The Dubai Shopping Festivals is set to kick off from December 26, 2018 and will run until February 2, 2019, next year. 33 kilograms of gold, valued at $1.3 million as per the gold rate in Dubai today will be given away to shoppers during the five weeklong retail bonanza.
The Dubai Gold and Jewellery Group (DGJG) said that at least 300 shops will participate to reward participating customers, staying true to Dubai’s well known moniker, “the city of gold”. Every consecutive day from December 27 to January 26, four people will win one kilogram of gold, each person taking away 250 gram. This will increase to 1 kilogram of gold per shopper starting February 2.
During the shopping bonanza, six winners will get a chance to score 100 gram gold bars from January 27 to February 1.
Consumers will be required to spend at least Dh 500 or $136 on precious metals, diamonds, jewellery or pearls and will get one raffle each. The director of raffles and promotions at Dubai Festivals and Retail Establishment (DFRE), Abdalla Hassan Al Ameeri said that the use of daily gold raffles will boost the domestic jewellery industry in Dubai.
The chairman of Dubai Gold & Jewellery Group (DGJG), Tawhid Abdullah told news outlets that this is their very first campaign that features gold and diamond separately, in hopes of bolstering sales and tourism this shopping festival.
Shoppers can also win 5 BMW cars every week if they spend the required minimum of Dh 500 on diamond jewellery from any one of the 300 participating outlets.
It is unknown how shoppers will react at the onset of the US Federal Reserve’s monetary tightening policies. Once the Federal Reserve increases interest rates because of the weakened position of the dollar, gold rates will trade for significantly higher prices.
Market analysts will benefit from a wealth of data as they observe customers interacting with the relatively higher priced gold commodities in the face of DSF’s promising incentives. The DSF is a regular feature in Dubai’s retail calendar, featuring retail sales, discounts and deals from top global manufacturers.
Organizers spend a lot of time and effort to make entertainment services available to consumers from all walks of life. Some of the attractions at the festival will include fireworks and fun-filled activities in malls that will be free of charge. This will encourage shoppers to splurge more on commodities that they would have otherwise not given a second glance to, such as gold and diamond.
The lure of attractive festivities combined with DSF’s enticing raffle draw will increase the likelihood of consumers interacting with gold commodities. By the time February rolls in, the true effects of the changes made by the Federal Reserve will manifest on the global economy. It would be beneficial to see how consumers react to the rising prices of gold against the allure of millions of dollars in cash.