DUBAI, 7 January 2007 — Dubai Gold and Jewelry Group (DGJG) expects an additional 15 percent increase to its initial estimate of AED800 million in gold and jewelry sales during DSF 2006-07.
“Sales have exceeded our expectations this DSF. Considering a year on year growth of 70 percent reported by 350 participating member outlets, we expect to cross our initial projected target of AED800 million sales by an additional 15 percent by the end of the shopping festival. Customers are clearly motivated by our DSF offers giving them a chance to win 1 kilo gold daily and also the stock of new designs in stores,” said Tawhid Abdullah, managing director, Dubai Gold & Jewelry Group.
During the 13-day DSF in 2005 which coincided with Christmas, Eid and New Year, turnover from participating jewelry outlets stood at AED279 million. Comparatively, during the first 13 days of the current DSF, the total turnover was AED440 million.
Commenting on the increase in sales, Dilip Popley of Popley Jewelers, said, “The ongoing DSF promotions have helped increase retail sales and shoppers are making a beeline to buy jewelry. This is the first time we have taken part in DSF and all our outlets are doing extremely good business, we have customers who purchase up to AED500 worth of jewelry on different days to increase their chances of winning.”