Gold buyers in the UAE are increasingly securing prices in advance of Dhanteras on Friday, November 6, as fluctuations in the market encourage consumers to plan their festive purchases earlier than usual, jewellers say.
On Wednesday morning, 24-karat gold was trading at Dh484 per gram and 22-karat gold at Dh448.25. The 24K rate had fallen to Dh467 over the weekend, prompting some residents to take advantage of lower prices by using price-locking schemes offered by jewellery retailers.
Chirag Vora, managing director and chief executive of Bafleh Jewellers, said customers were paying closer attention to price movements and using advance arrangements to avoid the uncertainty of sudden increases. Demand for price protection was particularly noticeable among shoppers planning larger purchases, including wedding jewellery and festive collections.
Anil Dhanak, managing director of Kanz Jewels, said such schemes were attracting customers who had already decided to buy gold. The trend was especially evident among Indian expatriates, for whom purchasing gold on Dhanteras is considered auspicious.
Malabar Gold and Diamonds is also offering customers the option to secure current rates until November 8 by paying 25% of the purchase value upfront. Shamlal Ahamed, the company’s managing director for international operations, said price-locking and advance payment schemes remained popular because they allow customers to benefit from prevailing rates while protecting their purchases against future fluctuations.
Retailers have also introduced discounts, cash vouchers, gifts and special making-charge offers to attract shoppers during the Dhanteras and Diwali season.
Dubai’s Diwali Gold Rush promotion, organised by the Dubai Festivals and Retail Establishment under the Department of Economy and Tourism, is running until November 12 across more than 170 jewellery outlets. The campaign is offering customers a chance to win a total of 1kg of gold.
Shoppers spending Dh1,500 at participating stores receive a raffle entry. Five winners will each receive 100 grams of gold as Dhanteras prizes, while a separate grand prize of 500 grams is also available.
Participating retailers include Bafleh Jewellery, Kanz Jewels, Jawhara, Malabar Gold and Diamonds, Arakkal Gold and Diamonds, La Marquise Diamonds and Watches, and several other UAE jewellery brands.
Jewellers said customers were considering more than the daily gold rate when choosing where to shop. Vora said making charges, design selection, purity and the overall shopping experience were also important, with transparent pricing helping build consumer confidence.
Dhanak similarly advised buyers to assess craftsmanship, purity and making charges alongside the price of gold.
Both retailers expect customer activity to increase as Dhanteras approaches. Vora said younger shoppers were also showing interest in traditional gold jewellery, while Dhanak pointed to Dubai’s regulated jewellery market and transparent pricing as factors supporting consumer confidence.
