Increase in footfall of Indians at gold shops in Dubai on Dhanteras

Jeddah: Diwali celebrations are in full swing across the Gulf region with Dubai, UAE leading the festivities. Most schools in Dubai have declared two days off on Monday and Tuesday on account of the festival so that students and parents can celebrate Diwali with their loved ones at home.

Combined with the regular weekend of two days and an additional two days, a four-day holiday for families added further spirit to the festival of lights.

The city of Dubai has been long known as the city of gold, and gold jewelry markets have been bustling with happy shoppers, majority of whom are Indian tourists. Most Indians prefer gold shopping in Dubai and almost every Indian tourist to Dubai has gold purchase on the itinerary.

Celebrations begin with Dhanteras on Sunday, with jewellery shops and showrooms getting crowded with people across the Emirates to buy gold jewellery and coins as a tradition and is considered auspicious. Gold jewellery is said to bring good fortune on Dhanteras.

All the jewellery shops in Dubai are packed on Sunday according to eyewitnesses. Many jewellers reported an increase in footfall on Dhanteras. Price of the precious yellow metal stood at Dh188.75 on Sunday, which is lower than the previous Diwali, when the price was at Dh.200 for 22 carat gold.

“There is an increase in customer rush and we opened the showroom at 8 am on Sunday for Dhanteras day,” said Irfan Shaikh, branch manager of Malabar Gold and Diamonds showroom in Gold Souk, one of the largest in the city.

He told ‘Telangana Today’ over phone that many customers had reserved gold by paying partial advance as part of a promotion campaign on Friday where the price dropped to Dh.184.50.

“Traditionally we buy some gold on Diwali, this year’s lower price made it easier,”, said Avantika Gonepalli, a native of Pragatinagar, Kukatpally in Hyderabad and resident of Dubai.

In Dubai alone, the total gold sale on Dhanteras days is expected to cross 1000 kgs, according to trade sources.
Dubai is packed with family friendly Diwali celebrations and shopping malls and shops that are located in ethnic Indian expatriate living areas across the Gulf region are all decked up in decorative lights. The Lulu Group, the largest hypermarket group in the region, reported that it witnessed a huge turnout of people.