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Express Tribune
25-04-2025
- Business
- Express Tribune
UAE gold buyers turn to smart instalment plans amid rising prices
A tourist is looking at the gold items in Dubai shop display. PHOTO: GULF NEWS Listen to article Dubai's gold prices remain locked at glittering highs — with 22K gold hovering at Dh373 per gram and 24K at over Dh440 — yet that hasn't stopped UAE residents from flocking to jewellery stores. Instead of impulse splurges, they're opting for a more calculated route: monthly gold instalment plans. Faced with historic highs — with global prices edging towards $3,500 an ounce — shoppers are donning their investor hats. Leading jewellers across the Emirates have reported a spike in interest for their pay-as-you-go gold schemes. These flexible plans, often starting below Dh1,000 a month, allow buyers to accumulate credit over time, which can later be redeemed in coins, bars, or handcrafted pieces — and often with incentives thrown in. "The monthly instalment schemes have seen a surge in popularity," said one major retailer. "We're even seeing tourists and non-residents enrolling — it's about smarter, long-term accumulation rather than spontaneous purchases." Dubai resident Mandar Khatoo, who's now in his second year of the plan, noted, 'There's no pressure to buy at the end of 12 months. I can extend it, and I even got a one-month bonus added on. It's a win-win while we wait for prices to cool.' What's driving this disciplined approach? According to the World Gold Council, 2024 saw a drop in traditional jewellery sales but a notable uptick in gold bar and coin investments. The trend reflects a wider transformation: UAE consumers are no longer just buyers — they're strategic investors. 'Search trends show that 'Buy Gold' queries from UAE users have hit a five-year high,' said James Campion from eToro. 'This signals rising consumer confidence in gold, even at elevated prices, as a resilient store of value.' Since gold broke the Dh300-per-gram barrier in October 2024, it has climbed over 30%, outshining many traditional investments. Now, rather than gamble on market dips, UAE residents are laying the groundwork for future buys — one monthly payment at a time. With gold's ascent showing few signs of slowing, it seems the UAE's glittering obsession is evolving — from passion to portfolio.
Express Tribune
22-04-2025
- Business
- Express Tribune
Gold-melting ATM becomes sensation in China as users cash in on soaring prices
The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. PHOTO: GULF NEWS Listen to article A newly launched Gold ATM in a Shanghai shopping mall is drawing large crowds as residents rush to convert their old gold jewellery into instant cash amid soaring global gold prices. According to Gulf New, the machine developed by Shenzhen-based Kinghood Group, the machine evaluates and melts gold items on-site, determining their purity and weight before transferring the equivalent cash—minus a small fee—directly into the user's bank account within 30 minutes. No paperwork is required. The innovation has captivated the public, with demand surging so quickly that appointments are now fully booked through May, according to How it works? The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. Using advanced sensors and heating the gold to 1,200°C, the machine performs a real-time analysis. The final payout is based on live rates from the Shanghai Gold Exchange. In a recent demonstration, a 40-gram necklace appraised at 785 yuan per gram resulted in a payout exceeding 36,000 yuan (approx. £4,000 or Dh18,200). "The public's desire to cash out has significantly increased with the rising value of gold," said Xu Weixin of the Shanghai Gold Association. "This ATM offers a convenient and transparent alternative to traditional jewellers." International attention spiked after Turkish tech influencer Tansu Yegen posted a video of the ATM in action, calling it 'simple, fast, and powerful.' Tech analyst Advait Arora added: 'That's how China does innovation.' Social media reactions ranged from admiration to envy. 'Why can't we Americans have nice things like this?' one user asked. Another quipped, 'Perfect for India—but also a chain snatcher's delight.' Despite some scepticism about the security and accuracy of purity verification, experts say the machine marks a significant step forward in automating personal asset management. Kinghood Group has already rolled out similar machines across nearly 100 cities, with a second device planned for Shanghai. As economic uncertainty drives more people toward gold as a safe-haven asset, the demand for such machines is expected to grow. 'This is more than a machine—it's a shift in how people engage with their wealth,' said Arora. 'It blends ancient value with modern convenience.' With its mix of speed, transparency, and tech-driven convenience, China's Gold ATM is reshaping how people access the value of their gold—bringing the future of finance into the mall.
Express Tribune
12-04-2025
- Express Tribune
This simple road mistake may lead to Dh10,000 penalty in UAE
Crossing the road wrongly or jaywalking is strictly not allowed in UAE. PHOTO: GULF NEWS In response to a sharp rise in road safety violations, the United Arab Emirates has introduced stricter penalties to deter jaywalking, following a series of fatal incidents across the country. In January 2024 alone, nearly 44,000 people were caught jaywalking in Dubai, with eight pedestrians killed in run-over incidents. Authorities say the practice of crossing roads outside designated areas remains a major safety concern, particularly on high-speed roads. According to Gulf News, to tackle the issue, a new traffic law—Federal Decree-Law No. 14 of 2024—came into effect on 29 March, significantly toughening penalties for violators. Previously, pedestrians caught crossing from undesignated areas faced a Dh400 fine. Under the updated law, the consequences are more severe, especially in cases where jaywalking leads to accidentAs per Article 7 of the law, which outlines 'controls for using the road,' pedestrians, cyclists, and e-scooter riders are all prohibited from stopping mid-road or crossing outside designated zones. The revised legislation stipulates that: Those who cause an accident while jaywalking may face imprisonment and a fine between Dh5,000 and Dh10,000. On roads with speed limits of 80 km/h or more, violators could face a minimum of three months in jail, a fine of at least Dh10,000, or both. Offenders may also be held civilly and criminally liable for any consequences arising from their actions. Official guidelines for safety Authorities are urging the public to use the range of safe pedestrian options provided across the UAE, including subways, footbridges, and smart pedestrian crossings. The Dubai Roads and Transport Authority (RTA) has issued a list of safety tips to encourage responsible road use: 1: Avoid distractions at zebra crossings – do not use phones or wear headphones while crossing. 2: Always follow pedestrian signals, crossing only when the light is green. 3: Look both ways, listen carefully, and make eye contact with drivers before stepping onto the road. 4: Use designated crossing points and footbridges where available. 5: At night, wear reflective clothing to enhance visibility. 6: On roads without pavements, walk facing oncoming traffic to spot approaching vehicles. 7: Officials say the new measures reflect a broader government push to prioritise pedestrian safety and reduce fatalities. 'Crossing roads from non-designated areas might seem convenient, but it endangers lives,' an RTA spokesperson said. 'These laws are meant to protect everyone on the road.' As enforcement of the updated law begins, authorities are expected to launch awareness campaigns and step up monitoring in key areas across the country.
