DUBAI – Surging gold prices in Dubai are prompting residents to sell or exchange old jewellery. Many are turning unused ornaments into cash or upgrading to modern designs.
On Tuesday, 24K gold in Dubai hit Dh456 per gram, while 22K reached Dh422 per gram, both marking all-time highs. Spot gold also soared to a record $3,790 per ounce.
Jewellery retailers report a rise in residents trading old pieces, from broken ornaments to heirlooms.
“We’ve seen more customers selling and exchanging their jewellery to take advantage of these historic gold prices,” said Chirag Vora, managing director of Bafleh Jewellers. “Many are upgrading their collection without spending extra money by swapping old designs for new ones.”
According to Khaleej Times, Anil Dhanak, managing director of Kanz Jewels, said customers increasingly request quotes based on gold’s melt value rather than the design. “It makes financial sense to cash in old items or exchange them. Those who trade often prefer new pieces, keeping emotional value intact while benefiting from high gold prices,” he added.
Not all residents are rushing to sell. Some still consider gold both sentimental and a long-term investment, noted Anuraag Sinha, managing director of Liali Jewellery. “The trend is more toward trade-in and exchange rather than outright liquidation,” he said.
Gold remains deeply rooted in Middle Eastern and South Asian cultures, symbolizing wealth, tradition, and celebrations. However, record gold prices are now giving many the opportunity to refresh collections at little or no additional cost.
Experts say the trend reflects a mix of financial planning and cultural attachment. While some cash in on historic gains, others continue to hold jewellery for sentimental or investment reasons.
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