Emirate will boost the US$ 382bn annual jewellery sale
Dubai, which has solidified its position as the world’s best destination for gold and diamond jewellery as well as bullion trade, needs a new gold hub, that could cater to a wider consumer base amongst UAE residents and tourists, many of whom visit Dubai to buy gold and diamond jewellery for social occasions including festive shopping and weddings.
The value of the jewellery market is expected to increase from about US$ 270bn in 2022 to over US$ 330bn by 2026, according to Statista, a global market intelligence provider.
In 2024, Dubai’s gold demand reached previously unseen levels, with the combination of record gold prices and volumes resulting in a Q4 value of US$ 111bn and an annual value of US$ 382bn, the highest ever, a recent report said, citing statistics released by World Gold Council.
“There was a 300 percent increase in gold trade flow in Dubai from 2023 to 2024, reflecting the city’s growing appetite for gold,” said the report.
Top market for gold jewellery
“Despite a decline in consumption in the initial two quarters of 2024, the UAE maintains its position as the world’s fifth-largest market for gold jewellery. This high demand is attributed to the nation’s high GDP per capita, the cultural importance of gold, tax-free shopping, robust tourism and retail sectors, and gold’s status as a secure investment,” according to recent research by the World Gold Council.
The UAE’s annual gold jewellery demand stands at nearly 40 tonnes, tying with Russia and followed by Saudi Arabia at the 7th position.
“In addition to the increase in population and increased buying power of consumers, we anticipate an increase in demand for gold and diamond jewellery in the coming years that necessitates the development of a second Gold and Lifestyle Hub in Bur Dubai, where residents and tourists could shop jewellery at their convenience,” stated Sulaiman TM, Chairman, Unique World Group.
“Following a series of discussions with the leading gold and diamond jewellery retailers, we have seen the demand for such a new Gold Hub, and I am glad to announce that such a new Gold Hub will see the daylight soon.”
New gold destination
Mohammed Suhaib, Managing Director, Unique World Group, affirmed that the new gold destination will help jewellery sales to accelerate further.
“As the population of Dubai and UAE increases rapidly to cross 3.8mn in Dubai and 10.8mn in the UAE, we see the creation of a new Gold and Lifestyle Hub an important step in facilitating this industry to grow further,” he added.
“In addition to the population growth, a jump in annual tourist inflow, many of whom have gold and diamond in their shopping list, will require a new Gold and Lifestyle Hub that will help shoppers to hunt for new and trendy collection,” he continued.
Unique World Group
Unique World Group is a Dubai-based diversified business conglomerate with interests in Business Centre, Education and Real Estate sectors, and is currently embarking on a new more diversified growth trajectory.
Unique World Group, established by Sulaiman TM, a non-resident Indian serial entrepreneur from Kerala state, has demonstrated leadership in all the areas that he had ventured in the UAE. Over the last 27 years, the group has grown from strength to strength with a vision to continuously grow and expand, leveraging the power of digitalisation and innovation.
Established in 1998, Unique World Group currently manages a portfolio of five business centres, educational institutions and several real estate assets in the UAE with a team of more than 100 professionals.
Over the last 27 years, the Group has evolved from a small business into a formidable corporate entity, mirroring Dubai’s remarkable economic success. Through its business, the group has impacted more than 500,000 businesses with a substantial number of satisfied clients, a press release concluded.
