Ruwi regains glitter as gold souq of Oman

With more than a dozen new jewellers in retail and bullion trade, Souq Ruwi, once a major market, has now turned into a city of jewellers.

Many of the traditional shops disappeared as jewellers took over Ruwi.

Old timers say that once there were less than a dozen jewellers whereas now there are more than 50 jewellers operating from Ruwi. These also include jewellery workshops and silversmiths.

Jagajith Prabhakaran, MD of Cochin Gold, says Ruwi is becoming a hub for gold trading, as many small-scale and bullion dealers are opening branches or starting their own businesses.

"Many factors contribute to this trend, including the easy accessibility of the location for both businesses and customers, as well as lower operating expenses compared to nearby countries like Dubai. As a result, Ruwi’s gold market is expanding, with the potential for even more dealers to enter the scene. Additionally, the competition between small jewellers and large bullion dealers is driving the prices down, benefiting consumers and encouraging more transactions," said Jagajith. For customers, lower labour charges and discounts are another attraction

Besides the standalone shops around, many branches of well-known brands are also located here. There are more than one branch of some jewellers underlining the fact that Ruwi is the gold hub of Muscat.

"Earlier, Ruwi was known as gold souq but there were hardly 10 to12 shops but of late, a lot of international players have come to Ruwi. Local players also have begun to keep all types of jewellery and exclusive collections," said Mohammed Riyas of SeaPearls Jewellery, one of the oldest jewellers, which belongs to Salim bin Hamad al Araimi.

Al Araimi is planning to open Oman’s largest jewellery showroom in Ruwi with an investment of RO 15 million.

Nihas, MD of Elite Jewellery adds that there were many shops which were closed down due to lack of business, and they have been turned into small scale jeweleries focusing on 22 carat jewels as well as bullion dealers.

With the increase in jeweller's in Ruwi, those who want to buy gold from different parts of the country do come to Ruwi.

The convenience of choosing their preferred jewelry, the cost concessions on labor charges, etc. attract many people to Ruwi. A major attraction is getting a wide variety of jewelery from the world's leading jewellery makers. Along with this, there are many jewelers with huge collections of diamonds.

With the increasing gold sheen in the city, Ruwi, which was once a one-stop solution to all the needs of expatriates and citizens going on holidays, is gradually earmarking itself as the gold spot in the days to come.

Apart from Indian brands, jewellers from Lebanon, Syria, Pakistan, Bangladesh and North Indian states are also operating in Ruwi making it the preferred gold and diamond shopping destination.