RIYADH — The additional VAT hike of 10% to be imposed in the country from July 2020, will further increase the price of jewelry, with customers having to pay considerably higher prices for gold.

Gold has always been a safe haven asset and had further proved its trustworthiness by strengthening its position even during this global pandemic situation. While all other assets like currency, oil, stock markets, real estate etc. have steeply declined in value, gold has appreciated 31% in the last one year, with the price/ounce on June 3, 2020 being $1,723 as against $1,314 on June 3, 2019.

The ease to liquidate the metal for cash without losing value even during these difficult times has further increased its dependability.

“Considering the all-time favorability of gold as a value-appreciating lifestyle article, it is the best time now for consumers to invest in the metal and ensure savings, before the introduction of 15% VAT. We are doing everything possible to ensure our customers benefit during this pre-VAT hike period, with several collections displayed in our stores across gold, diamond and gemstone jewelry.

“Considering the current health concerns, we have also taken all precautionary measures to deliver a safe shopping experience to our customers by following all guidelines from concerned authorities.” said Gaffoor E, regional director – KSA, Malabar Gold & Diamonds.

Malabar Gold & Diamonds’ stores in KSA, across the following locations, are open to serve customers following all safety guidelines from concerned authorities: Al Khobar – LuLu Hypermarket; Al Ahsa – LuLu Hypermarket; Jeddah – Al Balad; Jubail – Gold Souq & LuLu Hypermarket; Dammam – Gold Souq & LuLu Hypermarket (Ash Shatea); and Riyadh – Murabbah LuLu Hypermarket & Batha Lulu Hypermarket. — SG