Dubai’s Dhanteras gold rush: UAE shoppers lock in prices ahead of Diwali

Dubai: UAE consumers are increasingly locking in gold prices ahead of Dhanteras on Friday, November 6, as fluctuating gold rates encourage shoppers to plan their festive purchases earlier than usual.

On Wednesday morning, 24K and 22K gold prices in the UAE stood at Dh484 and Dh448.25 per gram, respectively. The 24K gold rate had fallen to Dh467 per gram over the weekend, prompting several residents to secure prices offered by leading jewellery retailers.

Jewellers say customers are becoming more cautious about price fluctuations and are using advance payment and price protection schemes to manage their festive shopping budgets.

UAE Buyers Lock in Gold Prices Ahead of Dhanteras

Chirag Vora, managing director and CEO of Bafleh Jewellers, said customers are paying greater attention to gold price movements. According to him, price-locking schemes give shoppers more confidence to plan their purchases without worrying about sudden increases.

The demand is particularly strong among customers planning larger purchases, including wedding jewellery and festive collections.

Anil Dhanak, managing director of Kanz Jewels, said price protection schemes are becoming increasingly attractive to customers who have already decided to purchase gold.

He added that the trend is especially noticeable among Indian expatriates, for whom buying gold on Dhanteras is considered an auspicious tradition.

Dubai Jewellers Introduce Festive Discounts and Special Offers

To attract shoppers during Dhanteras and Diwali, jewellery retailers across Dubai and the UAE have introduced several festive promotions.

Customers can benefit from:

Free cash vouchers on selected diamond and precious gemstone jewellery.

Discounts on selected gold and diamond collections.

Special making-charge offers.

Gifts with qualifying purchases.

Exclusive festive shopping benefits.

These promotions aim to make jewellery shopping more rewarding while encouraging customers to complete their festive purchases ahead of the celebrations.

Dubai Diwali Gold Rush Offers Shoppers a Chance to Win 1kg of Gold

Organised by the 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 across more than 170 jewellery stores.

The promotion gives shoppers an opportunity to win a share of 1kg of gold.

Customers who spend Dh1,500 on jewellery at participating outlets receive one raffle entry.

The prizes include:

Five Dhanteras winners will each receive 100g of gold.

One grand prize winner will receive 500g of gold.

Participating jewellery 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.

Several participating retailers are also offering additional discounts, gifts with purchases and special making-charge deals.

Malabar Gold Offers Gold Price Lock-In Scheme Until November 8

Advance payment and price-locking schemes are also gaining popularity among UAE shoppers.

Shamlal Ahamed, managing director of international operations at Malabar Gold & Diamonds, said these schemes allow customers to benefit from prevailing gold prices while protecting their purchases against future price fluctuations.

The retailer has introduced a scheme that allows customers to lock in current gold rates until November 8 by paying just 25% of the total purchase value upfront.
The initiative gives shoppers greater flexibility when planning their festive jewellery purchases.

Ahamed said the company has received a strong response, with many customers using the scheme to secure their Dhanteras purchases at comparatively lower gold prices.

UAE Gold Buyers Look Beyond Daily Market Rates

While gold prices remain an important factor, jewellers say customers are also considering other aspects before making their purchases.

According to Chirag Vora, shoppers are paying attention to:

Making charges and additional costs.
Jewellery design and variety.
Gold purity and quality.
Transparent pricing.
Overall shopping experience.

Anil Dhanak also highlighted the importance of craftsmanship, purity and making charges when evaluating the overall value of jewellery.

Both jewellers expect customer interest to increase as Dhanteras approaches.

Vora noted that younger consumers are increasingly joining traditional gold jewellery buyers, while Dhanak highlighted Dubai's well-regulated jewellery market and transparent pricing as important factors attracting shoppers.

Festive Gold Shopping Gains Momentum Across the UAE

With Dhanteras approaching, UAE jewellery retailers are witnessing growing interest in gold purchases, supported by price-locking schemes, advance payment options and festive promotions.

For shoppers, comparing gold rates, checking making charges and understanding promotional terms can help them make informed purchasing decisions during the festive season.