Dubai: Gold prices in Dubai remain near record highs, but festive shoppers are still crowding jewellery stores ahead of Dhanteras and Diwali, choosing lighter designs and smarter buying options to keep the tradition alive.
By Saturday morning, 24K gold traded at Dh510.50 per gram and 22K gold at Dh472.75, continuing a rally that has made this Diwali the most expensive on record. Yet retailers say demand remains strong due to gold’s emotional and cultural value.
“We’re already seeing a strong uptick in demand as Diwali and Dhanteras approach,” said Dr. Joy Alukkas, Chairman of Joyalukkas Group. “Gold remains the most cherished symbol of prosperity and celebration.”
Jewellers report a shift toward lighter, everyday jewellery as shoppers adjust to high prices. “Customers are choosing versatile designs that combine style, comfort, and value,” said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers.
Retailers such as Bafleh Jewellery say Italian-inspired designs weighing less than a gram are gaining popularity among younger buyers. Smaller coins and pendants are also replacing heavy sets as preferred festive gifts.
According to Arjun Dhanak, Director at Kanz Jewels, gold prices are expected to stay firm through year-end. “Prices usually rise in the last quarter. There may be a correction, but not a major one,” he said.
At the luxury end, brands like La Marquise Fine Jewellery continue to see strong demand for diamond-studded and coloured-stone creations. “Statement pieces remain popular as both adornment and investment,” said CEO Nishith Shah.
Despite high prices, the Deira Gold Souq remains packed with buyers. For many Indian families in Dubai, gold buying during Diwali is more than a purchase, it’s a ritual that continues, even at record prices.
