The new Dubai Gold Souk is “very much on track”, according to the chairman of Dubai Gold & Jewellery Group.
With more than 250 jewellery and non-jewellery retail stores, the souk is scheduled to open in phases. The first phase of the market will open its doors to the public by April 2021.
“The new gold souk is very much on track. A lot of new companies from around the world have signed the contract in January. We will be opening the first phase of the market by April 2021 and we will see full opening by July 2021”, said Tawhid Abdullah, Chairman, Dubai Gold & Jewellery Group.
Gold prices have seen historic highs in the last year with rate shooting up by 15 to 20%, making it a much sought-after commodity for investment. Although gold sales were down during the pandemic, the industry was amongst the first to recover.
With the many promotional schemes and campaigns to attract buyers, Dubai Shopping Festival too is playing an important role in boosting sales. “So far, our promotions are being received very well and currently with the gold prices being favorable to the current buyers, we are expecting a surge with the buying trend during this promotion. Some of the participating outlets have witnessed a 22-30% increase in sales”, he said.
While the 5% VAT rate has been accepted and adopted by consumers in the UAE, Abdullah believes a rate increase could have an impact on sales.
“5% VAT has been accepted by the people, but we don’t want it to go any higher. I think in Saudi it has gone very high in one shot and it’s not positive for it to go so high”, he said.
The Government of the Kingdom of Saudi Arabia (KSA) had announced the increase of the VAT rate from 5% to 15%, which came into effect in July 2020.
“When VAT was introduced in Europe, the volume of the gold jewellery being sold was much lower than when it was un-VATed”, he concluded.
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
Savola Group, a strategic investment holding company with focus on the food
Value fashion brand REDTAG has launched its latest customer-centric campaign, #WearASmile. The
AZADEA Group has announced a new business partnership with Flying Tiger Copenhagen,
After returning from World War 2, a man decided to go into
UAE-based Majid Al Futtaim has been at the forefront of using emerging
The first two days of the 25th edition of Beautyworld Middle East
Radisson RED Dubai Silicon Oasis has launched its own line of meRchEDize
Expo 2020 Dubai has launched its official visitor app and a business-focused
Following a 19 per cent growth in sales in the first 6
UAE’s leading home-grown convenience store chain, ZOOM, today announced plans to open
LEGO Certified Stores – owned and operated by Majid Al Futtaim in
Subway has announced a new master franchise agreement in the UAE with