Jewelry market experiences subdued activity amidst economic challenges

Economy

Published: 2023-08-18 10:33

Last Updated: 2023-09-29 10:59


Jewelry market experiences subdued activity amidst economic challenges
Jewelry market experiences subdued activity amidst economic challenges

The Chairman of the Jordanian Jewellers Syndicate (JJS) Rebhi Allan expressed his concern over the sluggish and underwhelming purchasing activity prevailing in the domestic market.

He told Roya Thursday that the local purchasing dynamics are undergoing an unprecedented downturn, a phenomenon not observed for over a decade, particularly during the summer season.

He attributed this waning purchasing power among citizens to the formidable economic hardships they are grappling with.

This challenging economic landscape is further compounded by the global economic deceleration, which has cast a shadow on the demand for both local and global jewelry and gold markets.

Allan emphasized that the value of gold has seen a substantial global decline, with prices dipping below the USD 1,900 mark.

He foresees these prices to maintain stability at this level due to the prevailing global economic downturn.

This situation underscores the profound impact of economic conditions on consumer behavior and the jewelry industry, prompting stakeholders to navigate the evolving market dynamics strategically.