Dubai’s Dhanteras Gold Rush: UAE Shoppers Lock In Prices Ahead Of Diwali

Jewellers say buyers are planning earlier and protecting themselves against price swings, while a citywide raffle, old-gold exchange deals add to the festive pull

UAE consumers are increasingly locking in gold prices ahead of Dhanteras on Friday, November 6, jewellers say, as volatile rates push buyers to plan purchases earlier than usual.
In the UAE, 24K and 22K gold prices were trading at Dh484 and Dh448.25 per gram, respectively, on Wednesday morning. The 24K gold rate had dropped to Dh467 per gram over the weekend, prompting UAE residents to lock in prices offered by leading jewellers ahead of the festival.

Chirag Vora, managing director and CEO of Bafleh Jewellers, said customers are growing more conscious of timing, and that price locking gives them “greater confidence” to plan purchases without worrying about sudden increases. Interest is strongest among those planning larger buys, including wedding jewellery and festive shopping.

Anil Dhanak, managing director of Kanz Jewels, said price protection schemes are becoming more attractive to customers who have already decided to buy. The trend is especially visible among Indian expatriates, for whom Dhanteras is an auspicious occasion for purchasing gold jewellery, he added.

To make Dhanteras and Diwali shopping even more rewarding, jewellers in Dubai and UAE have also launched a host of exciting festive offers, including free cash vouchers on diamond and precious gemstone jewellery, attractive discounts on select gold and diamond jewellery collections, and other exclusive benefits.

Organised by Dubai Festivals and Retail Establishment (DFRE), part of the Dubai Department of Economy and Tourism (DET), the Diwali Gold Rush is running until November 12 at more than 170 jewellery stores, offering shoppers a share of 1kg of gold.

Customers who spend Dh1,500 on jewellery at a participating store receive a raffle entry. Five winners will each receive 100g of gold as Dhanteras prizes, and there is a 500g grand prize.

The promotion is part of the Festival of Lights celebrations. Participating brands include Arakkal Gold & Diamonds, Kanz Jewels, Bafleh Jewellery, Jawhara, La Marquise Diamonds & Watches, Lifestyle Fine Jewelry, Tajvi Gold & Diamonds, Thangals, Meena Jewellers, Kundan Kala Jewellery and Malabar Gold & Diamonds. Some jewellers are also offering discounts, gifts with purchase and special making-charge deals.

Shamlal Ahamed, managing director, international operations, Malabar Gold and Diamonds, said price lock-in and advance payment schemes continue to be highly popular among consumers, as they offer an effective way to benefit from prevailing gold prices while safeguarding purchases against future price fluctuations.

“We have a scheme which allows customers to lock in current gold rates until November 8 by paying just 25% of the purchase value upfront, giving them added flexibility and peace of mind when planning their festive jewellery purchases. We have seen strong customer response to this initiative, with many customers effectively taking advantage of the comparatively lower gold prices through the scheme to secure their Dhanteras purchases in advance,” he added.

Echoing his industry peers, John Paul Alukkas, CEO of Joyalukkas Jewellery, many consumers are choosing to plan their purchases early rather than wait until the festive rush.

“Customers can pre-book their jewellery by paying just 10 per cent as an advance. This protects them against any increase in gold prices while also allowing them to enjoy a lower rate if prices drop. It gives customers greater flexibility and confidence when planning their festive purchases. Dhanteras and Diwali are important occasions for gold purchases, as buying gold is closely linked to traditions, prosperity and new beginnings. We see customers looking forward to these celebrations, whether they are buying jewellery for themselves, gifting loved ones or continuing family traditions,” he added.

Beyond the gold rate

Retailers said buyers are looking beyond the gold rate.

Vora said shoppers are weighing making charges, design variety, purity and the overall shopping experience, and that transparent pricing is key to building confidence.

Dhanak said customers should consider overall value, including craftsmanship, purity and making charges.

The executives expect buying interest to build as Dhanteras approaches.

Vora noted that younger consumers are joining traditional gold jewellery buyers, while Dhanak pointed to Dubai’s well-regulated market and transparent pricing as strengths for buyers.