With gold at its record low, Filipinos are buying jewelleries made of this precious metal to wait it out and sell them when its value gets up again.
According to Dubai Gold and Jewellery Group (DGJG), over 300 jewellery outlets are participating in DSF, where shoppers can buy gold products and get coupons for a chance to win prizes.
Tawhid Abdullah, DGJG chairman said “chains, pendants and rings in 18 and 21 karat along with diamond jewellery seem to top the Filipino jewellery shopping list.”
A quick straw poll proved this indeed holds water – and for another reason.
“I’m buying jewelleries kasi mababa ang ginto ngayon,” said Malou Prado, who runs a travel and tours agency.
“Mga hikaw, kwintas, bracelet,” Franie Maquinay, who runs an online door-to-door consumer products company. “Pwede mo rin kasi silang ibenta o trade-in kapag mataas na ang bilihan.”
Joeffrey Gerolia, visual merchandiser at a reputable company said he will invest in gold “kahit di sya kasama sa DSF and keep it till when the value increases.”
“And if there are emergencies at least meron pagkukunan. I will spend for gold accessories kasi di ba why do you need to spend so much on expensive bags or perfume if you can invest in things with value?” he said.
The price of gold dropped to its lowest levels in 10 months last December where a 24-karat gold went on retail at Dh140.25 down by Dh17.75 in November.