Gold and jewelry stores, owned by merchants of Asian nationalities in the country’s markets, have recently resorted to using traditional methods, such as placing lemon or pepper pieces and a half-empty cup of water in their display windows to stimulate sales, in the belief that it brings good luck and supports increased customer demand.
During its field tour of the gold markets, Emirates Today observed that many stores placed these tools in the display cases among the gold artifacts and jewelry on display.
In turn, gold and jewelry merchants reported that as competition intensified in the markets, some merchants resorted to traditional methods, the most prominent of which are lemons and half an empty cup, which are used as a form of optimism to increase sales, pointing out that these traditional methods are due to the personal beliefs of some merchants, in a similar way that some merchants place tools such as rosaries or specific images to bring blessings or avoid envy, considering that these methods are traditional customs of their owners, and have no effect in markets that are witnessing activity. Pointing out the support for the decline of the yellow metal at significant rates.
Display interfaces
In detail, gold trader, Ricky Dahnak, said, “Some stores placing lemon, pepper, or half an empty cup of water in their display windows comes as a kind of traditional custom for merchants of Asian nationalities, which are used to bring good luck and stimulate sales,” pointing out that “the use of these products comes as a kind of ineffective optimism among these merchants, especially during periods of heightened competitiveness in the markets.”
He added, “These traditional customs are inherited among some merchants, even if they are ineffective,” noting that “many merchants of different nationalities have customs, or they hang pictures, or place some things that they believe bring blessings and luck in trade, or ward off the evil eye.”
For his part, gold and jewelry trader, Jay Dehkan, said, “Periods of high competitiveness in the markets witness some merchants resorting to traditional customs to ward off envy, bring good luck, or stimulate sales, such as placing lemon and pepper pieces and half an empty cup, which is what the markets have witnessed during the recent period,” pointing out that “these things are customs that have no effect on the markets, which in turn are witnessing a remarkable boom in demand for gold products, whether of jewelry or bullion, supported by the significant decline recorded.” The yellow metal in recent weeks.
Gold and jewelry merchant, Muhammad Intisar, explained, “Using some tools to support competitiveness or stimulate sales comes as a kind of heritage custom found among some merchants of different nationalities. Some merchants place lemon and pepper in the display cases, while merchants inside the stores place large rosaries on the wall, or blue shapes to ward off the evil eye. These are ineffective things, but some use them as a type of heritage or decoration passed down among the families of these merchants.”
For his part, gold and jewelry merchant, Dilip Son, said, “Using any traditional customs or symbols to stimulate sales and break the stagnation in stores is a type of inherited custom that has no effect on the markets, but some merchants tend to place these things in their stores to bring luck and ward off envy, in light of the high competitiveness in the markets,” pointing out that “every nationality of merchants has things they are optimistic about, even knowing that they may not have an impact on trade in the markets, which depends on competition through different offers.”
My price fell
At the end of last week, the gold markets witnessed a decline in prices with values ranging between 4.75 and eight dirhams per gram of various karats compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah. These declines come for the fourth week in a row, bringing the total value of the decline of a gram of gold to 54.25 dirhams within four weeks.
In addition, the price of a gram of 24-carat gold reached 492.75 dirhams, a decrease of eight dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 456.25 dirhams, a decrease of 7.5 dirhams, and the price of a gram of 21-carat gold reached 437.5 dirhams, a decrease of 7.25 dirhams. The price of an 18-carat gram reached 375 dirhams, a decrease of 6.25 dirhams, and the price of a 14-carat gram reached 292.5 dirhams, a decrease of 4.75 dirhams.
