Dubai Shopping Festival 2020: Retailers to Offer More Prizes on Gold and Jewellery Purchases
Dubai Shopping Festival will offer a unified promotion, worth AED 4 million, on gold and jewellery purchases, to attract more buyers. Learn more below.
Gold and diamond jewellery shoppers will have access to more prizes this year during the Dubai Shopping Festival (DSF), which begins on Thursday, 26th December. The Gold and Jewellery Group has decided to offer a unified promotion on both gold and diamond jewellery this year. Gold prices went up significantly in the past five months, and have only started dropping recently, and now retailers are trying to attract buyers to the upcoming DSF. As per a Gulf News report, Executive Director at Malabar Gold and Diamonds, and a board member at Dubai Gold and Jewellery Group, Abdul Salam said prices of gold have decreased recently and this, along with more chances of winning prizes, would give jewellery shoppers an incentive to return.
He said it had been tough to put together the upcoming promotion due to the hike in prices but lack of offers had meant fewer people were buying jewellery over the last few months. So the DSF promotion had to be attractive enough while giving retailers a margin to make a profit. The total value of DSF gold prizes, AED 4 million, will however stay the same as previous years. There will be a unified promotion as running two different promotions last year had been difficult from a logistics point of view, said Abdul Salam.
The price of gold went up from 20th June and peaked on 29th August, when a gram of 22K gold was valued at AED 176. Comparatively, the price was lower, AED 168 a gram, on Friday, 20th December. As prices are slowly going down now, gold purchases have gone up, particularly in the last two weeks. There is high demand for gold from tourists, especially Indian tourists, visiting Dubai this month. India’s import duty on gold has increased from 10 to 12.5 percent, which has made buying gold in the UAE more attractive.