Dubai: Is it time to shift from gold to diamonds? Changing jewellery trends seen at shops

More shoppers in Dubai and the UAE are increasingly shifting to diamond jewellery as gold prices remain high, retailers said. Those who do buy the yellow metal opt for 18K ornaments.

Gold prices hit a record of $2,790 per ounce last year, mainly due to interest rate cuts from the US Federal Reserve, geopolitical tensions, and buying by central banks. On Wednesday, gold stood at $2,624.49 per ounce. In Dubai, 24K, 22K, 21K and 18K were selling at Dh318, Dh294.50, Dh285, and Dh244.25 per gram, respectively, on the first day of 2025.

“Because gold prices had gone up so high, people were open to buying other categories of products like uncut diamonds, rubies and emeralds. They are much more receptive to other categories. Post Covid, we have seen a huge change in consumer interest when it comes to diamond jewellery and solitaires,” said Shamlal Ahamed, managing director for international operations at Malabar Gold and Diamonds.

“It is also a continuation of revenge spending and focusing more on living in the moment rather than people thinking of the future about rainy days,” he said.

Ahamed added that the demand for gold jewellery studded with diamonds, rubies and emeralds is growing by around 30 to 40 per cent.

Aditya Singh, head of jewellery international business at Titan Company Limited, said there is “a noticeable increase in demand for diamond jewellery".

“In addition to price considerations, there is a growing preference for diamond jewellery due to its timeless appeal, versatility in styling, and emotional significance. Consumers are also drawn to diamonds as an investment asset, with many viewing them as a store of value and a symbol of special milestones,” added Singh.

Growing demand for 18K

Titan’s head of jewellery international business said there had been an increasing demand for customisation and unique designs, as consumers seek jewellery that reflects personal style and individuality.

In addition, consumers are becoming more conscious of ethically sourced materials.

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