Kanz Jewels wins 'Retail Jeweller Middle East Contemporary Diamond Jewellery Award 2025'
Kanz Jewels, a renowned name in the UAE's jewelry industry, has once again solidified its reputation as a leader in fine jewellery by winning the Retail Jeweller Middle East Contemporary Diamond Jewellery Award 2025. This prestigious accolade recognises Kanz Jewels' dedication to exceptional design, meticulous diamond selection, and masterful craftsmanship, reinforcing its position at the forefront of the industry.
This achievement is a testament to Kanz Jewels' relentless pursuit of innovation and perfection, ensuring that every diamond piece reflects the highest standards of artistry and quality. With an unwavering commitment to creating stunning, timeless designs, the brand continues to captivate jewelry lovers across the region.
The awards ceremony, held in Dubai, brought together the most distinguished names in the jewellery industry. Arjun Dhanak, director of Kanz Jewels, proudly accepted the award on stage, emphasizing the brand's dedication to pushing the boundaries of fine jewellery.
Expressing his gratitude, Dhanak stated: "Winning this prestigious award is a true honor for Kanz Jewels. It reflects our passion for fine craftsmanship and our commitment to delivering designs that truly resonate with our customers. This recognition inspires us to continue setting new benchmarks in the world of diamond jewellery."
With a legacy built on excellence, Kanz Jewels remains a trusted name in gold and diamond jewellery, offering masterfully crafted pieces that seamlessly blend tradition with modern elegance. As the brand continues to innovate and refine its artistry, Kanz Jewels reaffirms its position as a powerhouse in the world of fine jewellery.
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The National
24-04-2025
- The National
'Insane' demand for gold bars at bustling Dubai souq as prices soar
The historic Dubai Gold Souq in Deira is on the front line of a relentless price surge. But traders, experts and customers have said the market for the precious metal is mixed. While some say sales have slowed over the past few weeks, the overall picture is complex, with some customers switching to gold bars rather than jewellery to avoid extra costs. They also say demand is resilient with the global price surge only reinforcing gold's status as a safe haven and the run was even encouraging buyers who did not traditionally view it as an investment. 'I think people have to realise … even if there is a dip, it won't be to the extent where they're going to make a huge saving, so they might as well buy at the current prices,' Arjun Dhanak, director of Kanz Jewels, told The National. 'The price increase hasn't really had a huge effect on the buying.' There was no change from March 2024 to this year, he said, but there has been a small decrease of 'about 10 to 15 per cent' over the past month. He said he had not seen any evidence of people wanting to sell but some were exchanging old for new and others were deciding to buy gold bars. 'People wanting to buy investment bars have gone up,' he said. 'They're … coming to buy because they're expecting it to go higher. People are sticking with the gold.' Yahya Mandavi, manager at Al Almas, said sales were lower but he hoped this would change. More customers were buying raw gold rather than jewellery to avoid manufacturing charges. 'The demand on that has gone insane. The demand for jewellery has plummetted,' he said. 'It's the first time gold has hit this high, so we are just as lost as everyone else.' The surges were being driven by 'mostly politics' and 'demand', Mr Mandavi added. He estimated sales were down about 27 per cent on last week but said the long term was harder to assess. Gold retailers in the UAE are resorting to a range of measures including reduced making charges, attractive payment plans and exchange schemes, and lightweight jewellery collections, but the price has continued to rise on the back of geopolitical tension, US President Donald Trump's tariff campaign and concerns over the global economy. Mr Dhanak said it was difficult to analyse the impact of the surge because many people have already bought their gold for Diwali and Christmas, with the typically slower summer season is approaching. The cost for a gram of 24 carat gold at the souq surged to a record Dh412 on Monday but by Thursday morning had fallen back to Dh400. Gold globally has surged by more than 30 per cent this year. Andrew Naylor, head of Middle East and public policy at the World Gold Council, said the metal closed in March at a record high of more than $3,100 per ounce. Mr Naylor said current dynamics were also playing a role with a weakening dollar due to concerns about the US economy supporting gold prices across all major currencies. 'At the same time, we are seeing renewed interest from investors … and central banks remaining significant buyers,' he said. Crucially, Mr Naylor said the UAE had its own unique profile. 'While we have seen a decline in jewellery demand in volume terms due to high prices, consumer spending has remained resilient,' he said. 'Buyers are adapting by choosing lighter pieces, but they are still investing in gold.' He said there had been a shift in demographics with the traditional Indian tourist market reducing after the nation cut its import duties. 'This has created room for growth from other tourist markets,' he said. 'The UAE is becoming increasingly global as a tourism and retail destination, with visitors from Europe, Central Asia and China now contributing to demand.' Dubai has a historic link to the gold trade stretching back decades. And the historic Deira souq is on the front line of that trade. Mr Dhanak agreed more buyers were coming from outside the traditional Asian markets, such as westerners. 'I don't think they saw gold as something which had investment value to it,' he said. 'I think they're seeing that now.' The global gold market is broad and diverse. Mr Naylor said central banks remain a key source of demand 'with 2024 marking the third consecutive year of net purchases exceeding 1,000 tonnes as they seek to diversify reserves and reduce reliance on any single currency'. Investors were also turning to gold as a hedge against inflation and as a counterweight to uncertainty in equity and bond markets, he said. 'Jewellery demand – which accounts on average for 33 per cent of annual demand – has been affected by high prices, particularly in terms of volume. However, total spending remains high and many consumers are still purchasing gold, albeit in smaller amounts,' said Mr Naylor. 'It's gold's demand profile that makes gold unique – no other asset class has this diversity of demand and use. As both a consumer good and investment asset, gold performs differently to other asset classes and is one of the reasons it has been viewed as a diversifier and mitigator of risk.' Shamlal Ahamed, the Dubai-based managing director for international operations at Malabar Gold and Diamonds, said: 'Our customers are staying the course [with] steady demand across our showrooms. 'While some cautious buyers may take a temporary step back, such moments are typically fleeting. This enduring trust speaks volumes about gold's perceived strength, stability, and lasting worth in uncertain times.' Mr Naylor said the conditions that have supported gold's rise remain but it was not possible to forecast the price. 'Inflation remains a concern, real yields are elevated and investors continue to face a high degree of market and policy uncertainty,' he said. 'In this environment, gold's role as a strategic asset remains highly relevant. 'Central bank buying, investor interest, and a cautious macroeconomic outlook all point to a market that still has solid foundations.' Back at the souq, customers were browsing the lavish displays of gold bars, ingots, necklaces and ornate rings. 'If we feel like buying, then we will buy,' said Mathias, a customer from Goa in India. 'It is like real estate, you never know when it is a good time to buy.'
Gulf News
24-04-2025
- Gulf News
Dubai gold price surprises shoppers with near Dh7 jump after 3 days of drops
Dubai: The Dubai gold rate has gained a near Dh7 a gram early today, which will come as a complete jolt to shoppers in the UAE who had been hoping for a third straight day of price softening. The local gold price for a gram of 22K is Dh374.75, while for the 24K version, it's back to over Dh400. (The 24K gram is now at Dh404.65.) Shoppers and gold sellers were hoping to see the Dubai gold rate drop further to around Dh360 for a 22K today as global markets returned to positive territory and there was less hard talk over US tariffs and removing the Federal Reserve Chairman. Between now and May 1 is a crucial period for gold shoppers given that the Indian festival of 'Akshaya Trithiya' falls on April 30. (This along with another Indian festive buying period on 'Dhanteras' and Diwali later in the year represent some of the highest volume sales phase for gold in the UAE, outside of promotions during Dubai Shopping Festival, Dubai Summer Surprises, etc.) Shoppers shouldn't lose heart, gold retailers say, saying there is still time for prices to soften. 'These days, the way gold is moving, anything can change in 24 hours,' said an FX analyst. 'Even within 24 hours.' Correction – but not a crash What shoppers should not be expecting to see is a downright 'crash' in gold prices. 'If in any of these days, gold closes below $3,280 an ounce, that's a crash,' said Anil Dhanak, Managing Director at Kanz Jewels. 'Until then, it's all more of a price correction.' Now, it's interesting that bullion prices did drop to around $3,260 an ounce levels for a brief while in these last few hours before powering up to trade at $3,336 now. That means more of a correction. Earlier this week, the 22K Dubai gold rate was at its highest point of Dh388 as gold prices pummeled its way through to $3,500 an ounce. (And looked good for some more climbs...) Then a lot happened in the US over the week to cool markets down, and gold prices dropped as well. Book or not? The other big question for gold buyers is whether it makes sense to book and lock in prices for Akshaya Trithiya or not. (Booking ensures that they benefit from any price drops between then and the day of booking. If prices shoot higher, then they can still buy at the pre-booked rate. The only condition is the buying must be done in 30 days or so.) "I would say any price around Dh360 a gram would have been good to book," said a shopper, who plans to pick up a couple of gold bars whatever the Dubai gold rate is on April 30. Meanwhile, new jewellery stores keep opening in the UAE, because at the end of the day, resident shoppers and visitors are not going to shed their preference for the yellow metal - or for diamonds. The Indian jewellery retailer Arakkal Gold and Diamonds opened its biggest showroom in Sharjah, at the Safari Mall. Not just that, brought out 500 kilos in new gold designs.
Gulf News
21-04-2025
- Gulf News
Dubai gold price instantly hits new record after Dh17.75 gain in 7 days
Dubai: The Dubai gold rate has surged to another high as soon as the week started, with a gram of 22K at an eye-watering Dh375.25 a gram. That for a gram of 24K is now at Dh405.25. What all of this means is that in just one week the Dubai gold rate is higher by Dh17.75 per gram. Again, these are changes never seen before. There is also no sign of the relative cooling off in local prices seen Thursday last, when the 22K Dubai gold rate was Dh.369.75. 'I was hoping the Dubai gold rate would start this week lower because of the peace talks over Ukraine,' said Anil Dhanak, Managing Director of Kanz Jewels. 'I am still hopeful that at the first signs of some progress on a ceasefire, gold prices will slide.' But will it? In within touching distance of $3,400 Analysts say gold has got a good chance of making a clean break for the next level - $3,400 an ounce. It's trading now at $3,383, having crossed $3,000 mid-March and went past $3,200 and $3,300 this month. According to forecasts by Kuwait-based Kamco Invest, a price above $3,357 'would call for another leg up towards $3,400 before $3,425'. "On the other side, a fall below the first defense line at $3,280 is expected to trigger additional weaknesses and lead to $3,230 and maybe lower to $3,190. Book or just wait for April 30? The Indian festival of 'Akshaya Trithiya' - a big day for gold shopping among NRIs in the UAE and elsewhere - falls on April 30 this year. Some shoppers have pre-booked in recent days to have some leeway on what they will pay that day. But other shoppers have just given up hope of a major price correction happening between now and end of the month.
