Some UAE shoppers delay gold jewellery purchases amid sky-high prices: Experts - News
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Some UAE shoppers have put their gold and jewellery purchases on hold as yellow metal prices reach an all-time high in Dubai and across the world, industry experts have said.
The precious metal hit a record high of $2,882.16 per ounce earlier this week. In line with global rates, all the variants of the yellow metal also reached an all-time high in Dubai — with 24K and 22K trading at Dh345.75 and Dh321.50 per gram on Thursday morning, respectively.
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Anuraag Sinha, managing director of Liali Jewellery, said gold shoppers were indeed adopting a wait-and-watch approach due to record-high prices, delaying their purchases in anticipation of potential price drops.
'However, we focus on diamonds, so this trend does not apply to our customers. Diamond-buyers tend to make decisions based on their love for the product rather than price fluctuations,' added Sinha.
Anuraag Sinha
'Some customers may be adopting a wait-and-watch approach, monitoring price trends before committing to a purchase. However, a significant portion still perceives gold as a timeless asset, investing in it for special occasions and long-term value, despite the price volatility,' said John Paul Alukkas, managing director of Joyalukkas Group.
Shamlal Ahamed, managing director of international operations at Malabar Gold and Diamonds, said shoppers in the UAE have the option to choose from an array of designs curated from all over the world.
'Therefore, it is safe to assume that gold rate hikes do not affect the buying behaviour of tourist customers. However, this may vary for residents as they have the luxury to opt for a wait-and-watch approach during a gold price hike,' he said.
Shamlal Ahamed
Anil Dhanak, managing director of Kanz Jewels, agreed, too, saying some customers are delaying their purchases, hoping for a price correction.
In the UAE, he added, festivals, weddings, and gifting occasions continue to drive demand. 'Instead of postponing indefinitely, customers are adjusting their budgets and choosing designs that offer better value without compromising aesthetics.'
Anil Dhanak
Chirag Vora, managing director of Bafleh Jewellers, said minor fluctuations in gold prices don't make a big difference for retail buyers as they usually purchase in small quantities. 'Historically, gold prices have always risen in the long run, making it the right time to invest in gold jewellery. Special occasions like weddings and festivals continue to drive steady demand,' he added.
Chirag Vora
Ahamed said that even though gold prices have been on an upward slope for the past few weeks, customer footfall and subsequent sales across the UAE have remained unaffected due to yellow metal's status as a value-appreciating consumable investment.
'However, another pattern that we have noticed across our showrooms amidst the high prices is a shifting preference of buyers towards lightweight jewellery as opposed to heavier pieces.'
In addition to price fluctuations, Alukkas elaborated that sales trends are influenced by consumer sentiment and seasonal demand. 'While some buyers may delay their purchases when prices rise, others continue to see gold as a reliable long-term investment. Despite higher prices, gold remains a valuable asset for many customers and we continue to see strong interest in our collections.'
ALSO READ: Dubai: Gold prices hit new all-time high, continue to set records Gold soars amid trade war tensions; oil market remains stable
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too. waheedabbas@khaleejtimes.com
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