Jewellery stores in Qatar have recorded an increase in sales following the launch of a range of promotions featuring affordable collections for the festive season.
Santhosh T V, regional head of Malabar Gold & Diamonds, told Gulf Times that their major outlets in Qatar have already sold out 80% of stocks for its “Hearts of Love” collection.
Since launching 15 days ago, Santhosh said the collection was an “instant success” to customers.
“It was successful because since the launching of the collection, three of our major showrooms had already sold out their collection and we had to replenish stocks just a couple of days ago,” he said.
Santhosh, however, noted that stocks for the “Hearts of Love” collection could run out soon.
“But despite replenished stocks, the demand from our customers is so high that our collection might run out even before February 14,” he added.
This was echoed by a sales supervisor of another popular jewellery shop, which was able to record a 40% to 60% growth in sales for its promotional collection for February. He said the prices of the promotional pieces are 50% lower compared to regular jewellery.
“Most of our customers for the promotional pieces are Filipinos, Tunisians, and Egyptians, who took advantage of the affordability of our latest collection and bought jewellery for their wives or relatives and friends,” the supervisor said.
Asked if the high prices of gold had affected sales, the supervisor said the store saw a slight decline in the past months.
According to the Malabar Gold & Diamonds official, customers are waiting for the price of gold to come down before they start buying. “Definitely, the rates will stabilise and people will start buying gold again.”
Compared to 2015, Santhosh said the store “had a good response” from customers this year.
“We saw an increase in sales for promotion pieces and sold around 70% more compared to last year. This was also due to the quality and design of our latest products,” he said.
In Qatar, Santhosh said monthly sales for all types of jewellery at Malabar posted a 22% growth.