Gold footfall, sales in Oman witness 500 per cent rise
November 7, 2018 | 2:59 PM
by Times News Service
Photo used for illustrative purpose only

Muscat: Gold footfall and sales in Oman have shot up by 500 per cent during Diwali, a leading gold vendor in the Sultanate has revealed.

Diwali is celebrated after the Indian festival of Dhanteras, where it is considered auspicious to buy any metal. However, most families prefer to buy gold as they believe it brings good fortune.

“Gold sales have only increased during this festive season,” said Najeeb K, regional director of Oman at Malabar Gold. “On Dhanteras, we witnessed a 500 per cent increase in footfall and sales. Gold is still considered a valuable investment and the gold price is favourable for customers to make purchases.

“The overall price trend these days is still very positive for gold buyers,” he added. “And during the festive season, it's a great opportunity to buy and gift gold. Gold prices have not seen any substantial difference in the last few weeks, although slight variations often happen. We have witnessed a positive trend in sales figures since we started our Diwali promotion,” Najeeb added.

India is currently the second-largest buyer of gold jewellery and ornaments after China, said Dr Anchan C.K., an investment analyst in Oman. He said, "Indians are the world’s biggest consumers of gold, accounting for 97.9 tonnes of gold jewellery or 22 per cent of the world total." And Indians in the Sultanate seem to follow a similar trend.

“The preference for gold jewellery is still strong. We only see changes in the type of design that customers prefer and their usage,” explained Najeeb.

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