Tuesday, 02 January 2024 12:17 GMT

High Gold Prices In Dubai: Is 14K Jewellery Making Its Way To UAE?


(MENAFN- Khaleej Times)

Move aside 22K, 21K and 18K, as 14K gold jewellery is making its way in the UAE, after shining in India.

Though this more affordable variant is not available in the UAE, some Dubai jewellers are evaluating the possibility of introducing 14K jewellery in the emirate as record-high gold prices are prompting shoppers to opt for cheaper and lightweight jewellery.

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Currently, 18K is the cheapest variant of gold purity, selling at Dh368.5 per gram on Saturday evening.

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“Our primary focus has always been on 22K and 18K jewellery, which symbolise purity, craftsmanship, and lasting value. However, we do understand the changing buying patterns and preferences among customers today. We are evaluating the possibility of introducing select 14K collections, particularly for lightweight and daily wear designs, to ensure we cater to a broader range of style and affordability without compromising our design and quality standards,” said Vinay Jethwani, Partner, Meena Jewellers.

Gold prices hit a record high this week as spot gold crossed the $4,000 per ounce milestone. In the UAE, 24K and 22K hit an all-time high, selling close to an all-time high of Dh486.25 and Dh450.5 per gram, respectively.

“The UAE jewellery market is known for its diversity - every brand positions itself differently based on its customer base. While some may choose to expand into newer karat ranges, others, like us, continue to focus on maintaining their legacy of purity and craftsmanship. What's clear is that customers today have more choices than ever, and the industry as a whole is evolving to meet varied needs,” said Jethwani.

He noted that there has definitely been a gradual rise in awareness and interest, particularly among younger, price-conscious buyers.“The 14K segment is gaining traction as it offers an entry point into owning real gold jewellery while keeping it stylish and affordable. However, 22K still remains the preferred choice for traditional and investment-driven purchases,” he said.

Jethwani added that the demand is largely led by younger customers - typically between 20 and 35 years - who value design versatility, modern aesthetics, and affordability.“For them, jewellery is more about personal style and everyday wear rather than just investment. This trend reflects a new generation of buyers who appreciate the blend of fashion and fine jewellery,” he said.

Shamlal Ahamed, managing director for international operations, Malabar Gold and Diamonds, said there is a growing shift in consumer preference towards lightweight and lifestyle jewellery, driven more by changing design sensibilities than price considerations.

“Millennials and Gen Z customers are at the forefront of this trend, seeking versatile, contemporary pieces that complement their daily lifestyle, while even traditional buyers are increasingly embracing these modern designs... While gold prices remain at record highs, this only reinforces its position as a trusted and value-appreciating asset. Customers continue to see gold not just as an adornment, but as a timeless investment that combines beauty with lasting worth,” said Ahamed.

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