Gold sells briskly in Dubai this Diwali

Updated on Nov 11, 2007 02:47 AM IST

Prices of gold hitting 28-year highs have not deterred Indian expatriates in Dubai from buying the precious metal for Diwali.

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IANS | By, Dubai

Prices of gold hitting 28-year highs have not deterred Indian expatriates in Dubai from buying the precious metal for Diwali.

Gold and jewellery shops in this city, known for its gold market, continued to do brisk business ahead of the Hindu festival of lights.

"Diwali is a busy time for us and we get an estimated 300 customers on a single day," Sanjeev Jose, branch manager of Joy Alukkas at the gold centre in Deira in Dubai told the Gulf News.

"We get a number of customers from North India. They prefer buying 22-carat gold jewellery and 100 gm and 50 gm of 24-carat gold bars."

At the same time, sales of diamond have also gone up.

"The price of gold is at a record high and so some customers are purchasing diamond jewellery as well," Jose added.

"This is the most auspicious festival for Indians as they buy gold. But, with gold prices extremely high, people are going for diamonds this time," Damas Jewellery's assistant sales manager Praveen Bangera told the Khaleej Times.

Apart from jewellery, other shops selling sweets and fruits are also doing brisk business in this city, which has an expatriate Indian population of around 80,000.

"There is no time for rest," said DS Pawar, manager, Puranmal sweet shop, Bur Dubai branch, said.

He said the shop gets 1,000 customers a day during Diwali.

"We will remain busy until Nov 10. The sweets are prepared during the night. Orders from customers start coming in a week before Diwali starts."

Added Jay Datar, managing director of Al Adil Supermarket: "Diwali is our main business. Many even purchase dry fruits like cashewnuts and we have to maintain a huge stock. People like to give dry fruits as gifts."

"Inflation has failed to play spoilsport. I am going to celebrate Diwali in its true spirit," Vasudev Srivastava, a Dubai resident, was quoted as saying.

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