UAE: Demand for diamond jewellery increases among young consumers as gold continues to shine

Precious metal sales picked up in 2022 on the back of the recovery in the economy and the massive increase of tourist inflows, as many retailers reported double-digit growth in numbers



FILE. Photo: AP
FILE. Photo: AP
by

Waheed Abbas

Published: Sat 7 Jan 2023, 6:00 AM

Last updated: Sat 7 Jan 2023, 2:32 PM

While the demand for traditional jewellery still holds good, gold jewellers in Dubai say that preference for diamond jewellery and alternative metals such as platinum, silver, rose gold, and white gold has increased among young consumers.

Gold jewellers in Dubai say that personalised designs are also becoming a vogue among shoppers in the post-pandemic period.

According to Ramesh Kalyanaraman, executive director, Kalyan Jewellers, the younger consumers’ jewellery preferences are consistently evolving, influenced by affordability, minimalism, cultural trends and the growing popularity of all-season jewellery.

“This has led to a notable shift in consumer preferences towards alternative metals such as platinum, silver, rose gold and white gold as well as luxury products such as diamonds studded with emerald, sapphire or ruby,” said Kalyanaraman.

Chirag Vora, director, Bafleh Jewellers, said that 2022 saw a lot of demand for smaller jewellery with different colours of gold such as rose, yellow and white.

“Tricolor or multicolour gold jewellery is in trend now. People also like a dash of Minakari work,” Vora said.

Jewellery sales picked up in 2022 on the back of the recovery in the economy and the massive increase of tourist inflows, as many retailers reported double-digit growth in numbers. They also confirmed that gold jewellery sales reached the pre-pandemic level last year.

John Paul Alukkas, managing director, international operations, Joyalukkas Group, said while the demand for traditional jewellery still holds good, there is a shift in preference for bold patterns, especially from the younger customers.

“There is also a preference for diamond jewellery in addition to jewellery with precious stones. Personalised designs are also becoming a vogue. Fine jewellery and fashion jewellery will be the preference in the coming years,” added Alukkas.

Shamlal Ahamed, Managing Director-International Operations, Malabar Gold & Diamonds, added that customers preferring diamond jewellery over gold jewellery is one of the most significant trends emerging in the market.

“There has been a steady increase of millennials amongst our customer base, preferring to buy trendy and lightweight jewellery in the lifestyle category as opposed to heavy pieces. Investment in gold has also shot up amongst both young and old investors due to gold continuing its position as a safe-haven investment,” he added.

Anil Dhanak, managing director of Kanz, said consumers in Dubai are spoilt for choice when they are out for jewellery shopping because of the sheer number of retailers.

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