Gold jewellers in the UAE are eagerly anticipating increased sales during the Indian festivals like Onam, Diwali, Dhanteras, and the bustling wedding season, despite the surge in precious metal prices.
The rise in gold prices over recent years is attributed to global geopolitical tensions, central bank purchases, and interest rate cuts. This trend has led some gold jewellery buyers in the UAE to invest in gold coins and bars. Budget-conscious consumers are opting for smaller ornaments and lower-grade gold jewellery.
In the UAE, 24K gold was priced at Dh415.5 per gram, while 22K was at Dh384.75 per gram.
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Globally, spot gold stood at $3,447.95 per ounce, a rise of 0.96 per cent, staying below $3,400 in recent weeks.
“Gold jewellery is vital for festive celebrations, serving both personal and gifting purposes. We’ve noticed a sales uptick as Onam approaches, aligning with the trend of rising jewellery demand during major festivals,” stated Shamlal Ahamed, managing director for international operations at Malabar Gold and Diamonds.
‘Busiest time of the year’
“Festive and wedding seasons are traditionally peak periods for jewellery markets. We expect robust demand to persist in the coming months. Festivals like Diwali, Dhanteras, and the wedding season are significant because jewellery purchases at these times signify celebration, investment, and gifting traditions,” he continued.
A Joyalukkas spokesperson noted that the Onam festival, celebrated from August 26 to September 5, remains a favored shopping occasion for Malayali families, and this year is no different.
“The festive mood has led to a notable rise in jewellery demand, with customers favoring traditional designs that complement their festive attire. Gold coins and heritage collections are also popular, highlighting the season’s appeal as a golden opportunity for family celebrations and meaningful purchases,” the spokesperson said.
Joyalukkas anticipates key occasions will drive momentum in the coming months, with Akshaya Tritiya, Diwali, UAE National Day, the Dubai Shopping Festival, and the wedding season playing critical roles.
New designs
With the festival season approaching, Joyalukkas reports that their ongoing summer sale, featuring exclusive offers, is generating strong interest. “Lightweight jewellery and daily-wear collections continue to appeal to younger buyers, combining style with everyday practicality.”
Shamlal Ahamed mentioned the company is ready to welcome customers with new collections catering to diverse tastes and preferences.
“Moreover, we will introduce numerous festive offers and benefits, enhancing the purchasing experience. This strategy ensures that whether buying for special occasions, weddings, or enhancing their collection, customers will find jewellery that aligns with their lifestyle and aspirations,” Ahamed remarked.
