Gold sales jump ahead of Diwali

Sales of gold in Oman have shot up by 500% ahead of Diwali, a leading gold vendor in the Sultanate has said.

Diwali is often celebrated almost immediately after the Indian festival of Dhanteras, when South Asian families often purchase metallic goods, as they believe it brings good fortune to their homes.

“The sale of gold has only increased through the festive season,” said K Najeeb, regional director for Oman at Malabar Gold. “On the auspicious day of Dhanteras, we got an almost 500% 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.

“Add to it the festive season, and this means it is a great opportunity to buy and gift gold jewellery. The price of gold has 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.”

India is currently the secondlargest buyer of gold jewellery and ornaments after China, accounting for 97.9 tonnes or 22% of the world total when it comes to buying the yellow metal, and Indians in the Sultanate seem to follow a similar trend.

Ramanuj Venkatesh, a financial analyst with experience in both Oman and the UAE, added that the increase in oil prices would raise hopes among people, who had been reluctant to spend for so long.