Gold losing its lustre among customers as prices soar

Abiraame Jewellers director Arun Arunachalam serving a customer at his shop in Little India last Thursday. He said the company had rolled out promotions ranging from gold buy-back schemes to free silver coins in the lead-up to Deepavali yesterday to
Abiraame Jewellers director Arun Arunachalam serving a customer at his shop in Little India last Thursday. He said the company had rolled out promotions ranging from gold buy-back schemes to free silver coins in the lead-up to Deepavali yesterday to encourage customers to spend. ST PHOTO: KUA CHEE SIONG
Abiraame Jewellers director Arun Arunachalam serving a customer at his shop in Little India last Thursday. He said the company had rolled out promotions ranging from gold buy-back schemes to free silver coins in the lead-up to Deepavali yesterday to
Hock Wah Jewellery general manager Teo Yong Ping believes that although customers are more hesitant about spending, given the economic uncertainty, craftsmanship still counts when customers decide to buy a piece of jewellery.ST PHOTO: Marcellin Lopez

Jewellers find new ways to woo buyers as gold price rises amid US-China trade tensions

Getting your hands on gold is becoming an increasingly expensive endeavour and buyers have become reluctant to loosen the purse strings - much to the concern of jewellers here.

Sales of gold-based products in Singapore have fallen by as much as 20 per cent since the precious metal's price started going through the roof in recent months.

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A version of this article appeared in the print edition of The Straits Times on October 28, 2019, with the headline 'Gold losing its lustre among customers as prices soar'. Print Edition | Subscribe