Gold Jewellery shops are making more Arabian designs to cater to the increasing demand from the local market after the pandemic. Most of these jewellery shops used to focus on expatriates, especially before implementing VAT.
Several shops, including prominent brands, started to target the local Bahraini market since gold has become the latest trend for investment among Bahrainis. Shaji C.K Manager of Devji Retail Sales, told TDT that ‘the demand for gold went low during the pandemic, but the market has been stabilised. We focus more on locals and designing Arabic designs to cater to the local market.
“Customer, mainly those who buy gold for investment, buys gold when the price falls. So the demand also goes up with the price changes. Some of our outlets have more Arabic designs. We produce gold ornaments and diamonds within our factory unit in Bahrain.”
Another businessman from the same industry said, “To be honest, we didn’t anticipate sales to increase after the pandemic. Fortunately, Bahrainis started purchasing gold, boosting the jewellery business in Bahrain.
In addition, I could also see an increase in demand for silver.” It was reported that the Domestic and Foreign Trade Department within the Industries, Commerce and Tourism Ministry hallmarked over 9.9 tonnes of gold jewellery last year, one of the highest on record.
Shaikh Hamad bin Salman Al Khalifa, Ministry Undersecretary, said the Kingdom last year witnessed a sharp increase in the quantity of precious jewellery received for analysing and hallmarking at the testing and metrology services.
The ministry also made 3,400 or more inspection visits to jewellery stores in the past two years, an increase of 38% from the previous year, to ensure that they complied with the Kingdom’s regulations for using pearls and precious metals.