Four million more shoppers find their way to the retail and jewellery shops of Dubai in every edition of the Dubai Shopping Festival.
Four million more shoppers find their way to the retail and jewellery shops of Dubai in every edition of the Dubai Shopping Festival (DSF). Shopping extravagantly like no other time of the year, tourists and residents show greater interest in buying gold than any other commodities during DSF.
Indian expats and tourists from the Indian sub-continent take the lead in the gold rush this year. Diamond jewellery retailers saw increased buyers from Chinese and European tourists as well.
Sunny Chittilappilly, Chairman, Dubai Gold & Jewellery Group, said the demand for jewellery in Dubai has been steadily increasing. “Undoubtedly, Dubai has the largest Indian expat population, which boosts gold jewellery buying on a larger scale, especially during festive seasons like the DSF.
“The retail sector expects substantial growth as more and more household investors turn to gold, particularly jewellery as an investment in the recent years. The tax structure for gold in India further encourages consumers to purchase gold jewellery in Dubai,” he said.
He said the exclusive ‘Expo 2020 Candidate City Dubai’ gold coins during DSF 2013, which was promoted with a mega campaign, has received a huge response. “In just three weeks, we have sold approximately 12,000 coins.”
Tomy Joseph, General Manager, Dubai Gold & Jewellery Group, said the gold prices have shown an upward trend for the past several years, and its investment potential has been attracting individuals and corporate consumers alike off late. “Gold as a commodity has given a steady return on investment consistently for many years now; the safe haven status of gold as an investment has also been a reason for attracting small individual investors. The retail sector expects further growth as more and more household investors are turning to gold, particularly as an investment. They buy jewellery as an accessory which also has great asset value,” he said.
“DSF is perceived to be the best time to buy gold and gold jewellery, but we want to change this perspective. The popularity of diamond jewellery is increasing day by day. We would want to encourage diamond jewellery lovers also to make use of this golden opportunity to buy their favorite jewellery during this season. Doubling the chance to win while purchasing diamond jewellery, pearls or watches would be an icing on the cake,” Joseph said.
