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Dubai jewelers affected by gold prices

ByVictoria

While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor

“In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

“There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

“Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

Source – Reuters

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