Qatar’s gold market seeing upward gross sales development as World Cup nears

Qatar’s gold market is steadily witnessing an upward gross sales development within the lead-up to the nation’s internet hosting of the 2022 FIFA World Cup, which is slated from November 21 to December 18.
Whereas the summer season months are thought-about low season as colleges are closed, temperatures are excessive, and many individuals are in a foreign country on trip, Shine Gold & Diamonds advertising head – Gulf Area Sameer Adam advised Gulf Instances Wednesday that there was a surge in crowds in Doha.
“For the approaching interval, we really feel very optimistic…when you’re getting good enterprise through the low season, then we’re undoubtedly feeling upbeat in regards to the enterprise through the peak season. On high of that, we expect many individuals to journey in for the World Cup,” Adam defined.
He mentioned the World Cup is a chance to push additional progress within the gold and jewelry market. “Many individuals might be shopping round and visiting lots of locations through the event, so there’s all the time an opportunity for vacationers to purchase,” he defined.
Contemplating the class of individuals coming into the nation for the World Cup, Adam famous that they’d be largely from the youthful age group “who might not be critical gold consumers.”
“We aren’t anticipating all of them to purchase gold jewelry however at the very least if, say, 10% of the greater than 1.5mn World Cup guests and followers could be prepared to purchase, then that may be a huge amount.
“Naturally, the months of November to February are thought-about as peak season, however for the reason that World Cup might be attracting extra folks into the nation, it’s anticipated that gross sales could be actually excessive,” he additionally mentioned.
In keeping with Adam, jewelry outlets could be capitalising on the inflow of vacationers through the World Cup by providing totally different promotions. He mentioned raffle attracts and ‘scratch and win’ promos are normally provided within the winter season, however there would even be totally different promos associated to the World Cup, as effectively.
Within the first half of 2022, Adam identified that gold gross sales surged 40% to 50% increased over 2020 and 2021 due to pandemic-related points that had affected the market previously two years.
“The same old year-on-year progress development could be round 10% to fifteen% however due to the Covid-19 pandemic, the market witnessed a slowdown,” he mentioned.
Adam additionally mentioned Ramadan and the Eid holidays are favorite events for folks to purchase gold, regardless of their spiritual backgrounds. Peak months for jewelry shops in Qatar are from November to February, whereas the ‘slack interval’ is between June and August, he mentioned.
“However in between, if there’s Ramadan and Eid, there could be good enterprise throughout that interval. Nonetheless, through the slack interval – when colleges are closed and when individuals are on trip overseas, we nonetheless generate enterprise as a result of when these folks journey, they nonetheless purchase jewelry,” he mentioned.
Adam emphasised that it’s “undoubtedly an excellent time” to purchase gold in Qatar: “Gold isn’t just an decoration however it’s also an funding any time. For those who have a look at gold costs, the graph normally reveals an upward trajectory. It’s also simple to liquidate not like different investments, resembling actual property, for instance. You may promote gold proper then and there.”


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