The Phaserl


Cheaper Gold Brings New Customers to Dubai in Droves

by Shivom Seth,

The recent falls in US gold prices helped by the Fed’s announcement that it will begin to taper its quantitative easing programme, has a flip side to it for consumers in Dubai and for gold jewellery exporters in India.

Lower gold prices are driving massive sales in the Gulf region, with new, younger customers getting in on the act.

More than 40% of the gold jewellery from India is exported to Dubai and other Gulf countries.

With the price of gold diving nearly 28% this year, from $1,700 an ounce in January to nearly $1,200 this month, Indian jewellers operating in the Gulf region have never had it so good.

“Gold has fallen 36% since the record high in 2011, largely due to heavy selling by institutional investors. Given the high demand at our 25 odd stores across the Gulf region, we often tend to sell and then buy on the same day,” said Manishbhai Patel, an official of Manubhai Zaveri Jewellers in India.

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