Dubai’s record-high gold prices are prompting many residents to sell or exchange their old jewellery, with buyers increasingly turning unused ornaments into cash or upgrading to modern designs.
On Tuesday, 24K gold in Dubai surged to Dh456 per gram and 22K reached Dh422 per gram, both hitting all-time highs. Spot gold also soared to a record $3,790 per ounce.
Jewellery retailers report a noticeable rise in residents trading old pieces, from broken ornaments to heirlooms.
“We’ve seen more customers selling and exchanging their jewellery to take advantage of these historic prices,” said Chirag Vora, managing director of Bafleh Jewellers. “Many are upgrading their collection without spending extra money by swapping old designs for new ones.”
According to Khaleej Times report, Anil Dhanak, managing director of Kanz Jewels, said people are increasingly requesting quotes based on gold’s melt value rather than design. “It makes financial sense for many to cash in old items or exchange them. Those who trade often prefer new pieces, keeping emotional value intact while benefiting from high prices,” he said.
Not all residents are rushing to sell. Some still consider gold both sentimental and a long-term investment, said Anuraag Sinha, managing director of Liali Jewellery. “The trend is more toward trade-in and exchange rather than outright liquidation,” he added.
Gold remains deeply embedded in Middle Eastern and South Asian cultures, where it symbolizes wealth, tradition, and celebrations. But record prices are now giving many the opportunity to refresh their collections at little to no additional cost.
