Is It Time to Shift to Diamonds?
Is It Time to Shift to Diamonds? Changing Jewelry Trends in Stores
Jewelry purchasing habits in Dubai and the UAE are undergoing significant transformations as gold prices continue to hover at high levels. More people are turning to diamonds, while in the case of gold jewelry, buyers often opt for lower carat pieces adorned with gemstones. Trends indicate that the demand for gold jewelry such as pieces decorated with rubies and emeralds is increasing by 30-40%.
Why Are Consumers Turning to Diamonds?
Gold prices remain persistently high. Last year, gold prices reached a record high of $2,790 per ounce, partly due to rate cuts by the U.S. Federal Reserve, geopolitical tensions, and central bank purchases. Currently, prices have slightly decreased but remain high: on January 1, gold prices in Dubai were as follows:
a, 24 karat gold: 318 dirham/gram
b, 22 karat gold: 294.50 dirham/gram
c, 21 karat gold: 285 dirham/gram
d, 18 karat gold: 244.25 dirham/gram
Due to the price increase, many buyers prefer to invest in diamond jewelry, which may offer more value in the long run. Additionally, diamonds confer a sense of uniqueness and luxury that such jewelry provides.
Gold Is Still Popular, but Preferences Are Changing
Those who opt for gold typically choose 18-karat pieces, which are more favorably priced and often adorned with gemstones. This combination allows buyers of gold jewelry to acquire unique, stylish pieces without incurring excessive costs.
What Does This Mean for Jewelry Stores?
Jewelry stores in Dubai are increasingly focusing on selling diamond jewelry and gold combined with gemstones. Consumers' tastes are changing, and stores are adapting to keep up with the demand. The changing trends also indicate that customers are increasingly seeking value and uniqueness, not just the raw material's value.
Diamonds or Gold? How Should Buyers Decide?
The choice primarily depends on buyers' personal preferences and goals. Those seeking a long-term investment opportunity may still find gold attractive. Meanwhile, for those desiring a unique and modern appearance, diamonds might be the better choice.
Dubai continues to remain a global capital of jewelry, where both gold and diamonds play iconic roles. The changing trends only enrich the city's jewelry offerings and ensure that every buyer finds the perfect piece.
