The Dubai Gold & Jewellery Group expects gold sales to pick up
The Dubai Gold & Jewellery Group (DGJG), the trade body responsible for the gold and diamond sector in Dubai, has announced the re-opening of the emirate’s iconic Deira Gold Souk.
The retailers within the souk are operating at reduced trading hours, with stores operating from 11 AM to 9 PM and wholesale offices from 10 AM to 5 PM.
The re-opening follows an extensive sterilization of Dubai’s Al Ras and Naif areas, as well as of the souk and individual stores inside.
“It is a good step towards safely opening the economy and as an industry we are all gearing up to meet the government’s expectations and consumer confidence,” said Tawhid Abdullah, chairman of DGJG. “It is our collective effort aimed at successfully implementing the retail protocol mandated by Dubai Economy in a manner that is both safe and effective.”
For the time being, retail stores are allowed to employ 30 percent of their workforce and accept 30 percent of their customer capacity to allow for social distancing. Masks, sanitisers and gloves will be made available for all staff and customers to help minimise risk.
According to DGJG, gold prices are up about 35 percent compared to the same time one year ago.
"With the opening of the retail outlets, we expect gold jewellery demand to pick up as gold have proven to be a safer investment option in this market,” said DGJG treasurer Abdul Salam KP. “Historically, the value of gold jewellery has appreciated during uncertain times, pandemic or economic slowdown.”