Gold sales ahead of Eid disappointing — association

AMMAN –– Demand for gold in the days ahead of Eid Al Adha was described as “disappointing” by President of the Jordan Jewellers Association (JJA) Osama Imseeh. 

The syndicate’s chief attributed the slowdown in demand to expenses households have to cover for the occasion such as buying new clothes for children and other Eid preparations and obligations. 

“Gold is not an essential commodity for the majority of Jordanians,” he told The Jordan Times Tuesday, adding that gold gifts are presented or exchanged on social occasions and ceremonies such as weddings and marriage anniversaries. 

On expected business activity for the rest of the year, Imseeh said sales would be average and “no boost is foreseen.” 

The JJA president said that demand for gold this month has seen a tangible decline when compared with previous months due to the start of the academic year on September 1, adding that the drop in wedding events and the return of expatriates to the countries where they work also played a role in the slowdown. 

Wedding events usually peak between April and August, a boom period for jewellers, he added.

On the performance of the sector during this year’s summer, the jeweler said sales dropped by no less than 20 per cent compared to last year.

Gold prices for Tuesday, Imseeh said 24-karat gold was worth JD 28.40 per gramme, 21-karat was sold for JD 23.40 per gramme and the price of 18-karat amounted to JD20.40 per gramme.  

He said there are about 625 jewellery stores and around 100 gold factories across the Kingdom.