(MENAFN- Khaleej Times)

Roads leading to the Gold Souk in Deira were packed on Saturday evening as hundreds of residents made their way to buy gold on the occasion of Dhanteras, a day considered auspicious for purchasing the precious metal.

Dhanteras, which marks the beginning of Diwali celebrations, is believed to bring prosperity and good luck to those who buy gold or silver on this day. The tradition continues strongly in Dubai, where long queues were seen outside many outlets in the Gold Souk, with residents making their festive purchases.

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Priya Nair, a resident living in Al Qusais, went to buy gold for Diwali for her daughter at Malabar Gold and Diamonds in the Gold Souk Extension on Saturday evening, but all she could get was a small bangle.

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“Every Diwali, we buy gold. But this time, the piece we bought is lighter than last year's. The price of gold has increased, so the weight has gone down,” said Nair.

According to gold buyers at the Gold Souk, customers are maintaining the same budget every year, but the quantity of gold they are buying this year is lower than in previous years. Shoppers are still spending about the same amount as before, but because of higher prices, they are getting less gold for their money.

Gold has crossed Dh500 per gram recently, but that has not stopped residents from visiting jewellery stores. For many, Diwali remains a time when buying gold is considered an important part of the festival.

Many residents are choosing lighter designs or pieces that mix gold with other metals or stones. This helps them stay within their spending limit while still buying jewellery during the festive season.

“We have a budget of Dh5,000 to Dh10,000 every year for gold. It's not just an ornament but also an investment. However, this year we preferred lighter ornaments that look bigger in size,” Nair added.

Gold buying remains a tradition

For most families, buying gold during Diwali is part of their yearly routine. They do it not only for investment but also as a family tradition.

Jewellery stores have adjusted their designs based on this pattern. Many outlets now display lightweight and smaller products that fit fixed budgets.

Shalini Kumar, a resident of Mankhool, said she buys a small gold item every Diwali.“We planned what to buy this festive season. First, we decided whether it would be for investment or for wearing. When we chose both, we looked for a design that has gold as well as stones,” said Kumar.

“Such designs look larger and are value for money. In the future, if we want to exchange or sell them, we can expect good returns,” she added.

Priya Jayesh Gupta, a businesswoman and resident of JLT, said she buys a small gold item every Diwali, some for family and a few pieces for gifting.“However, I have reduced the number of gifts this year, and the obvious reason is the price,” she said.

“We have always bought gold on Diwali day. It is a habit and a ritual. Even if we buy a small pendant or ring, it feels like we have started the new year on a good note,” she added.

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