Gold Diamond Solitaire Pendant

Festivities could make gold sparkle

10.02.12

"We experienced a sales decline of 35 per cent which we never experienced in the last few years," said Shamlal Ahmad, managing director for international operations at Malabar Gold, which during this period opened four new outlets in the GCC in a... "The reason is that gold prices went through a period of high volatility and reached an all-time high of $1,923. Another reason was the Indian rupee weakened against the dirham and this increased remittances to India making less funds available for gold purchases. According to market estimates, the drop in sales could have been anywhere between 35 to 70 per cent. While the third quarter has traditionally been a slow period for the trade here, given that most residents are on their holidays and the summer heat would put off many of the tourists, this year's was particularly torturous.

Source: gulfnews.com