emirates7 - The UAE’s gold market is encouraging shoppers to “upgrade” their jewellery as gold prices reach historic highs, allowing them to exchange old pieces for new collections—a move that benefits both customers and retailers.
Shoppers are advised to check if they own any jewellery weighing 10 grams or more that was purchased before August 31, 2017. At that time, 22K gold was priced below Dh150 per gram. Exchanging such pieces now could yield a minimum profit of Dh243 per gram, given today’s Dubai gold price of Dh393, which is expected to rise further. For comparison, 24K gold currently costs Dh424.25 per gram.
Shamlal Ahmed, Managing Director – International at Malabar Gold & Diamonds, noted: “With the way gold prices are moving, it wouldn’t be surprising if gold reaches $3,700 per ounce by December.” Globally, gold is trading around $3,531 per ounce, having tested near $3,550 recently—levels never seen before. The previous peak was $3,500 in April, following US tariff announcements.
A local gold retailer commented that while many UAE residents may find it challenging to purchase new jewellery at current prices, they can still upgrade using their existing pieces—especially jewellery bought before 2017 or prior to May 18, 2020, when 22K gold first surpassed Dh200 per gram. For instance, someone who spent around Dh2,000 on gold back then would now receive significantly more value through an exchange.
Exchanging old jewellery for new has long been popular with UAE residents and tourists. Since mid-2024, there have been two notable spikes in such exchanges: when Dubai gold hit Dh300 in November 2024 and when it crossed Dh350 in early April this year.
Shoppers are advised to check if they own any jewellery weighing 10 grams or more that was purchased before August 31, 2017. At that time, 22K gold was priced below Dh150 per gram. Exchanging such pieces now could yield a minimum profit of Dh243 per gram, given today’s Dubai gold price of Dh393, which is expected to rise further. For comparison, 24K gold currently costs Dh424.25 per gram.
Shamlal Ahmed, Managing Director – International at Malabar Gold & Diamonds, noted: “With the way gold prices are moving, it wouldn’t be surprising if gold reaches $3,700 per ounce by December.” Globally, gold is trading around $3,531 per ounce, having tested near $3,550 recently—levels never seen before. The previous peak was $3,500 in April, following US tariff announcements.
A local gold retailer commented that while many UAE residents may find it challenging to purchase new jewellery at current prices, they can still upgrade using their existing pieces—especially jewellery bought before 2017 or prior to May 18, 2020, when 22K gold first surpassed Dh200 per gram. For instance, someone who spent around Dh2,000 on gold back then would now receive significantly more value through an exchange.
Exchanging old jewellery for new has long been popular with UAE residents and tourists. Since mid-2024, there have been two notable spikes in such exchanges: when Dubai gold hit Dh300 in November 2024 and when it crossed Dh350 in early April this year.