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.

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.

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