Dubai Prepares to Launch New Gold Center to Meet Growing Demand
Waleed Farouk
The Emirate of Dubai, which has established itself as a leading global destination for gold, jewelry, and diamond trading, is preparing to launch a new gold center to meet the growing demand from residents and tourists visiting the city to purchase gold and diamond jewelry, especially during social occasions such as holidays and weddings.
According to estimates by market research firm Statista, the value of the global jewelry market is expected to rise from $270 billion in 2022 to more than $330 billion by 2026.
In 2024, Dubai recorded unprecedented levels of demand for gold, with the total value of gold traded in the fourth quarter reaching $111 billion, and the annual value reaching an all-time high of $382 billion, according to a recent report based on data from the World Gold Council. The report indicated that gold trade flows in Dubai witnessed a 300% increase between 2023 and 2024, reflecting the growing demand for the precious metal.
According to the report, the UAE ranked second globally in per capita gold jewelry demand, with an average of 5.07 grams, ahead of Switzerland (4.06 grams) and Kuwait (3.95 grams), while Hong Kong ranked first with an average of 5.12 grams.
Despite a slight decline in consumption during the first half of 2024, the UAE remains the fifth-largest global market for gold jewelry, thanks to its high per capita GDP, the cultural significance of gold, tax exemptions, and the strength of the tourism and retail sectors.
Amid this rapid growth, Sulaiman TM, Chairman of Unique World Group, emphasized the need to develop a new gold center in Bur Dubai to meet the growing demand. Sulaiman said, "Along with population growth and the increasing purchasing power of consumers, we expect a significant increase in demand for gold and diamond jewelry in the coming years, necessitating the creation of a new center to meet the needs of both resident and tourist shoppers."
He noted that extensive discussions with leading jewelers revealed an urgent need for this project, confirming that the new center will be completed soon.
For his part, Mohammed Suhaib, General Manager of Unique World Group, said, "With Dubai's population expected to exceed 3.8 million, and the UAE's population expected to exceed 10.8 million, the establishment of a new gold and lifestyle center is a necessary step to support this growing sector."
He added, "The annual increase in the number of tourists, for whom gold and diamonds are an essential part of their shopping lists, necessitates the development of a new destination that offers shoppers the latest designs and finest products."
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