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Monday, 9th February 2009 (1768 views)

A jeweller in Malaysia has stated that gold will not "lose its lustre", despite the current global economic downturn.

According to Mohd Zaruddin Mahmud, senior retail manager at jeweller Habib Jewels, sales of gold jewellery are likely to peak during an economic crisis.

He explained to the Malaysian Business Times that he is optimistic that sales of gold jewellery will remain strong, as people continue to purchase gold as both an adornment and an investment during uncertain times.

“In the second half of last year, when retail sales were slow, our business was good,” he explained.

Founded in Pitt Street, Penang, Habib Jewels manufactures, wholesales and retails gold jewellery and buys and sells gold bars, with sales of its jewellery up by 30 per cent last year and gold rising by 25 per cent compared with the previous year.

Meanwhile, gold jewellery sales at the 2009 Dubai Shopping Festival have risen after a number of promotions and prizes were launched by participating retailers to attract buyers.

 

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