More UAE shoppers turn to diamond jewellery
Gold being traded at record levels in the UAE, demand for diamond jewellery is on the rise shoot-up, experts from leading Dubai jewellers said.
Gold prices break records by 2025, valued at approximately $4,549 per ounce worldwide and Dh546 per gram in the UAE. Dubai jewellers added that the demand for natural as well as lab-grown diamonds is increasing in the UAE, and trust on synthetic is also becoming less.
“One of the key components that’s driving today’s market is the gold price but we’ve all done a little better on diamond sales because they have picked up. In diamond sales, we’ve grown nearly 25 – 30 per cent year-on-year,” said Chirag Vora, managing director of Bafleh Jewellers.
With high yellow metal rates, Vora observes people are giving diamond jewellery more as a gift instead of small gold ornaments. “An expensive present evokes a different impression, if it is diamond-studded. Natural and lab-grown diamonds are growing at the same rate in the category of diamond.”
But Vora doesn’t believe that the lab-grown diamond will ever overtake its natural version. “Both are growing at the same rate and spitting out information,’’ he said.
It was a tough one in terms of sales for the retailers,” said Chandu Siroya, owner, Siroya Jewellers.
“Then if you count it in absolute terms like rupee or dollar, everybody has made (money) because the gold price has gone up very good. In terms of numbers, (sales are) down around 20 to 30 per cent.
“Things have changed very big as many jewellers are now promoting more diamond-studded and elegant jewellery, instead of the usual very heavy stuff,” he said.
Buyers accepting high gold prices
2026 is going to be the new era for jewellery,” he said, “because everybody has agreed that the yellow metal is going to be $4,000 an ounce.
“Once everyone has factored that in, we just need to hold on and start buying again. In the future, it will be good sales for us, but we need to be more innovative and we will have to mix in lighter jewellery. For this reason, the Dubai Jewellery Group has also added 14-carat jewellery, to allow people to buy it,” he said.
He added that lab-grown diamonds were also performing strongly. “In 2026, a new wave of lab-grown diamond varieties will enter the market.
For the diamonds alone, “people trust the brand Tanishq in India,” said Aditya Singh, head of International Jewellery Business at Titan Company.
“That’s a category that we certainly are driving; you’re also seeing many other competitors starting to take that category very seriously. He adds that the interest is not sudden, rather many big players have begun to look in the diamond category.
So, more designs are being put up for sale, there are more products being placed out of inventory and you’re seeing good offers coming in,” Diamond is getting a lot of play.” Given the high price of gold, we are also seeing interest for lighter weight products that can actually be worn on an everyday basis," he said on the sidelines of Tanishq’s flagship store opening in Meena Bazar in Dubai.
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