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Satyendra Pathak
Doha
Gold sales in Qatar have dropped by up to 60 percent in the second quarter of 2016 as compared with the same period last year, according to gold traders.
Sky Jewellery Manager Sinto Jose said 2016 has been the worst year in the last decade for jewellery sales.
"Our sales during this summer have gone down by about 60 percent compared with last year. In fact, sales are falling every month," Jose said.
The average sale at Sky Jewellery, which used to be around 40 kg of gold ornaments in a month at its Al Watan Centre outlet alone, has gone down to about 15 kg since the beginning of the second quarter this year, he added.
He said the sales dropped after many companies started downsizing their workforce.
"Families from India and Arab countries are our main buyers. As many of them have lost their jobs, our sales have taken a hit," he said.
In fact, the number of customers exchanging old ornaments for cash has increased, Jose said.
He said,"As many of them who have lost their jobs have availed of bank loans, they are selling their ornaments to pay off their debts."
Echoing Jose, Apollo Gold Manager Thaslim said the number of customers visiting his outlet has fallen drastically this summer.
The sales are down by up to 50-60 percent, he said.
"Most of the customers we receive these days come to sell ornaments they purchased from us," he said.
Avatar Gold & Diamonds Manager Prajosh said,"Our sales are down 50 percent as people have become very cautious in spending," he said.
All the managers, however, said there was no downsizing of staff strength at their outlets.
There are no plans to shut shops either. They expressed the hope that the gold market will start reviving by the end of this year.
