[Global Network Consumer Comprehensive Report] According to Reuters, 22K gold jewelry has long been a staple for weddings, religious ceremonies, and family investment in Dubai's bustling gold market, known as the "City of Gold." However, as prices soared to a record above $3,400 an ounce, consumers have begun shifting toward diamonds and lighter-weight gold jewelry.
At the Dubai Gold Bazaar, retailers said they had noticed the trend and that current prices had prompted consumers to start looking for alternatives. "Today, because the price of gold is too high, there are very few customers." Fahad Khan, a sales representative for retailer Damas Jewellery, said. Lalita Dave, 52, said while wandering in the gold market, "It's a bit hard to buy gold now, so I think it's better to buy diamonds."
世界黄金协会 (WGC) 中东和公共政策负责人 Andrew Naylor 表示,虽然美国的关税和其他因素为本已火热的黄金投资需求增添了火力,但对黄金首饰的影响却有所不同。在迪拜这样市场,一边黄金作为避险资金更受青睐,另一边高价抑制了首饰需求。
At the Dubai Gold Souk, retailers observed that current price levels are driving consumers to consider alternatives. "Foot traffic has thinned noticeably since gold became so costly," stated Fahad Khan, a sales representative with Damas Jewellery. The changing consumer calculus was summed up by Lalita Dave, 52, who was shopping at the market: "With gold prices where they are, it feels prudent to opt for diamonds instead."
Furthermore, in its February Gold Demand Trends report, the World Gold Council (WGC) warned that jewelry demand across key markets could come under further pressure in 2025 if prices stay high or experience volatility. The report further noted that price volatility is increasingly outweighing price levels themselves in influencing consumer behavior.