Gold jewellers in the UAE are pinning their hopes on the ongoing and upcoming Indian festivals, such as Onam, Diwali, Dhanteras, and the wedding season, for higher sales amid high precious metal prices.

The precious metal prices have been trending higher for the past few years due to global geopolitical issues, central bank buying, and interest rate cuts. This has prompted some of the gold jewellery shoppers in the UAE to shift to gold coins and bars for investments. Many budget-conscious shoppers also shifted to smaller ornaments and lower-grade precious metal jewellery.

In the UAE, 24K gold was trading at Dh415.5 per gram while 22K was selling at Dh384.75 per gram.

Globally, spot gold was trading at $3,447.95 per ounce, up 0.96 per cent. It was trading below $3,400 for most of the past few weeks.

“Gold jewellery continues to be an important part of festive celebrations, both as a purchase for personal use and as a traditional gift. As such, we are observing an increase in sales with the arrival of Onam, which is in line with the general trend of higher jewellery demand around major festivals,” said Shamlal Ahamed, managing director for international operations, Malabar Gold and Diamonds.

'Busiest time of the year'
“The upcoming festive and wedding seasons are traditionally the busiest times of the year for jewellery markets. And we anticipate strong demand continuing well into the months ahead. Festivals such as Diwali, Dhanteras, and the wedding season are particularly important, as jewellery buying during these times is not only about celebration but also about investment and gifting traditions,” he added.

A Joyalukkas spokesperson said the Onam festival — which is celebrated from August 26 to September 5 — remains one of the most cherished shopping occasions for Malayali families, and this year seems to be no exception.

“The festive spirit has translated into a marked rise in jewellery demand, with customers showing a strong preference for traditional designs that perfectly complement their festive attire. Gold coins and heritage-inspired collections are also in high demand, reaffirming the season’s reputation as a golden opportunity for family celebrations and meaningful purchases,” said the spokesperson.

According to Joyalukkas, a number of key occasions are poised to drive momentum in the coming months, with Akshaya Tritiya, Diwali, UAE National Day, the Dubai Shopping Festival, and the wedding season all set to play an important role.

New designs
As the festival season is about to set in, Joyalukkas said the ongoing summer sale featuring exclusive offers is already fuelling strong interest. “Lightweight jewellery and daily-wear collections are also continuing to gain popularity among younger buyers, blending style with everyday versatility.”

Shamlal Ahamed said the company is preparing to receive customers with new collections that cater to different tastes and preferences.

“In addition, we will be launching a host of festive offers and benefits to make purchases even more rewarding. This comprehensive approach ensures that whether customers are buying for special occasions, weddings, or simply to enhance their collection, they will find jewellery that resonates with their lifestyle and aspirations,” Ahamed added.

Courtesy: Khaleej Times