MUSCAT -- With drastic fall in gold prices and sales shooting up as many as three times compared to other times, jewellers in Oman are finding it difficult to satisfy their customers as there is a major fall in gold stocks to sell at their outlets. There has been a surging demand for gold ornaments, bullions, biscuits and coins in the last few weeks as the prices of gold dropped continuously after climbing for years and recently losing considerable ground.
The price of one gram 22 carat gold yesterday dipped an ever low to RO 16.700 which was RO 19.160 same time last month and RO 23 in August, 2011. Jewellers in Muscat also say that the lack of enough gold bullions and ornaments in the showrooms is mainly because of the lack of availability of the same from their overseas suppliers spread across different continents.
Representatives of the Purushotham Khanji Exchange Company LLC, a leading company in the capital city that sells gold bullions said they are returning most of their customers these days. "We are not able to sell gold bars to the customers who want to purchase them these days. We are finding it extremely difficult to keep the shop open as stock is day by day getting minimalised". Bullions and other raw forms of this precious yellow are comparatively cheaper as they don't invite 'making charges' unlike the ornaments. "if we bring the stock for two days from outside, it gets over in less than half a day and our shop is technically open till 8pm but there would be customers till 10pm. We are experiencing that kind of rush for gold bars", he further said.
"We have a serious shortage of gold jewellery in our showrooms as the demand went high manifold these days", Najeeb, Country Manager, Malabar Gold told the Observer. "This is mainly because our suppliers don't have enough stock to send to us as globally the demand is an ever time high as the prices slopped drastically".
But contrarily, some of the jewellers in Muscat said sales have not shot up astronomically and that they have adopted a policy of wait and watch. "Sales have not shot up astronomically there is a surge in sale though", Rajesh Govind, Country Manager, Damas Jewellery said."
© Oman Daily Observer 2013
