when people bought gold primarily
Oman has traditionally been a very stable market
for gold, with a proven track record for sustained growth over the past few
years. While the market is witnessing a steep incline in the sale of gold with
falling prices in recent months, there has also been a marked improvement in
demand for jewellery studded with diamonds and coloured stones.
As predicted by many, 2013 continues to be a good year to purchase or invest in gold. The cost of one gram of 24 carat gold hovered around RO17 for the past few months and industry sources say this could drop even lower in the coming months. “The prices of gold have not fallen so low since the past one and a half years,” says Jose K F, regional manager, Joyalukkas Group.
Apart from retail giants like Joyalukkas, Sea Pearls and Pure Gold, who have a strong presence in the Oman market, the country is also known for its more traditional offerings. The souqs, more popular with tourists, sell gold jewellery from Oman, Singapore, India, Bahrain and Saudi Arabia.
Genuine traditional Omani silver jewellery with precious and semi precious stones are also quite popular with the tourists, but the market is flooded with cheap imports from India and Bangladesh.
The jewellery industry has been known to flourish during certain occasions, like Akshay Tritiya or Diwali, but the past few months have seen jewellery stores launch various promotional activities to cash in on falling gold prices. Seeing the trend of more people opting to buy diamond jewellery or jewellery with precious or semi precious stones, retailers have also been offering discounts of up to 50 per cent in these items.
Says Karim Merchant, CEO and MD, Pure Gold Jewellers, “In recent years, we have seen an increase in demand for 18 carat jewellery studded with diamonds and coloured stones. As the prices have dipped, consumers have become more confident about buying gold jewellery.”
To keep apace with changing tastes, and to increase sales at a time when gold prices were high, many jewellers opted to introduce more light weight pieces with modern, trendier designs. This led to the production of more delicate gold jewellery with special categories for children, teenagers, young adults and adults.
The Middle East has been traditionally perceived as a market with glitzy and ostentatious tastes, but that has slowly been changing. Recently, there has been a demand for polki stones or uncut diamonds and retailers like Joyalukkas for instance,Find great deals on Mens Surgical stainless steel earring, have set up special divisions for polki stone jewellery. According to P A Riyas, GM, Sea Pearls Jewellery, the demand for diamond jewellery has increased by 30-35 per cent in the past couple of years.
Overall, jewellery retailers in Oman are seeing an annual growth of 20-30 per cent in profits every year and they are optimistic about the business, but infrastructure poses a challenge and there is a need for jewellers to widen their presence across the sultanate. At present,The smart card has a memory chip embedded in it that, most of the well-known retailers operate in the Muscat area.
There was a time when people bought gold primarily as an investment. Today, there is a segment that buys jewellery for its aesthetic value. Luxury jewellery designers like Mouawad for instance, who specialises in precious, semi-precious and coloured stones, have been operating in the Oman market for 16 years. Samir Hamamji, country general manager, Mouawad says that people can afford to buy diamonds today. Boutique and designer jewellery with sapphires, rubies, emeralds, pink sapphire and amethyst are some of the most popular. The price ranges from anywhere between RO700 to RO1,50,000, per piece.
The strategy among high-end jewellery designers today is to create and promote collections. The Flower of Eternity collection, for instance, which uses coloured stones, is quite popular with Mouawad's clientele. “We are focusing on collections and boutique items,Uline stocks a wide selection of double sided tape. especially small items for everyday use. The market is requesting such items, while at the same time there is also a demand for bigger jewellery,” says Hamamji. Interestingly, a growing number of young people have been taking a keener interest in boutique jewellery.
Educating customers about the diamonds has been a challenge. The quality of stones available in the market varies from natural to treated stones. The former have not been artificially enhanced and therefore come at a cheaper cost and a lower quality.Shop Stately Steel Circle Drop Chandelier stainless steel necklace, The quality of the cut makes all the difference.
The Belgian cut, for instance, is highly prized, because it reflects the maximum amount of light.
“The most important part is getting people to understand the quality of the stones. Today people are aware about the quality of stones and can appreciate workmanship. Before, the focus was on gold, but now they have information about semi and precious stones,” says Wajdi Jeha, general manager, Gallery Argan.
Find great deals on Mens Surgical stainless steel earring,Read the full story at www.winbogifts.com/products/usb-flash-drive.html!
As predicted by many, 2013 continues to be a good year to purchase or invest in gold. The cost of one gram of 24 carat gold hovered around RO17 for the past few months and industry sources say this could drop even lower in the coming months. “The prices of gold have not fallen so low since the past one and a half years,” says Jose K F, regional manager, Joyalukkas Group.
Apart from retail giants like Joyalukkas, Sea Pearls and Pure Gold, who have a strong presence in the Oman market, the country is also known for its more traditional offerings. The souqs, more popular with tourists, sell gold jewellery from Oman, Singapore, India, Bahrain and Saudi Arabia.
Genuine traditional Omani silver jewellery with precious and semi precious stones are also quite popular with the tourists, but the market is flooded with cheap imports from India and Bangladesh.
The jewellery industry has been known to flourish during certain occasions, like Akshay Tritiya or Diwali, but the past few months have seen jewellery stores launch various promotional activities to cash in on falling gold prices. Seeing the trend of more people opting to buy diamond jewellery or jewellery with precious or semi precious stones, retailers have also been offering discounts of up to 50 per cent in these items.
Says Karim Merchant, CEO and MD, Pure Gold Jewellers, “In recent years, we have seen an increase in demand for 18 carat jewellery studded with diamonds and coloured stones. As the prices have dipped, consumers have become more confident about buying gold jewellery.”
To keep apace with changing tastes, and to increase sales at a time when gold prices were high, many jewellers opted to introduce more light weight pieces with modern, trendier designs. This led to the production of more delicate gold jewellery with special categories for children, teenagers, young adults and adults.
The Middle East has been traditionally perceived as a market with glitzy and ostentatious tastes, but that has slowly been changing. Recently, there has been a demand for polki stones or uncut diamonds and retailers like Joyalukkas for instance,Find great deals on Mens Surgical stainless steel earring, have set up special divisions for polki stone jewellery. According to P A Riyas, GM, Sea Pearls Jewellery, the demand for diamond jewellery has increased by 30-35 per cent in the past couple of years.
Overall, jewellery retailers in Oman are seeing an annual growth of 20-30 per cent in profits every year and they are optimistic about the business, but infrastructure poses a challenge and there is a need for jewellers to widen their presence across the sultanate. At present,The smart card has a memory chip embedded in it that, most of the well-known retailers operate in the Muscat area.
There was a time when people bought gold primarily as an investment. Today, there is a segment that buys jewellery for its aesthetic value. Luxury jewellery designers like Mouawad for instance, who specialises in precious, semi-precious and coloured stones, have been operating in the Oman market for 16 years. Samir Hamamji, country general manager, Mouawad says that people can afford to buy diamonds today. Boutique and designer jewellery with sapphires, rubies, emeralds, pink sapphire and amethyst are some of the most popular. The price ranges from anywhere between RO700 to RO1,50,000, per piece.
The strategy among high-end jewellery designers today is to create and promote collections. The Flower of Eternity collection, for instance, which uses coloured stones, is quite popular with Mouawad's clientele. “We are focusing on collections and boutique items,Uline stocks a wide selection of double sided tape. especially small items for everyday use. The market is requesting such items, while at the same time there is also a demand for bigger jewellery,” says Hamamji. Interestingly, a growing number of young people have been taking a keener interest in boutique jewellery.
Educating customers about the diamonds has been a challenge. The quality of stones available in the market varies from natural to treated stones. The former have not been artificially enhanced and therefore come at a cheaper cost and a lower quality.Shop Stately Steel Circle Drop Chandelier stainless steel necklace, The quality of the cut makes all the difference.
The Belgian cut, for instance, is highly prized, because it reflects the maximum amount of light.
“The most important part is getting people to understand the quality of the stones. Today people are aware about the quality of stones and can appreciate workmanship. Before, the focus was on gold, but now they have information about semi and precious stones,” says Wajdi Jeha, general manager, Gallery Argan.
Find great deals on Mens Surgical stainless steel earring,Read the full story at www.winbogifts.com/products/usb-flash-drive.html!
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