Gold prices in Dubai have reached the highest level ever, pushing many residents to sell or exchange their old jewellery for cash or new designs. On Tuesday, 24K gold hit Dh456 per gram and 22K rose to Dh422 per gram, while global spot gold touched a record $3,790 per ounce.
Jewellery shops across the city are reporting more customers walking in with unused or old ornaments, including broken pieces and family heirlooms. Many are using this opportunity to upgrade their jewellery collection without spending extra money. Retailers say the trend is not just about cashing in, but also about swapping older designs for modern ones while keeping emotional value attached.
According to jewellers, customers are now asking more about the melt value of gold rather than the design price. This helps them maximize returns when selling or trading. For some, the high price makes it a smart financial decision, while for others, it is simply a chance to refresh jewellery collections at little or no cost.
Still, not everyone is selling. Gold is considered both sentimental and a long-term investment, especially in Middle Eastern and South Asian cultures, where it carries traditions of wealth and celebration. Many families prefer to exchange jewellery instead of selling it completely.
The historic surge in gold prices has turned Dubai’s jewellery market into a busy hub, with trade-ins becoming the most popular choice for residents looking to balance financial gains with cultural and personal values.
