The continued increase in gold prices supports the used jewelry trade

Gold prices continued to rise for the third week in a row, recording, at the end of last week, increases between 3.75 and 4.75 dirhams per gram of various karats, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah, bringing the total increase in the price of a gram during three weeks to 11. A dirham.

Officials of gold and jewelry trade outlets told Emirates Today that the continued rise in gold prices for the third week contributed to stimulating demand from dealers to sell used and old-style jewelry to stores, while tourist sales accounted for the largest shares of new jewelry sales in sales outlets.

The price of a gram of 24-carat gold reached 326 dirhams, an increase of 4.75 dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 301.75 dirhams, an increase of 4.25 dirhams, and the price of a gram of 21-carat gold reached 292 dirhams, an increase of Four dirhams, and the price of a gram reached one karat 18 carats to 250.5 dirhams, an increase of 3.75 dirhams.

The director of the “Rekash Gold and Jewelry Trading Company,” Ricky Dahna, said, “The continued rise in gold prices has contributed to stimulating the rates of dealers’ demand for stores to sell used jewelry of old models, or to sell products made of gold coins of small and medium weights, in order to benefit from the current price increases for the metal.” Yellow.

He pointed out that “some dealers, who prefer to sell old jewelry during periods of high prices, tend to obtain financial liquidity by benefiting from the sale of these models and return to buy at lower prices for newer models during periods of low gold prices at stimulating rates.”

For his part, the manager of the “Mashu Gold and Jewelry Trading” store, Raj Bahi, explained that “tourist group transactions accounted for the largest share of sales of new jewelry, especially in Dubai markets.”

He pointed out that “the used crafts trade activity witnesses a boom during periods of high prices for the yellow metal, whether through some dealers selling old-style crafts to stores, or a number of dealers preferring to buy used or refurbished crafts that have been resold in a number of stores, which are sold Fees are lower than new craftsmanship in terms of manufacturing prices, and several outlets resort to competition by selling them at promotional prices.”

The sales manager at the “Daymo Gold and Jewelry” store, Daily Sun, added, “The continued rise in gold prices for consecutive weeks contributes to motivating a number of dealers to sell used jewelry products of old models, and to wait until the yellow metal records signs of decline at significant rates, so that they can return.” To buy handicrafts of modern styles.

He explained that “tourist transactions accounted for the largest shares of demand for new crafts during the recent period, in line with the boom witnessed in local markets in tourist activity.”