Extremely positive sentiment for Diwali
Diwali celebrations are incomplete without making a sound investment in an exquisite piece of jewellery. On Diwali we are seeing trend in customers mainly investing in gold, diamonds and polki (uncut diamonds), say Sanjay and Vinay Jethwani of Meena Jewellers, Dubai. "In recent times, keeping pace with global styles in vogue, many Dubai jewellery buyers prefer fancy 18k jewellery over 22k jewellery. One aspect that has remained constant is the popularity of 24k gold bars during Diwali as it still remains the best form of investment.
"Diwali marks the victory of good over evil. Quite similarly, we believe that Dubai is showcasing its strength and ability to bounce back from anything that comes its way. We are seeing an extremely positive sentiment for Diwali."
The duo report a rise in walk-ins and sales, and an increase in tourist footfall and buyer confidence. "The new policies on larger weddings have also reflected an increase in sales," they say. "Besides weddings, we are also seeing a large number of clients investing in gold during this time.
"In keeping with the pandemic norms, we follow stringent safety protocols and practices. We are also offering delivery across the UAE on request."
Gold is the eternal favourite
"Without doubt gold is the eternal favourite during the festival of lights, Diwali, and, as always, we are witnessing really good demand for gold jewellery," says John Paul Alukkas, executive director of Joyalukkas, Dubai. "Customers opt for a wide variety of gold jewellery in varied designs particularly during this season as this precious metal is associated with luck, prosperity and joy."
He adds: "Compared to last year, this year we are seeing a lot of customers also preferring to buy gold coins and bars and that is because of gold’s investment value."
Millenials are investing in gold jewellery
Minimalism and sophistication are key words when it comes to design preferences among millennials this festive season, says Abdul Salam KP, group executive director of Malabar Group. "Be it bangles, pendants, necklaces or earrings, the key driver behind customer choice remains product design. There is an increasing demand for lightweight and multiuse jewellery that can be used on different occasions. Several millennials are also keen to invest in gold jewellery, thanks to its positive growth despite the pandemic situation combined with the fact that it is the only consumable investment.
"The festive season is also the time before weddings and Christmas get-togethers. This means more people buying occasional wear as well as bridal jewellery. This year, we have taken immense efforts to source jewellery that appeals to customers, both functionally and aesthetically, to aid them to complete the trousseau for the festivities and weddings. In bridal jewellery, the demand is for gold, diamonds, uncut diamonds and other precious gems.
"Apart from ensuring responsible sourcing to protect the environment and our stakeholders, we offer complete transparency as part of ‘The Malabar Promise’, wherein customers pay the price of gold only for gold. We provide transparent and detailed invoice and price tag with every piece of jewellery clearly showing the weight of gold, other components and making charges separately on the price tag and invoice."