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Akshaya Tritiya: Covid in India, travel suspension deter expats from buying gold dhanusha@khaleejtimes.com Filed on May 14, 2021 Residents buy gold at a jewellery store on the occasion of Akshaya Tritiya. Photo by Ryan Lim Jewellers hope sales would pick up in the months of June-August, which are an important time for weddings for Indian expatriates For the second year in a row, Indian Hindu expatriates living in the UAE ‘observed’ the auspicious occasion of Akshaya Tritiya without much fanfare. Considered to be an auspicious time for buying gold, the festival is celebrated primarily by Indian Hindus and Jains. This year, however, gold retail outlets saw lesser footfalls as compared to previous years due to a dip in morale among Indian expatriates given the devastating situation back home. ....
Akshaya Tritiya: Covid in India, travel suspension deter expats from buying gold khaleejtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khaleejtimes.com Daily Mail and Mail on Sunday newspapers.
Dubai: How much should gold prices drop before shoppers in the UAE start buying again? Going by the trends in the first three months, anything around Dh190-Dh195 a gram should be enough to get shoppers back. And for a brief period in March, UAE shoppers did just that as gold prices showed some weakness for the first time in more than 12 months. Much the same was happening in the rest of the world, as shoppers in India, China, other Gulf markets and the US stocked up on jewellery – in all, 477 tonnes of jewellery was bought during these three months, a sharp 52 per cent increase on the tally from first quarter 2020, when the world was moving into a lockdown. March buying was spurred by the dip below $1,700 an ounce, and it was felt that gold prices were set for a period of cooling off. And for demand to heat up… ....
From rickety souk to global powerhouse: How Dubai became the City of Gold As a child, Mihir Vaya helped his father run his fledgling jewelry business in Dubai. He remembers riding with him across Dubai Creek in an abra boat as he went to sell his pieces. He remembers when the Gold Souk, today home to hundreds of retailers, was just a few rickety stalls stuck like barnacles to the river banks. But most of all, he remembers helping his father in his workshop. He and his sister would hold gold wires so they could be wound into intricate pieces of jewelry. ....