Store promotions and discount offers could help push gold and jewellery sales as steep prices of the yellow metal have influenced buying preferences of some customers, it is learnt.
A manager of a leading jewellery shop in Doha said demand for gold and jewellery was high during Ramadan and Eid al-Fitr. A store promotion has continued to draw more customers even after the holidays, he said.
“We saw a 10% increase in sales during the holidays. The demand was also high because the season coincided with vacation trips for many expatriates, who brought jewellery to take back home as gifts,” the manager said yesterday.
However, he said higher gold prices in the international market have influenced buying preferences of some customers, who, according to him, have decided to put their jewellery spending on hold “until prices are stable.”
“For customers, stability of gold prices is important. While there is now less uncertainty after the Brexit vote, prices of the yellow metal remain high and people are still waiting for the right time to buy,” he said, adding that a day after the Brexit vote, gold prices in Doha rose by QR8.
Yesterday, a gram of 22 carat gold was trading at QR153, while a gram of 24 carat gold cost QR163.
The manager said: “We are still awaiting our regional office to announce new promos, especially for Eid al-Adha.”