The Eid al-Adha celebrations have met some jewellers’ expectations of higher sales during the holiday period, according to vendors in Doha.
Last month, most managers of jewellery shops at Souq Najada said they were expecting an increase in gold jewellery sales on the occasion of Eid al-Adha.
On Saturday, a vendor at the new Gold Souq said gold jewellery sales at his shop jumped by 20% to 25% in the run up to Eid.
Asked if he was expecting a sales increase beyond 25%, the vendor said he was “quite satisfied” with the turnout, considering the fact that many expatriates were still outside the country in view of the summer vacation.
He was quick to note that there was a healthy appetite for gold jewellery, especially among Indian expatriates and several other nationalities, including Filipinos.
“Sales during Ramadan and Eid al-Fitr were also higher (than usual) by at least 25%. Some expatriates going on vacation bought a good amount of jewellery before they left the country. Then came Eid al-Adha, which also helped push up sales. Overall, sales have been good,” he said.
A shop manager at Souq Najada said gold sales also picked up because of lower prices of the yellow metal in the international market. He said a gram of 22carat gold now hovers around the QR129 price range, while a gram of 24carat gold is sold at around QR141.
“So, aside from jewellery, many shops also made brisk business by selling gold bars and coins,” the manager explained.
Jewellery vendors also noted that the new location of Souq Najada contributed to “better sales” since shop owners made the transfer this year. The new location has around 50 popular jewellery shops and comes with underground parking that can accommodate some 250 vehicles.
One vendor said the Gold Souq’s new location is “more accessible” compared to its former location, adding that the availability of spacious parking helps attract more customers.
With the summer vacation about to end, jewellery vendors said they would now look forward to special occasions in the coming months to boost sales, such as Diwali, which will be celebrated this year in November.
The festival is considered an auspicious occasion by many to buy gold and gold jewellery.