As the United States, under President Donald Trump, enforces sweeping new tariffs on international trade, Dubai’s leading jewellery industry figure has called on Indian gold manufacturers to seize the opportunity and establish a strong presence in the UAE market.
Tawhid Abdullah, Chairman of the Dubai Jewellery Group and CEO of Jawhara Jewellers, highlighted the strategic advantages for Indian jewellers during the Dubai–India Business Forum held in Mumbai. The event, organised by Dubai Chambers, coincided with the third anniversary of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, which has significantly boosted bilateral trade.
“We already produce over 200 tonnes of gold annually and with Indian collaboration, we can increase that further by building new manufacturing units in gold and fine jewellery,” Abdullah said. “Dubai has long been a successful gold trading hub. It’s now time to expand that legacy into manufacturing.”
Abdullah described gold as the “hero of the situation” in today’s uncertain economic environment, pointing to its role as a reliable safe haven asset. “Gold has become more important than ever. It continues to hit new highs, with prices rising 37 percent this year alone,” he said. He projected gold could trade between $2,800 and $3,300 per ounce over the course of 2025.
The new trade tariffs introduced by President Trump have created a favorable opening for UAE-based gold businesses. According to Abdullah, manufacturing from the UAE offers significant export advantages, especially for accessing markets like the United States.
“The tariffs for UAE exports to the US and other markets are far lower than those applied to Indian exports,” he explained. “Joint ventures between Dubai and Indian manufacturers will allow us to directly reach the end consumers in the US more competitively — it’s a win-win.”
Dubai’s non-oil trade with India reached over AED 142 billion in the first nine months of 2024, reflecting a 19% increase year-over-year. Dubai Chambers representatives at the forum emphasized the city’s robust infrastructure and strategic positioning as a logistics hub, citing 250 daily flights and access to 74 global DP World ports.
Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, encouraged Indian companies to leverage Dubai’s connectivity to scale their global presence.
The forum also spotlighted shifting gold jewellery trends. Abdullah noted a resurgence in the popularity of yellow gold, particularly among younger consumers. “Today’s youth are driving jewellery sales, not just for fashion but also for gifting and everyday wear,” he said.
He added that miniature versions of traditional jewellery have become popular, offering cultural connection while meeting modern lifestyle needs, especially for working women.
With economic dynamics shifting globally, Dubai’s open business environment and strategic trade ties with India could make it an ideal springboard for Indian gold manufacturers eyeing global expansion.
