The festive season is bringing renewed interest in the precious metal with gold prices correcting ahead of Diwali and Dhanteras, which has UAE residents assessing their options to buy coins, invest in lighter jewellery or cash in on pieces laying unused in their lockers.
The price fall compared to the prior several months, is an opportunity for some to make a yearly seasonal buy at a more competitive rate. Others are keeping a careful eye on the market, looking at buy-back plans and thinking about trading in old jewellery for new.
The holiday mood and recent price action are both affecting buying and selling decisions, as demand for purchases usually goes up at this time,” industry experts say. Plus, price levels are shifting and people are becoming more mindful of how they spend, especially jewellery businesses.
Some people are cashing in on jewellery they don’t wear anymore and others are putting the value into smaller purchases or more versatile designs,” said Amreen Iqbal, proprietor of Piece of You jewels. When the price of gold is high we see individuals become more value conscious. Many are choosing to monetise pieces that are laying unused in their lockers, while others are using that value toward a lesser buy, or toward lighter, more adaptable designs,” she said.
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