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Posted On: 21 September 2009 02:54 pm
Updated On: 12 November 2020 02:10 pm

Gold glitters despite rise in prices

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Despite recessionary pressures and soaring prices, gold did not lose its lustre this festive season with buyers from different communities literally crowding jewellery shops across the city. But a highlight this year has been a huge sale of the more expensive diamond jewellery with the takers mostly being nationals. Famous jewellery outlet Damas confirmed that diamond jewellery was more in demand this time from citizens, cash-rich or otherwise. “We did have more demand for diamond jewellery during the run-up to Eid,” an official from one of the several Damas outlets told this newspaper yesterday. Community sources said the latest trend in their midst is that husbands buy expensive gifts for their wives on the occasion of Eid. Qataris have traditionally been gold jewellery lovers and buying jewellery is a must, especially during Eid. As for 22-carat gold jewellery, more buyers were from the subcontinent where gold has for centuries been the most prized commodity of women. Gold prices peaked at record highs recently as mounting recessionary pressure prompted investors to take the metal route. In Doha, one gram 24-carat gold sold at a record QR120 recently, but fortunately as Eid approached, the rates fell marginally to QR118. A 116-gm standard 24-carat gold bar was available at Al Fardan Exchange, for example, at QR13,800, up considerably from last year. “The demand for gold has been more this year,” said Muzammil Hanif, Senior Vice-President of Al Fardan Exchange. The price does not matter for people who want to buy gold jewellery, he added when asked if soaring rates and ongoing recession had an adverse impact on gold sales this year.