Ahead of Ramzan, major retailers across Dubai are giving massive discounts for gold jewelleries purchased from their stores. While shopping consumers can get a discount of up to 70 per cent on select gold and diamond pieces. It is assumed that the price cut will boost consumer spending.
The discount festival is a month long promotion called “My Jewellery Season” and will run from June 8 till July 8th, 2018. Apart from discounts, shops are also giving free items like one gram gold and ring worth Dh1,900. The campaign is run by the Dubai Gold and Jewellery Group (DGJG) along with the Dubai Corporation for Tourism and Commerce Marketing.
According to Dubai Chamber, in 2015 alone, jewellery sales in the UAE amounted to more than $2.1 billion (Dh7.7 billion). Gold is considered to be one of the pillars of Dubai economy.