More than 55,000 commemorative gold coins were sold during the first week of the tenth Dubai Shopping Festival, organisers said.
This figure was over and beyond anything expected, said K.P. Baiju, general manager of Dubai Gold and Jewellery Group (DGJG).
"The gold coin sales have been extraordinary. It really has gone beyond our expectations.
"When we launched this promotion, we wanted something of value to our customers, and that's what they are getting a gold coin and the chance to take part in the biggest gold draw in the world," he said.
The turnover of sales for the 22 karat coin is about Dh14 million.
Shoppers can purchase the coin for Dh250 from participating outlets and enter their names to win five kilos of gold every week, over four weeks.
They are also eligible for a grand prize of 100 kilos of gold at the end of the Dubai Shopping Festival (DSF). In total, 120 kilos of gold is being given away.
"We aim to achieve coin sales of Dh55 to Dh60 million during DSF. I think it has been one of our most successful promotions," Baiju said.
The number of visitors to the gold souq and other jewellery shops has doubled over last year, Baiju said.
"We can expect between 350,000 and 400,000 visitors to purchase gold throughout the city. It's amazing 65 per cent of our target has already been achieved in the first week," Baiju said.
Prakash Nasta, a gold trader from Popley Jewellers in the gold souq, said the store where he works has sold about 1,000 coins since the launch of the campaign.
Business in general was up between 20 and 25 per cent, he said.
"Diamonds are selling very well. Bracelets are very popular. We generally see an increase during DSF. People are also coming into the shop to buy the commemorative coin," Nasta said.
For every Dh500 spent on jewellery, shoppers receive a coupon entering them in a daily draw in which they can win one kilo of gold.
In some cases people are more prone to filling out the coupons than buying the gold coin, said Amit Dhakan, manager of Dhakan Jewellers.
"We are seeing about 200 to 250 people coming into the shop every day. Business is a little bit slow compared to last year. Westerners prefer 18 carat diamonds and Asians always buy 22 carat gold.
"In the gold market, shoppers are very enthusiastic about the daily gold draw and car giveaways. Business has only increased by one or two per cent," said Dhakan.
Gulf News
