AMMAN — The wedding season has spurred a 20% rise in local gold jewellery purchases, according to Ribhi Allan, president of the General Association for Owners of Jewellery Shops.
“Demand in 2024 has dropped dramatically by nearly 40 to 50% compared to last year,” Allan told The Jordan Times. He noted that stakeholders are anticipating increased demand following the end of the Tawjihi examinations and the start of graduation celebrations.
This year’s market has been significantly affected by continuous price fluctuations, which have boosted investor demand for gold as a safeguard against economic instability, Allan added.
“The heightened geopolitical situation is the main driver of ongoing gold price fluctuations,” Allan said. He added that people, especially couples planning to buy jewellery, are closely monitoring updates on gold prices and geopolitical impacts.
“Summertime is the wedding season in Jordan, and it has increased jewellery demand since the end of June. We hope this trend will continue until the end of August,” said Fahed Sultan, a Jordanian jeweller.
Sales of engagement rings and wedding bands have increased since May, and now jewellery sets are showing increases of no less than 30%,” Sultan added.