UAE: Many Indians are flying to Dubai to buy gold this week; here’s why

Many Indian tourists schedule their trips to Dubai just in time for the celebration of Akshaya Tritiya, an auspicious day for buying gold according to India's cultural and religious traditions.

India will celebrate Akshaya Tritiya on May 10, with many Indian tourists travelling to Dubai to shop for gold.

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“Yes. Some people do travel to Dubai from India for gold shopping, especially during festivals like Akshaya Tritiya, as Dubai is known for its gold markets and competitive prices," said Anuraag Sinha, managing director of Liali Jewellery.

"Additionally, Dubai offers a wide variety of gold jewellery, coins, and bars, making it an attractive destination for gold buyers from India and other countries".

Praful Dhakan, managing director of PVD Gold, said traditions like Akshaya Tritiya brings people together in pursuit of prosperity and auspiciousness.

“Dubai's gold market, is generally known for its variety and competitive prices. This factor has definitely made Dubai a promising choice for people to purchase gold. People from India celebrating Akshaya Tritya has also been attracted to the variety of options available here,” said Dhakan.

Ramesh Vora, managing director of Bafleh Jewellers, said that Indian tourists who are visiting Dubai know that there are promotions and offers during Akshaya Tritiya, therefore they align their dates accordingly.

As reported by Khaleej Times this week, many jewellers have introduced special discounts, zero making charges and gifts to shoppers buying gold, diamond and precious metal jewellery during the festival.

World Gold Council earlier this week said demand for gold jewellery shrank 10 per cent in the first quarter of this year due to high commodity prices. In India, demand for jewellery remained weak so far in Q2, reflecting continued record highs in the gold price.

“Stock-building in preparation for Akshaya Tritiya and the forthcoming wedding season are reportedly muted in India,” it said.

Shamlal Ahamed, managing director for international operations at Malabar Gold and Diamonds, said that low gold prices compared to India and the availability of a wide range of international designs owing to UAE’s prominence in the global jewellery trade makes it a very attractive destination for Indian tourists looking to buy gold.

“Tourist customers looking for the most exclusive designs in jewellery at the best rates make up a significant portion of our customer base in the UAE," he added.

John Paul Alukkas, managing director of Joyalukkas Group, said Dubai, which is known for its gold markets and wide range of designs, attracts shoppers from India and around the world during this time.

• UAE: Gold jewellery demand loses shine, plunges 10% due to record prices