Dhanteras in Dubai: Gold, silver and why shoppers still swear by tradition
From traditional jewellery to silver bars, residents share what the festival means to them
For many shoppers at Dubai’s Gold Souk, buying gold on Dhanteras is an annual auspicious family tradition. The day brings people together to shop for gold and silver ahead of Diwali.
On Friday, November 6, families and tourists browsed the souk’s jewellery stores. Shopkeepers called out to passers-by, and shoppers compared prices across the arcade. Marigold garlands, diyas and Lakshmi idols added to the festive mood.
Jewellers say the day delivered. Kanz Jewels reports business “significantly higher” than a regular trading day, with healthy demand across gold jewellery and coins. Bafleh Jewellers recorded a noticeable rise in customer activity across its stores. Joyalukkas saw customers coming together with their families to celebrate. Kalyan Jewellers confirms encouraging footfall across its UAE showrooms.
But what people bought, and why, varied.
Rupesh Duggal, for instance, opted for a 10-gram silver bar rather than gold jewellery.
For him, buying precious metals during Diwali is a family tradition. "Everybody celebrates Diwali together and buys sweets, gold, silver and performs puja to Goddess Lakshmi," he said.
But Duggal is also mindful of how much he spends. He believes setting a budget is important, especially when there are gifts, sweets and other festive expenses to account for.
His shopping preference? Wholesale stores.
"I go to wholesale shops because the prices are reduced. In retail jewellery stores, they charge extra making charges," he said.
Jewellers saw the same caution. Chirag Vora, Managing Director and CEO of Bafleh Jewellers, describes a more value-conscious buyer this year. Customers compared designs, weights and budgets before deciding. Many did not postpone purchases because of higher prices. They adjusted their budgets instead.
Anil Dhanak, Chairman and Managing Director of Kanz Jewels, points to shoppers who tracked the market closely. Some bought at specific price points. Others made several smaller purchases, such as coins and lightweight pieces, rather than one large one. Demand for high-value jewellery held up among those shopping for weddings and family occasions.
Visitors from India added to the crowds. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, observes that regular UAE clients were joined by Indian families, particularly from North India, who travelled to the UAE for the Diwali holidays. “This reflects how cultural traditions continue to travel with Indian families, even when they are away from home,” he says.
Kalyan’s sales split fairly evenly between gold coins and bars, and lightweight pieces such as pendants, bangles and chains, bought for personal use and gifting. Some customers made token purchases ahead of weddings. They plan to return for larger ones closer to the date.
Richard Quinn, on the other hand, prefers his gold in the form of chains, bracelets and rings. He is not particularly interested in modern or trendy designs, favouring pieces that reflect how previous generations in his family wore jewellery.
"It's how my parents and grandparents used gold. We don't misuse it by buying fancy things. We use it in a traditional way," he said.
For Quinn, gold is also something to be passed down. The jewellery he buys is intended for his children and future generations to wear, although he recognises that it could also come in handy if they ever face financial difficulties.
When it comes to shopping, he is happy to walk around several stores before making a decision. But the price of gold is one thing he knows he cannot bargain over.
"The gold rate is the same all over the world. We cannot compromise on the gold rate, but on the making charges," he said.
Namira Saiyedy is equally clear about what she prefers. Digital gold is not quite her thing.
"I prefer physical jewellery because I don't like digital. What are we going to do with digital jewellery?" she said.
For Saiyedy, Dhanteras is an especially significant occasion in Gujarati households.
"Today is a big day for us Gujaratis. It's a big day to buy gold, silver and all those things," she said. Like Duggal, she also considers market rates when deciding how much to spend.
John Paul Alukkas, CEO of Joyalukkas Jewellery, notes that buyers marking the occasion with gold and diamond jewellery often want pieces that can be treasured and passed on. Lightweight collections drew interest for everyday wear, comfort and versatility. Vora adds that customers increasingly want jewellery they can wear regularly while keeping its long-term value.
Across the souk, the conversations reflected a familiar balance between tradition and practicality. Shoppers looked for smaller purchases, compared designs and negotiated making charges before settling on a store. Prices shaped the size and style of what they bought. They did not dent the sentiment.
The day was not over. The auspicious buying Muhurat extends into the evening, and Kalyanaraman expects more customers after working hours on Friday. He remains optimistic that the momentum will carry through the wedding and festive season.
“Dhanteras is not just about buying gold; it is about tradition, prosperity and passing on value from one generation to another,” says Dhanak.
For the people Gulf News spoke to, Dhanteras remains an occasion they are happy to return to every year.
