Firoz Merchant, the chairman and founder of Pure Gold Jewellers, says volatility in the gold price is confusing consumers. Pawan Singh / The National
Firoz Merchant, the chairman and founder of Pure Gold Jewellers, says volatility in the gold price is confusing consumers. Pawan Singh / The National
Firoz Merchant, the chairman and founder of Pure Gold Jewellers, says volatility in the gold price is confusing consumers. Pawan Singh / The National
Firoz Merchant, the chairman and founder of Pure Gold Jewellers, says volatility in the gold price is confusing consumers. Pawan Singh / The National

Golden tips for buyers of jewellery


  • English
  • Arabic

For 11 years now gold has been riding a bull market.

But how long can its price continue to rise in these turbulent markets?

"Volatility is too much now," says Firoz Merchant, the chairman and founder of Pure Gold Jewellers, which operates 55 shops that sell gold jewellery in the Emirates and more than 100 across the Gulf and India. "The consumer is a little bit confused."

During the second quarter, the price of gold shot up more than 25 per cent. Today the shiny precious metal is hovering around US$1,900 an ounce and its popularity still holds plenty of lustre both here and abroad.

In Pictures:Gold

The most precious and valuable commodity.

Last week, gold was dubbed Dubai's top exported product by value, according to Dubai Exports, an agency under the Emirate's Department of Economic Development. It accounted for Dh38 billion (US$10.34bn) in value - more than half the total value of all direct exports. Put another way: exported gold totalled more than nine other products combined, including sugar and scraps of plastics.

One popular area of the local gold-buying market has been on the retail front. More than half of all gold bought in the UAE is 22 carat, while 21 carat commands about 20 per cent of the market, says Mr Merchant. Just 10 per cent of gold sold is below this weight.

There are cultural reasons for the discrepancies. Russians and Europeans tend to prefer 14 and 18-carat jewellery, but Arab customers usually go for 21 carat.

Those from South East Asia gravitate towards 22 carats, experts say. "The preference of caratage comes from the ethnic background of the consumer," says Biju Joy, the general manager of Dubai Gold & Jewellery Group, a trade organisation with about 600 members from Dubai's jewellery market.

"The caratage and colour will also depend on the source and design of the jewellery," he says. "If the jewellery is made in Europe it will be mostly in 18 carat; it may also be in white or pink gold. Jewellery made in the Indian subcontinent and Arab world will be mostly yellow in colour with some rhodium plating."

Even if jewellery is of the same carat, shoppers should scrutinise the different makes and designs. A 22-carat gold bracelet or ring could start at Dh2.50 a gram but may also cost as much as Dh40 a gram, depending on its origins and the audience it was intended for. One tip: "Look for the hallmarking on the jewellery," says Mr Joy. "It is a must for all jewellery sold in Dubai to be stamped with the producer's stamp and the caratage."

While Mr Merchant notes that certificates of authenticity are not handed out with purchases of 22-carat gold, he argues that government agencies across the Emirates regularly pop in unexpectedly to examine jewellers' wares.

"They are very strict and do random checks," says Mr Merchant. "They check purity, product price. There is strong consumer price protection."

Still, shoppers on the lookout for gold jewellery should be aware that they are supposed to receive an authenticity certificate for pieces that include precious stones, which they may be asked to show when they pass in and out of the UAE's airports. "Also make sure that you have taken the invoice, along with the description of the gold that you have bought," Mr Joy recommends.

Scoreline

Switzerland 5

Top goalscorers in Europe

34 goals - Robert Lewandowski (68 points)

34 - Ciro Immobile (68)

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*29 - Erling Haaland (50)

23 - Romelu Lukaku (46)

23 - Jamie Vardy (46)

*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.

AUSTRALIA SQUAD v SOUTH AFRICA

Aaron Finch (capt), Shaun Marsh, Travis Head, Chris Lynn, Glenn Maxwell, D'Arcy Short, Marcus Stoinis, Alex Carey, Ashton Agar, Mitchell Starc, Josh Hazlewood, Pat Cummins, Nathan Coulter-Nile, Adam Zampa

Racecard
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The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
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Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby