Fall in gold prices ahead of Indian festive season boosts purchases in Oman

October 8, 2017

Oman (Oct 8)  Retail gold sales in Muscat have increased after prices dropped ahead of the Indian festival of Diwali, traders said. During this festival, Indians light up their houses and buy gold as a tradition.

“Three weeks back, one gram of 22-carat gold was being sold at OMR16.5. But on Saturday, the price of one gram of gold is OMR15.65,” said an official from Malabar Gold & Diamonds. He also said this is the perfect time to buy gold as the prices are low. “Taking this advantage, many people are buying gold.”

Other jewellers also confirmed that they had recorded brisk sales over the weekend. “We are open until late evening as customers started flocking in,” they said.

Dhanteras, the first day of Diwali—which means rows of lighted lamps—is considered an auspicious time to buy jewellery and clothes.

To woo more customers, jewellery shops have come up with special offers to celebrate the upcoming festive season.

Malabar Gold & Diamonds also announced an opportunity to win 100 kilos of gold this Diwali. “This is the first time that a jewellery retailer has announced an offer of this magnitude. It is no surprise that the biggest offer this time is from Malabar Gold & Diamonds. This campaign will run at all Malabar Gold & Diamonds outlets globally from September 27 to November 4, 2017,” a statement from Malabar Gold & Diamonds said.

Another famous jeweller, Joyalukkas, is giving away up to 500,000 gold coins and exciting offers this Diwali. “Golden Diwali at Joyalukkas is offering free gold coins on a minimum purchase of jewellery. Customers can also take advantage of guaranteed gold rate protection upon 10% advance payment on the jewellery of their dreams until October 17, 2017, as well as enjoy low making charges,” a statement from Joyalukkas said.

“For Joyalukkas Group, Diwali 2017 is truly a time of thanks giving,” said Joy Alukkas, Chairman and Managing Director, Joyalukkas Group.

“We’re not only celebrating 30 years of being the world’s favourite jeweller and an ever-growing presence across the globe, it’s also our first major campaign featuring Indian superstar, Kajol Devgan. Golden Diwali is our way of thanking the millions of patrons, who have made each achievement, each new showroom possible.”


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