Gold Souk in Dubai: where tradition meets the changing times

The Gold Souk in Dubai is a melting pot of traditional and modern shopping, where gold buyers can find a wide range of gold jewellery.

Bullion prices hitting record highs above $3,400 an ounce is shifting the market's focus towards diamonds and lighter gold jewellery.

Lab-grown diamonds are gaining popularity as an alternative to gold jewellery due to their affordability and sustainability.

Indian traders have played a significant role in shaping the Dubai gold market for decades, but the recent rise in gold prices is affecting demand.

Demand for gold jewellery in the UAE fell by 13% last year, outpacing the global decline of 11%.

Trade tensions between the US and India have accelerated talk of finding alternative markets and production hubs for diamonds.

One Indian diamond exporter is considering shifting some production overseas to the UAE as a contingency plan.

The UAE is projected to grow by 5.9% annually to reach nearly $2 billion by 2030, making it a key market for diamonds.

Lab-grown diamonds are more affordable than traditional diamonds, making them an attractive option for consumers.

The Dubai gold market is evolving, with gold prices high and diamonds becoming a more popular choice for consumers.