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Top tips for first-time gold buyers in the UAE

by | Feature, Lifestyle

Apr. 15, 19 | 2:40 pm

In recent years, more and more Filipinos in the UAE have been interested with the idea of purchasing gold but have many reservations and questions as to when to buy gold, why will it be good investment for them, what kind of gold would best suit their needs, and more.

The Filipino Times spoke with two of the UAE’s seasoned experts when it comes to gold investments to get their insights and advice especially for first time gold buyers.

Q: When is the best time to buy gold?

Some first-time gold sellers may anticipate and think that there’s a pattern to the rise and fall of gold prices – but the truth is, there isn’t! Ahmed Haji, Chief Operating Office at IRIZ store whose family businesses has been running for more than 40 years, shares that there’s no definite answer as to discerning the best time for buying gold. “When we buy gold at the time we think we have the best price, the gold price might go down. And when we think we bought it at a very expensive price, the gold price might go up. So, this is an occasion where we never know when the right time and the right price is,” shares Haji.

However, even with the price fluctuations, Haji reveals that the real secret is that gold is an investment that might not yield immediate returns, but is an investment that would reap its benefits in the long run. “If you compare values daily, you may not find a big difference, prices may go up and down. But if you find the difference in the last 10 years, since 2007, gold value has been going up. So, for the next 100 years, gold it going to go up – and that is the best part of gold,” advises Haji.

Q: What makes gold a good investment?

As expats earn their salary – most of them have a considerable amount of disposable income compared to what they would have earned doing the same job back in their home countries. Gold Zone Business Development Manager Mahesh Sankar said that it’s this disposable income that expats use at their own will: “Many choose to invest in the stock market, real estate or savings. One particular asset that expats simply love to buy that acts as a two-in-one is gold jewelry – as these are not just for luxuries that you can wear, they also count as an investment in the form of gold!”

Sankar adds that expats likewise aspire to have their money earn returns so that they’ll be more financially stable while away from home. “Finding things to invest on is one of their aspirations so that there will come a day when their money will work for themselves,” furthers Sankar.

Q: How can individuals choose the right kind of jewelry for their needs?

Dwelling on the individual’s style, Haji agrees that each person has their own requirements, depending on what the occasion calls for. “People who work usually tend to go for jewelry which are lightweight, which are smaller and comfortable to wear. It’s not too bling-bling, not too fancy. So, it’s beautiful and elegant. That’s what people wear when they work. They don’t want to show off too much,”

However, Haji adds that it’s during parties and special occasions where you would want yourself to shine with the help of the right kind of jewelry: “When they’re wearing for wedding or wedding functions or parties, it’s much fancier, you want to show off your jewelry – you want to show people the way you dress – to show the product to others. Most people opt for jewelries weighing 2-3 grams or below 5 grams in general.”

Q: Why is gold considered as one of the best gifts to give?

Gold is one of the precious metals that’s recognized worldwide. As a metal, gold shines its unique, expensive luster that gives their owners as well as those who receive them as gifts that special feeling of being loved. “Gold is time-tested precious metals that could serve as appreciating assets for the people you love most,” said Sankar.

Sankar likewise adds that giving gold gives sentimental value that other kinds of gifts might not be able to provide: “Gold jewelries are definitely more memorable than giving cash or gift cards to your loved ones”

Q: What pieces of advice can you give for those who are planning to buy gold for the first time?

Haji advises first time buyers to be aware of the hallmark of authenticity. “Check for the hallmark for authenticity. For 24 karat gold, it should be 999; 22 karat gold should have 926 or 920 Or 916; while 18 karat gold will have 750. What this means is that there’s 99.9% of gold for 24 karat, 926 means there’s 92.6% of gold for 22 karat, and the remaining 8% is copper. For 18 karat, 75% is gold, while the remaining 25% is copper,” said Haji.

Sankar said that for those seeking to shop for gold jewelry as gifts, they need to consider the occasion: “For instance, if you’re celebrating a special occasion – the latest trending or new design jewelry might be a good choice. The jewelry will become a lasting memory of the special event.”

He furthers that many Filipinos do buy and sell in order to earn immediate profits.  “Majority of Filipinos in Dubai, what they do is they buy gold in Dubai, they take it back home and sell it back home where they make more money,” adds Haji.

Filipinos planning to buy gold or other precious jewelries can check out trusted gold sellers such as IRIZ Store and Gold Zone for the latest designs and makes of gold that you can either get as a form of investment or as a gift for your special someone!

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

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With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

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