Dubai: Leading jewelers are holding three-day “flash sales” for gold buyers in the UAE, giving up to 50% off chosen collections and even 10% off full-price items. Since the midweek peak of Dh383.5 a gram for 22K, the Dubai gold prices have dropped by over Dh8. However, can consumers be persuaded to revisit the stores?
Today marks the beginning of a three-day sale that aims to capitalise on the rather sharp price decline over the previous two to three days and absorb any remaining demand. However, the auction occurs at one of the worst periods of demand for gold and jewelry in the United Arab Emirates.
Customers received mailers touting the three-day sales frenzy from Damas, which was purchased by Titan of India this week for $282 million. Other jewelers of all sizes are also producing their own variations.
Individual stores in various categories, as well as malls in Dubai, have recently offered three-day flash sales that have attracted a sizable number of customers. Jewelers anticipate receiving the same response in the days ahead.
According to a shopkeeper, we are hoping shoppers will react for three reasons: Dubai gold price is down quite a bit from its near all-time high.” Second, the savings apply to both the newest and older jewelry lines.
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