Huge discounts, free gold coins, a raffle draw as well as zero making charges – a lot is on offer for customers in the UAE on gold and diamond jewellery purchases on the eve of Akshaya Tritiya festival.
Retailers are also offering zero deduction on the exchange of old yellow metal jewellery bought from anywhere in the country.
Jewellers expect precious metal jewellery sales will be brisk during Akshaya Tritiya, which is considered to be an auspicious day to buy gold jewellery, despite yellow metal prices staying high.
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The annual Indian festival will be celebrated on Friday, May 10, 2024, with many retailers having already introduced promotions and discounts to cash in on the sales bonanza.
Malabar Gold and Diamonds is offering free gold coins on the purchase of diamonds and precious gem jewellery above Dh3,000 until May 12 as well as the facility to exchange old jewellery purchased from anywhere at zero deduction. Other offers include 8-gram gold coins at zero making charges and attractive discounts on selected jewellery designs.
Bafleh Jewellers is planning to offer up to 60 per cent discount on diamond jewellery, scratch and win free gifts along with a raffle draw of 10 grams of gold in its selected shops in the Sharjah Area.
Jewellery brand Tanishq has 25 per cent off on gold-making charges and diamond bill value on a range of 18K and 22K gold and diamonds, solitaires, Kundan, polki and coloured stones. For those wary of fluctuating gold rates, the brand is also currently offering gold rate protection on booking jewellery with just a 10 per cent advance payment.
Ahead of the festival, Joyalukkas Group is offering customers purchasing gold jewellery worth Dh3,000 or more a Dh50 gift voucher between May 9 and May 12, 2024.
Additionally, customers can also pay 10 per cent in advance and secure guaranteed gold rate protection until May 10, 2024. For those interested in diamond, polki and pearl jewellery, it is offering a Dh200 gift voucher on purchases worth Dh3,000 or more up to May 12.
Moreover, there is zero per cent making charges on 8 gm gold coins, 100 per cent value on diamond exchange and attractive offers on old gold exchanges. Silver coins are also available at all our UAE outlets.
Kalyan Jewellers announced an array of gold coin giveaway offers and mega discounts to ensure that shoppers gain maximum benefits on their jewellery purchases.
It also introduced the facility of a rate protection plan by just paying a 10 per cent advance on their jewellery purchase. This programme enabled customers to lock in the ongoing gold price, safeguarding their purchases. If the price of gold falls after the booking has been made, patrons can capitalize on the reduced price.
The advance booking facility has been widely popular this season as customers leveraging the benefits of the programme, amid consistent ongoing fluctuations and uptick in gold price.
Sales spike
Ramesh Kalyanaraman, executive director of Kalyan Jewellers, sees shoppers taking advantage of the discounts and other benefits during the festival, especially in light of the ongoing fluctuations and uptick in gold prices. “We are confident that the positive consumer sentiment will enable the industry to register strong footfalls and demand momentum this season. Also, the consistent rise in gold prices has led to the emergence of the yellow metal as an attractive long-term investment option for patrons, which is another key factor behind resilience in demand for gold jewellery,” he said.
Tanishq anticipates footfall at its stores across the UAE will double in the coming days, coinciding with the return to school and Akshaya Tritiya.
“We foresee a minimum of 25 per cent increase in Akshaya Tritiya sales this year,” said Ramesh Vora, managing director of Bafleh Jewellers.
Shamlal Ahamed, managing director for international operations, Malabar Gold and Diamonds, said they generally experience high sales figures and customer footfall to buy jewellery by Indians during the festival.
“The gold rate protection scheme that we have unveiled wherein customers can block the gold rate by paying a 10 per cent advance has also been a major contributing factor to us being confident of the sales figures, as this has enabled customers to indulge in jewellery shopping regardless of the fluctuating prices,” he added.
Coin, bar or jewellery – buying what?
During the festival, shoppers prefer to buy jewellery over gold coins or bars, Ahamed added.
However, the recent hike in gold prices has once again cemented gold’s status as the ultimate safe haven asset, deeming any investment in gold, be it jewellery, coins or bars a profitable one, he said.
Ramesh Vora of Bafleh Jewellers said shoppers mainly purchase jewellery, but some customers opt for coins and bars too.
Ramesh Kalyanaraman of Kalyan Jewellers said Akshaya Tritiya is a special time for new beginnings and cherished traditions from exchanging gifts with friends and family to making investments in yellow metal.
“While gold jewellery remains the popular choice among patrons, we see a significant surge in demand for gold coins also to mark the auspicious occasion. We understand the deep emotional connection our customers have with jewellery and festivals, therefore, we introduced special limited edition gold coins for the brand’s patrons in India,” he said.