Dubai’s iconic Gold Souk is losing its sparkle as gold prices are booming

Dubai jewellers are stepping up their game to win back Indian gold buyers, who once flocked to the emirate for better prices and a broader variety. Indian tourists are a major consumer group during festive seasons like Diwali and Akshaya Tritiya. To stay competitive, Dubai jewellers are pivoting from price to product. They are curating exclusive collections that include intricate Turkish, Italian, and Singaporean designs.

According to reports, there are signs of change amid rising prices for gold, as buyers look to diamonds and lighter gold jewellery instead. In markets like Dubai, this creates a two-fold effect… on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.  At Dubai’s Gold Souk, retailers are seeing this trend, as current prices prompt shoppers to look for alternatives.