The global economy is going through a phase of transition and it is highly influenced by the gold industry of every country. For the UAE market, Dubai Gold & Jewellery Group plays an instrumental role in regulating the gold sector, and this year as well with their innovative promotion “Dubai City of Gold” campaign for the 25th Dubai Shopping Festival, the group has highly influenced the sector.

The campaign has been instrumental in increasing the sales and has helped in keeping the market in balance. Till now, the promotion has seen thousands of participants, and the group has given away 1395 gold coins as daily rewards in the form 75 special edition ‘Dubai City of Gold’ coins.

The gold retailers have witnessed a good momentum in the first few days of the campaign and both the residents and the tourist have shown a lot of excitement this DSF season. Though the prices have increased due to geopolitical reasons, but the spending on gold has not taken a massive toll. The ongoing promotions for jewellery shoppers is acting as a major catalyst to increase the shopper participation for the running Dubai Shopping Festival.

Tawhid Abdullah, Chairman, Dubai Gold & Jewellery Group said “The gold industry is evolving and so is the retail practice by both the retailers and the shoppers. There was a section of shoppers who was skeptical about the their spends when the price of gold increased but there was also section who saw opportunity to sell their old gold assets at a higher price and buy the contemporary jewelry to update their collection. The current situation is more what you perceive and what you want to see. We very happy with the way our current promotion and the market trends, the recent price hike is also coming back to normal. With over thousands participants in the first 18 days of the campaign, the season is expected to yield better results for the gold market than the previous years.

John Paul Alukkas, Executive Director, Joyalukkas Group said “I think after a tumultuous last year, people were getting acclimatized to the fluctuating gold prices and are still confident about the investment value of gold. We are seeing good demand from tourists, which started in December 2019 and seems to be continuing in the new year. However, the demand within residents still has scope of improvement. There is an overall increase in the sales value and the tourist have added maximum to the numbers”

Anil Dhanak, board member of DGJG said “As a group we understand that geopolitical reasons have influenced the prices of gold previously as well but that does not affect buyers behavior as gold is an investment asset. The market is slow than the usual but we are extremely optimistic with our promotions which has shown a lot of promise so far.  If there are no major gains due to the current price hike, then there are no major losses as well. The prices have reduced and it will reduce further.

The current promotion by Dubai Gold & Jewellery Group

With every Jewellery purchase of AED 500 from any of the participating Jewellery outlets, customers will be entitled to get one raffle coupon that can win them up to 3000 Gold Coins of 8 grams each in raffle draws. There will be 5 winners in daily raffle draws until the 1st of February 2020; the first winner will win 25 coins, second to win 20, third to win 15, fourth to win 10 and fifth winner will take home 5 coins. Also, shoppers can win more every Saturday, starting on Jan 4, where three additional winners can win 5 coins each. 

Customers can double their winning chances with the purchase of diamond and pearl jewellery worth AED 500 or on the purchase of ‘Dubai City of Gold’ special edition coin or when using Visa card for purchase, where shoppers will be entitled for double raffle.

The current promotion has been popular specially amongst the tourists. Out of the 96 winners so far, 36 are tourists and 60 are residents. This indicates that tourists were a very large buying force this year. Dubai Gold and jewellery industry is one of the very few industries that unite under one umbrella to offer such grand promotions consistently for the past 24 years. The group has given away more than 900 kilograms of gold over the last 24 years, more than any other establishment in the world.

Source: buz