UAE gold prices: How much will jewellery cost this Diwali?

Dubai: Gold shoppers in the UAE preparing for Diwali can choose from a wide range of jewellery, with prices varying according to gold purity, weight, design, and prevailing market rates.

As families prepare for the Indian festival, retailers are offering traditional gold jewellery alongside diamond collections, with options for different budgets. However, the price of gold during Diwali and in the coming months will depend on movements in the international market, jewellery sales executives at the Jewel of Joy by Joyalukkas told Gulf News.

The price of an individual piece also depends on its weight and craftsmanship, meaning shoppers should check the latest gold rate and the final jewellery cost before making a purchase.

At Jewel of Joy, indicative prices for 18-carat gold rings range from Dh500 to Dh10,000, while necklaces cost between Dh1,500 and Dh30,000. Bracelets are priced from Dh600 to Dh10,000, and watches start at Dh5,000.

For 22-carat gold jewellery, ring prices range from Dh600 to Dh12,000, while necklaces can cost between Dh3,000 and Dh125,000. Bracelets are priced from Dh2,200 to Dh8,000, while watches range from Dh12,000 to Dh20,000.

For shoppers interested in buying gold bars, a 1-gram, 24-carat bar was quoted at Dh481.50, while a 100-gram bar was priced at Dh48,350.

These are indicative prices shared by the retailer and not fixed rates across the UAE. Prices can vary with market movements, product specifications, and applicable making charges.

The choice between 18-carat and 22-carat gold depends on the type of jewellery and the buyer's preferences.

22-carat gold contains a higher proportion of pure gold and is widely used in traditional South Asian jewellery, including bridal necklaces, earrings, and bangles. 18-carat gold contains 75 percent pure gold, with the remaining metals helping provide strength and making it suitable for many designs featuring diamonds and other gemstones.

24-carat gold is considered pure gold and is commonly available in the form of bars and coins. Buyers looking primarily for gold exposure rather than jewellery may consider these products, although gold prices can rise or fall and returns are not guaranteed.

For jewellery purchases, shoppers should compare the gold weight, purity, making charges, and final selling price rather than relying on the displayed gold rate alone.

Speaking to Gulf News, John Paul Alukkas, CEO of Joyalukkas Jewellery, has revealed that the company introduced new collections for the festive season, including traditional Indian-inspired gold designs and diamond jewellery.

One of the diamond launches is “Primora,” a collection inspired by hornbill birds.

“We have also launched many collections in gold, a very traditional Indian-based designs,” said Alukkas.

He has encouraged shoppers to visit stores to explore the range, adding that the company caters to different spending levels.

“We have designs for every budget. We are a brand for all and we have collections for every price range which a customer would want.”

On the other hand, Dubai Gold District has recorded growth in both commercial and retail activity, according to Rashid Alharmoodi, senior director of commercial at Dubai Gold District.

In a separate interview, Alharmoodi has highlighted that commercial units and offices have grown by almost 20 percent, with occupancy of commercial offices reaching 99 percent. Retail openings have also increased by 15 percent.

The district has been continuing to develop its gold-focused retail offering, including plans for what was described as the “iconic gold street,” with further developments expected before the end of the year.

He has noted that Dubai’s business environment and trading infrastructure have helped strengthen its position in the international gold jewellery market.

“We saw the growth of money and investment movement in the UAE. We took the opportunities and we became the centre of work for trading golden jewellery. Today, we are officially number two in wholesale market worldwide and soon we’ll be number one,” Alharmoodi told Gulf News.

Dubai’s gold sector serves residents and tourists as well as international traders, with jewellery, bullion, and precious stones forming part of its wider retail and trading ecosystem.

“Even with the situation happening around, I saw it to be very positive. We saw the whole nation, both expats and locals, were together within this country. They stayed here and followed the rules. They believe and trust the government and together we’ve grown.”

Meanwhile, Joyalukkas’ focus on gold craftsmanship has been showcased on October 24 with the unveiling of a pair of handcrafted gold earrings that secured two Guinness World Records titles: heaviest pair of gold earrings and largest pair of gold earrings.

Named Mayura Sahasra, meaning “A Thousand Peacocks,” the traditional bell-shaped jhumkas have a combined net gold weight of 16.514kg and are made from 22-carat gold. The records have been verified by Guinness World Records and the pair weighs more than five times as much as the previous record.

The earrings have been unveiled at the Jewel of Joy by Joyalukkas in Dubai Gold District by Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, in the presence of industry representatives, Dubai Gold District officials, and Joyalukkas executives.

The complete pair will be preserved and displayed permanently at the showroom.

For UAE shoppers planning their Diwali purchases, the takeaway is that gold prices are linked to international market movements, while the final cost of jewellery depends on purity, weight, and craftsmanship. Checking the latest rates and comparing the total price before buying can help shoppers make informed decisions during the festive season.