UAE Residents Selling Old Jewellery To Cash In On Record High Gold Prices In Dubai

Some of the UAE residents are increasingly selling their old gold jewellery to take advantage of record high prices in Dubai.

Similarly, people are also exchanging their old precious metal ornaments with the new modern designs without spending an extra amount.

Gold prices in Dubai hit a record high on Tuesday as 24K and 22K reached an all-time high of Dh456 and Dh422.0 per gram, respectively. Spot gold touched a record of $3,790 per ounce.

“Yes, we've noticed an increase in residents exchanging and selling their old gold jewellery, taking advantage of the record-high prices to unlock value from pieces. Others are exchanging old jewellery for newer, modern designs, essentially upgrading their collection without spending extra money,” said Chirag Vora, managing director of Bafleh Jewellers.

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Dubai is a popular destination for gold jewellery purchases among residents and tourists. Culturally, gold holds significant value in Middle Eastern and South Asian traditions, often associated with wealth, status, and celebrations such as weddings. But record-high prices are giving them the opportunity to update their jewellery designs.

Anil Dhanak, managing director of Kanz Jewels, said there is a noticeable uptick in residents bringing in old jewellery, whether broken pieces, unused items, or heirlooms.

“Many customers tell us that with gold prices where they are now, it simply makes financial sense to convert old pieces into cash or trade them in. We are seeing more people asking for quotations for the melt value of gold rather than its design value, especially if they feel they won't wear the piece much,” said Dhanak.

At the same time, he elaborated, many prefer to exchange old jewellery for new designs rather than pure-cash sales.“That way, they retain emotional value or get something wearable while benefiting from the high metal price.”

Anuraag Sinha, managing director of Liali Jewellery, said not everyone is selling their old ornaments.

“Some residents continue to hold onto jewellery, viewing it as both sentimental and as a long-term asset. A good portion of selling activity is actually trade-in/exchange for newer pieces rather than full liquidation. This means people still want jewellery but are trying to offset cost,” said Sinha.

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