Dubai’s record-high gold prices are prompting many UAE residents to sell, exchange, or upgrade their jewellery. Old or unused ornaments are increasingly being converted into cash or modern designs.
On Tuesday, 24K gold in Dubai surged to Dh456 per gram, while 22K gold reached Dh422 per gram, both marking all-time highs. Spot gold also climbed to a record $3,790 per ounce, reflecting strong demand in global markets.
Jewellery retailers in the UAE report a noticeable rise in residents trading old pieces, including broken ornaments and heirlooms.
“We’ve seen more customers selling and exchanging jewellery to take advantage of historic prices,” said Chirag Vora, Managing Director of Bafleh Jewellers. “Many are upgrading collections without extra spending by swapping old designs for new ones.”
According to a Khaleej Times report, Anil Dhanak, Managing Director of Kanz Jewels, said residents are increasingly requesting quotes based on gold’s melt value rather than design. “This approach allows people to cash in old items while preserving sentimental value,” he explained.
Not all residents are selling. Some still view gold as a long-term investment and a cultural asset, said Anuraag Sinha, Managing Director of Liali Jewellery. “The current trend leans more toward trade-ins and exchanges rather than full liquidation,” he added.
Gold continues to hold deep cultural significance in the UAE, symbolizing wealth, tradition, and celebrations. Record prices now provide residents the opportunity to refresh collections at minimal or no additional cost.
Experts suggest that this trend may continue as global gold prices remain high, encouraging more residents in the UAE to capitalize on the surge while maintaining the emotional and cultural value of their jewellery.
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