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Gold price continues to increase to record levels, right time to invest: Jewellers

Roundup Sunday 26/July/2020 15:36 PM
By: Times News Service
Gold price continues to increase to record levels, right time to invest: Jewellers
Muscat: Global investors and central banks continue to invest in gold as a safe-haven asset, making the yellow metal hit record high prices.
Malabar Gold & Diamonds further increases the attractiveness of the yellow metal by making it an easy buy for consumers through the Shubh Aarambham Price Promise discount campaign, offering them attractive discounts on gold and diamond jewellery.
The ease to liquidate the metal for cash without losing value even during difficult times has further increased its dependability and preference. While all other assets like currency, oil, stock markets, real estate etc. have steeply declined in value, gold has appreciated around 35 per cent in the last one year, further strengthening its position even during this global pandemic situation.
For the first time, the campaign will offer customers a 20-50% discount on making charges of 18K, 21K and 22K gold jewellery and up to 25% discount on diamond jewellery. Additionally, there will also be an exclusive display of ‘Special Buy’ products at attractive bargains. Additionally, customers can pay 10% advance for their favourite jewellery and benefit from increasing gold rate for 30 days from the date of the booking, protecting themselves from the increase in gold rate during this period. This way, if the gold rate increases at the time of purchase, customers can avail the booked rate and if it reduces they can still draw mileage of the reduced rate.
‘Considering the all-time favourability of gold as a value-appreciating lifestyle article, it is the best time now for consumers to invest in the metal and ensure savings through the Shubh Aaarambham Price Promise campaign. Prominent investment bank Goldman Sachs has forecasted its three, six and twelve-month gold prices to be $1,900 to $2,000 per ounce respectively and we also expect this upward trend to continue. This is the first time Malabar Gold & Diamonds is offering such discounts and we hope to see our customers use this opportunity to invest in the metal. We are certain that they will be delighted with the incredible collection and prices," said Shamlal Ahamed, MD – International Operations of Malabar Gold & Diamonds.
As per the data published by the World Gold Council, many Central Banks have continued to invest in gold and have increased their holdings in the last 3-9 months. Central Banks of India, Turkey, UAE, Russia, etc. have made substantial investments to increase their gold reserves. Turkey has increased its gold holdings by 109% to 805.9 tonnes and UAE has increased its holdings by 104% to 31.5 tonnes. India purchased 47 tonnes and Russia purchased 60 tonnes to increase their total holdings to 665 tons and 2,301 tonnes respectively.
For those who require liquidity during these difficult times, Malabar Gold & Diamonds has also launched a cash buyback scheme offering customers opportunity to sell their old gold jewellery, regardless of where it has been purchased from, by offering the best rate in the market and giving maximum value for old gold purchased from other retailers. Customers of Malabar Gold & Diamonds are protected by guaranteed cash buyback for all jewellery purchased from them.
“Many individuals and families have relied on their savings in gold to survive the past few months as most of their other assets did not offer suitable value or liquidity. Considering the scenario, we initiated the cash buyback scheme to support and provide maximum value for people who have purchased gold jewellery from other retailers. This scheme is 100% compliant of all local laws and regulations,” said Abdul Salam, Group Executive Director of Malabar Group.
This exclusive and much-awaited campaign from the brand will showcase the most attractive and unique trends in gold and diamond jewellery, bound to captivate customers and suit their diverse tastes and preferences. Various brands of Malabar Gold & Diamonds’ will be on offer as part of the campaign, including Mine Diamonds, Era - Uncut Diamond Jewellery, Precia - Gem Jewellery, Divine- Indian Heritage Jewellery and Ethnix - Handcrafted Designer Jewellery. The offer will be valid until August 15.