Retailers in Dubai have noticed a shift in jewellery-buying habits as gold prices touch record highs of over Dh500 per gram . Some jewellery shoppers who once preferred gold ornaments are now turning to platinum and mixed-metal jewellery for better value - while those still buying gold are doing so majorly for investment.

Jewellery stores in the city noticed that while the footfall remains strong during the festive season, the weight of gold purchased has dropped. Customers are spending the same amount as before but getting less gold for their money.

Arjun Dhanak, director of Kanz Jewels, said that most buyers are spending the same amount as they did in previous years, but rising prices have reduced how much gold they can get.

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“People are increasingly buying gold for investment these days. Jewellery sales continue, especially during the festive season, but the quantity has gone down,” said Dhanak.“For example, someone who used to spend Dh10,000 in previous years is still spending the same, but getting less gold in return.”

He added that buyers are now drawn to lighter designs and pieces that combine metal and stones.“Platinum, in particular, has become very popular, especially among men, as an alternative to gold. There's roughly a 40 per cent price difference between the two metals. Interestingly, there was a time when platinum was more expensive than gold, but now it's the opposite,” he said.

According to Dhanak, platinum jewellery, once a niche segment, is now seeing a rise in sales.“Earlier, only a few people would buy it, but demand has grown. Unlike gold, platinum isn't bought for investment, people choose it for its appearance and style.”

Retailers say the demand for platinum is no longer limited to wedding bands or engagement rings. It has expanded into men's bracelets, chains, and couple collections.

Vivek J, retail head at Malabar Gold and Diamonds, said that the metal's price advantage and stylish appeal have made it a strong alternative.“We have noticed a slight shift towards platinum jewellery as there's nearly a 40 per cent price difference compared to gold. For customers looking for an alternative, platinum has become an excellent choice,” he said.

“At Malabar, we have curated special couple bands in the platinum segment, which are now preferred by many. While we can't say platinum has overtaken gold, the shift is evident,” he added.

Vivek said that over the last couple of years, platinum sales have been rising steadily, and this financial year saw a significant spike.“The men's gold section continues to do well, but platinum is catching up fast. We have seen a 75 per cent increase in platinum wedding bracelets, bands, and rings for couples,” he said.

He mentioned that platinum's natural lustre and shine make it ideal for jewellery.“One reason it's popular is the variety of designs we offer. We have strong inventories and several sub-brands in the platinum category.”

Despite the high prices, jewellers said that the demand for gold isn't falling, it's just changing in nature. Many customers are viewing gold as a safe long-term investment rather than just an adornment.

As the gold price continues to hover around the Dh500 mark, the Dubai jewellery market appears to be adapting with gold as secure investment, and platinum is shining as the metal of choice for style.

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