Wide variety of jewellery

Authorities in Dubai have taken utmost care in ensuring uniformity in pricing

Jewellery in Dubai is known for its purity, variety and competitive pricing compared to various other markets. These factors have been the key drivers of demand for gold jewellery in Dubai. Tawhid Abdullah, Chairman, Dubai Gold and Jewellery Group (DGJG), shares his thoughts on the industry with Khaleej Times.
Dubai and gold
Dubai's retail jewellery sector caters to over 180 nationalities residing in Dubai. Its jewellery is imported from over 30 countries thus meeting the demand from global tourists visiting Dubai. Gold jewellery gets sold in Dubai in 18K, 21K, 22K up to 24K satisfying the tastes and preferences of every region in the world.
Dubai market offers a wide variety of jewellery catering to wider tastes and preferences. Dubai's sprawling malls house some of the world's finest jewellery, having their presence only in Dubai, catering to their customers from neighbouring countries. The UAE market offers the perfect selection of jewellery made in 14K to 22K.
Confident buyers 
Dubai authorities have taken utmost care in ensuring uniformity in pricing. Dubai Gold & Jewellery Group in association with the Commercial Compliance and Consumer Protection Department (DED) ensure that retail jewellers display the updated - suggested retail gold jewellery price in the stores. This practice helps shoppers to be aware of current gold prices (in various carats) despite the fluctuations. "Bareeq" System by Dubai Central Labs ensures higher purity standards for the jewellery and precious metals being sold in the UAE markets from very early days. The unmatched security provided by Dubai Police makes Dubai the safest place to buy jewellery and carry them around. These factors have largely contributed towards making Dubai as the favourite jewellery destination of the world.
Constantly evolving
The world jewellery market is constantly evolving and it is extremely dynamic as far as designs and fashion trends are concerned. Jewellers make great efforts to understand global trends and adapt the same to suit the tastes and preferences of the region in which they operate. All major jewellery retail chains concentrate on launching their own brands and consumers are becoming increasingly aware of exclusivity of designs. Consumers depend on jewellery to accessorise and as an investment haven. These are some changes that I have observed over the years. 
Gold and jewellery trends 
Asians, predominantly shoppers from the Indian subcontinent constitute the largest chunk of consumers for UAE markets. Diwali is an important occasion for Indians and for several Indian communities it is an auspicious occasion to buy gold. Traditional Indian jewellery and diamond jewellery are of high demand during such seasons. During Diwali and Dhanteras, 22K gold and diamond jewellery dominate the market. 
Fluctuation in gold prices 
Jewellers have their own methods to deal with it - fixing and hedging are widely used by jewellers to manage the risk of volatility in pricing. In today's day and age, several other financial tools are available and each jeweller mitigates the risk as per their choices, financial goals and preferences. 
India and the UAE
Trade ties between India and the UAE have been very significant in either countries growth from ancient times. India and the UAE are enjoying a very healthy trade relation currently as it was in the past. Undoubtedly, Dubai has the largest Indian expat/tourist population which determines a large chunk of gold and jewellery buying in Dubai. Hence, economic scenario in India is of great significance for the jewellery market in Dubai.
Buying diamonds
Consumers are increasingly aware of the technical aspects of diamonds and gemstones; they buy for investment as well as for the ornamental value of diamonds. Dubai Central Laboratories (and several other diamond grading labs) are equipped with facilities to identify/detect lab grown/synthetic/treated diamonds and gemstones. It is ideal to buy stones/jewellery pieces with the certificate from a reputed grading lab and from a trusted jeweller.
Journey of DGJG
So far, our journey has been exciting; DGJG was formed in the year 1996 to support the first edition of Dubai Shopping Festival. Since then this trade body has survived the test of times and has served the gold and jewellery industry of Dubai. DGJG has played a significant role in establishing Dubai as the 'City of Gold' and jewellery destination of the world.
We have had our ups and downs like any other industry. Even in the most difficult times, Dubai's jewellery industry remained and lived up to everyone's expectations. Even when the gold price showed an upward trend in the recent past, the retail jewellery sector in Dubai/UAE has performed up to the mark. At present, due to the comfortable pricing of gold, the jewellery sector expects substantial growth in the coming months as more and more household investors are turning to gold, particularly jewellery as an investment. The gold and jewellery sector in the UAE will continue to grow as we offer the best designs at the most reasonable price as compared to several other jewellery markets in the world. 
Future plans
DGJG is committed to sustain Dubai's status as the 'Jewellery destination of the world' through its various activities. Moving forward, DGJG will continue to educate our members on best practices while working closely with international organisations like the World Gold Council, Responsible Jewellery Council (RJC), Organisation for Economic Co-operation and Development (OECD), DMCC, CIBJO (The World Jewellery Confederation) etc. 
-suchitra@khaleejtimes.com

• Dubai