday. Gold had climbed to QR203 per gram in 2012. The fall in the prices has shaken the faith of many investors in the yellow metal, but many still consider the present situation as the right time to invest in gold.
According to Atlas Jewellery regional manager Biju Ramachandran, “There is no correlation between the fall in gold prices and the sales of diamond jewellery.” The customers for the two varieties are different and they buy it for different reasons as well.
According to Malabar Gold & Diamonds assistant manager Sathique Mohamed, there was a “slight change” in customer preference as some clients were enticed to buy gold rather than diamond jewellery after prices of the yellow metal dropped recently.
“We offer our customers both gold and diamond jewellery but since prices of gold fell in the past several days, some of them were more inclined to buy gold. But overall, both sales in gold and diamond jewellery were practically the same,” Mohamed explained.
According to Ramachandran, Atlas was able to record an increase in sales for both gold and diamond jewellery despite the changes of gold prices in the international market.
He said Filipino and Qatari customers top the list of buyers for diamond jewellery, followed by Indian and some Arab expatriates.
Unlike other stores, Ramachandran said diamond jewellery at Atlas, situated in LuLu Hypermarket along D-Ring Road, is sold separately rather than in a set piece.
“One set includes a necklace and a pair of earrings. But selling them separately gives customers more choices, spending options, and value for money,” he said.
He added, “We only sell polished diamonds as many customers prefer it over uncut diamonds because of aesthetic value and price difference.”
Mohamed explained that the price of one carat uncut diamond would range from QR600 to QR800.
“But polished diamonds are four times more expensive than the uncut ones. A set (one necklace and pair of earrings) would range from QR9,000 to QR350,000. Indians usually buy a set as a gift for weddings or engagements,” he noted.
He also advised customers to look for diamond jewellery that is certified by the International Gemology Institute (IGI).
“We only sell diamonds that are IGI-certified. These certifications help customers understand the value of the jewellery they purchase in terms of colour, clarity, carat, and other categories,” Mohamed added.
