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UAE: As gold continues to shine, demand for diamond jewelry rises among younger consumers – News

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Precious metals sales recover in 2022, driven by economic recovery and influx of tourists, with many retailers reporting double-digit volume growth



document.Photo: Associated Press

document.Photo: Associated Press

published: Saturday, January 7, 2023 at 6:00 am

While demand for traditional jewelry remains strong, gold jewelers in Dubai say younger consumers are showing an increased preference for diamond jewelry and alternative metals such as platinum, silver, rose gold and white gold.

Personalization is also becoming a fashion for shoppers in the post-pandemic world, according to Dubai-based gold jewelers.

According to Ramesh Kalyanaraman, executive director of Kalyan Jewelers, jewelry preferences of young consumers are constantly changing, influenced by affordability, minimalism, cultural trends and the increasing popularity of jewelry for the four seasons.

“This has resulted in a significant shift in consumer preferences towards alternative metals such as platinum, silver, rose and white gold, and luxury items such as diamonds set with emeralds, sapphires or rubies,” Kalyanaraman said.

Chirag Vora, director of Bafleh Jewelers, said that in 2022 there will be a high demand for small jewelry in different colors of gold, such as rose gold, yellow and white.

“Three-color or multi-color gold jewelry is very popular now. People also like some Minakari pieces,” Vora said.

In 2022, jewelry sales will recover, with many retailers reporting double-digit volume growth, driven by a recovering economy and a sharp increase in tourist influx. They also confirmed that sales of gold jewelery reached pre-pandemic levels last year.

John Paul Alukkas, managing director of international business at Joyalukkas Group, said that while demand for traditional jewelry remained strong, there was a shift in preference for bold patterns, especially among younger customers.

“Besides gem-set jewellery, there is a preference for diamond jewellery. Personalized designs are also becoming a fad. Fine and fashion jewelery will be the first choice in the coming years,” Alukkas added.

Shamlal Ahamed, Managing Director, International Operations, Malabar Gold & Diamonds, added that customers’ preference for diamond jewelery over gold jewelery is one of the most important trends emerging in the market.

“Millennials have been growing steadily in our customer base, and they prefer to buy stylish and lightweight lifestyle jewelry rather than heavy jewelry. As gold continues to maintain its status as a safe-haven investment, young and old invest Investors’ investment in gold has also surged,” he added.

Anil Dhanak, managing director of Kanz, said consumers in Dubai were over-chosen when they went out to buy jewelry due to the sheer number of retailers.

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