UAE Jewelry Stores Offer Diwali Discounts: Cashback, Diamond Sales, and Gifts

Ahead of the Diwali festival, which adorns markets across the country, many are considering a new startup. If you are looking for a profitable venture with small initial investments, candle making can be an excellent option for generating significant profit during this festival. This activity can be launched with as little as 10,000 rupees to start.

Diwali is known as the festival of lights, and candles play a special role in it. Consequently, the demand for candles across the country reaches its peak. The advantage of this business is that it guarantees high profits with relatively low costs. High demand persists not only during Diwali but also afterward.

To start candle production, you do not need much space; you can launch this business even in a small room at home. You can sell these candles under your own brand during Diwali, and they will also be in demand for other holidays or birthdays after the festival. There is currently particular excitement around colorful and designer candles intended to illuminate homes during Diwali.

Thanks to the growing volume of the candle production business, you can realize your creativity and earn good money. As demand grows, you can expand your business and even create jobs for many people in collaboration with large startups. Furthermore, the rise of online shopping provides additional opportunities for this business.

Regarding investments in the candle business, you can start with as little as 10–15 thousand rupees. Expensive or specialized machinery is not required for this; raw materials are easily accessible. Using wax, wicks, dyes, and molds, you can create various colored candles. Various molds are available on the market at a very low price, allowing for the creation of many designs.

Wax, strings, dyes, and essential oils are used in candle production. To make a candle special, it can be scented using fragrances. All these materials can be purchased both locally and online. If your budget allows or the demand for your products is growing, you can consider purchasing an automatic candle machine. Such a machine will allow you to produce more candles in less time, and its cost starts from 35,000 rupees. Three types of machines are available on the market: manual, semi-automatic, and fully automatic.

The start of the week was marked by stable gold prices in Dubai, coinciding with the beginning of the Indian festival Navratri on Sunday. According to data from Dubai Jewellery Group, 24-karat gold was priced at 505.5 dirhams per gram on Monday. Meanwhile, 22-karat, 21-karat, and 18-karat gold traded at prices of 468, 448.75, and 384.75 dirhams per gram, respectively. The most affordable option, 14-karat gold, sold for 300 dirhams per gram on Monday morning.

The nine-day Navratri festival is considered an auspicious period for purchasing gold. During this holiday, many people buy gold jewelry, coins, and bars, viewing them as symbols of prosperity, wealth, and good luck. Retailers often note an increase in demand as families make festive purchases and investments.

Spot gold fell by 0.16 percent to $4188 per ounce, while silver dropped by 0.14 percent to $223.55 per ounce.

Simon-Peter Massabni, Head of Business Development at XS.com, noted that gold is entering a critical phase, trading around $4185 per ounce while attempting to regain the $4200 level. He added that one of the primary factors supporting gold is the weakening US dollar and falling Treasury yields, which could give the precious metal more room to recover. A weaker dollar makes gold cheaper for holders of other currencies, and lower yields reduce the opportunity cost of holding an asset that does not generate regular income. However, according to his forecasts, these favorable conditions will only persist if yields continue to decline. If the dollar regains strength and Treasury yields rise again, gold could quickly lose a significant part of its recent momentum.

According to Massabni, the most important factor determining gold's next move will be the US Consumer Price Index report expected this week. He emphasized that markets analyze inflation not as an isolated economic indicator, but as a key factor shaping expectations regarding the Federal Reserve's monetary policy. If inflation comes in below expectations, pressure for tighter monetary policy may ease, and yields could fall, creating a more favorable environment for gold growth. Conversely, if the data shows more persistent inflationary pressure, expectations for further interest rate hikes could resume, potentially pushing the dollar and yields higher and putting new pressure on the precious metal.

Massabni expects increased volatility before the report release, and the market's reaction to any inflation surprise is likely to be more significant than current fluctuations in gold prices.