The soaring gold prices in Dubai have prompted shoppers to explore various options such as monthly saving schemes, loyalty and reward programs, trading in old gold, flexible payment options, and credit card offers to mitigate the impact of the record-high prices. With gold prices in Dubai surpassing Dh300 per gram, the demand for such programs has increased as shoppers are adjusting their future purchases to cope with the high prices. The yellow metal prices have reached all-time highs globally, trading above key psychological barriers, with further increases expected due to geopolitical tensions and potential interest rate cuts by the US Federal Reserve.
Anuraag Sinha, the managing director of Liali Jewellery, highlighted the increasing participation in monthly saving schemes and loyalty programs by customers to manage their finances better amid the volatility in gold prices. These programs offer rewards, discounts, and more effective spending management to help offset the financial impact of rising gold costs. By choosing lightweight designs, taking advantage of loyalty programs, waiting for sales, or trading in old gold, customers are finding ways to cope with the high gold prices.
Ramesh Kalyanaraman, executive director at Kalyan Jewellers, emphasized the popularity of their loyalty points program among customers, allowing them to manage their finances effectively and enjoy exclusive benefits. Customers can use loyalty points to offset a portion of their gold purchases, reducing overall outflow. With flexible payment options and credit card offers, buyers are becoming more selective and intentional with their purchases to maximize the value of their investments.
Malabar Gold and Diamonds, represented by Shamlal Ahamed, offers customers the Jewellery Purchase Program and Gold Rate Protection to help navigate the surge in gold prices. The Jewellery Purchase Program allows customers to invest in desired jewelry through manageable monthly payments, while Gold Rate Protection enables customers to lock in current gold prices by paying an advance on their purchase. These programs provide a safety net against fluctuating gold prices, offering customers the flexibility and security to make informed decisions about their purchases.
Despite the steady rise in gold rates over the past few months, customers remain confident in gold as a reliable asset, reaching an all-time high. The trust in gold as an investment explains why customers continue to purchase gold despite the elevated prices. With various schemes, loyalty programs, and flexible payment options offered by UAE jewellers, customers have the tools to offset the impact of rising gold prices and make informed decisions about their jewelry purchases. By leveraging these programs, customers can navigate the current market conditions and make the most of their investments in gold.
