The Latest Trends in the Gold Jewelry Market
The gold jewelry sellers of Dubai are considering the idea of closing their stores to cut costs until the country's economy recovers after the lockdown.
According to recent reports, several large jewelry chains in Dubai might close many of their stores across the country in order to cut their expenses as the demand for jewelry has dropped. However, smaller sellers are fighting for survival, as reported by the Gulf News.
The current price of gold is having a serious impact on Dubai's gold trade. This market provides a lot of jobs in the region, whereas the human factor plays an important role in sales. Many deals depend on personal communication.
'I believe that many retail business owners will have to reconsider their business models and operating costs in order to adapt to the post-coronavirus reality. This doesn't just apply to retail sellers either', said Karim Merchant, the director at Pure Gold Jewelers. Most companies are likely to close their less profitable venues.
As the pandemic spreads, investors are switching to gold, according to BNN Bloomberg. Analysts predict that the demand for gold will increase more than it did during the previous financial crisis.
“Everybody wants to reexamine gold and it’s not a fringe asset anymore. We’ve been run off our feet. Even though we’re operating virtually, we cannot keep up with the demand to speak with new clients or interested clients. It just keeps climbing,” said Peter Grosskopf, the CEO of the investment company Sprott Inc.
The expert also mentioned that “You don’t need to be a gold bug to believe that gold is the right move to hedge yourself against the financial system. We’ve entered into an environment of the monetization of debt and the debasement of currency, and all of these governments believe they can control that process; history suggests that they cannot. Gold is the way to hide from that.”
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Great trends news about jewelry market, I agree that people will turn to gold more during this critical moment of world pandemic. And it is pity to know jewelry stores in Dubai are closing. Right now every business is not doing well including the jewelry business, I just came across a great article about how to run a profitable jewelry business which may help entrepreneurs in the jewelry indurstry, you will also be interested in learing there as well, here is the post https://jewelrybund.quora.com/Ultimate-Guide-about-How-to-Run-a-Profitable-Jewelry-Business-in-the-UK