Wedding Season Drives 20% Rise In Gold Jewellery Purchases

2024-07-22 11:29:44

(MENAFN- Jordan Times) AMMAN - With the start of the busy wedding season, local demand for gold jewellery has increased by around 20 per cent, according to Ribhi Allan, president of the General Association for Owners of Jewellery Shops.

“During 2024, demand has dropped dramatically by nearly 40 to 50 per cent compared with the previous year,” Allan told The Jordan Times, pointing out that stakeholders are expecting more demand, especially after the end of Tawjihi examinations, and thereby the beginning of graduation celebrations.

The market this year has been "significantly" impacted by continuous price fluctuations, which have driven up investor demand as a safeguard against economic volatility, Allan added.

“The heightened geopolitical situation is the main driver of the ongoing gold price fluctuations,” Allan noted, adding that people are constantly monitoring the latest updates on gold prices and geopolitical impacts, especially couples planning to buy jewellery this year.

“Summertime is the wedding season in Jordan. It has ramped up jewellery demand since the end of June, and we hope this trend will continue until the end of August,” said Fahed Sultan, a Jordanian jeweller, on Monday.

He added,“Sales of engagement rings and wedding bands have increased since May, and now jewellery sets are showing increases of no less than 30 per cent.”

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