Dubai, known as a global leader in the gold, diamond jewellery, and bullion trade, is set to open a new Gold and Lifestyle Hub to meet the growing demand for gold and diamond jewellery.
This new hub will cater to both UAE residents and tourists, many of whom visit Dubai for jewellery purchases for social events, such as weddings and festive occasions.
Global jewellery market
The global jewellery market is projected to grow from US$270 billion in 2022 to over US$330 billion by 2026, according to Statista. Dubai’s gold demand hit record levels in 2024, with a total value of US$382 billion in jewellery sales, driven by a 300% increase in trade flow compared to 2023.
The city’s demand for gold has surged despite rising gold prices, which reached as high as $2,700 in 2024, compared to $1,812–$2,142 in 2023.
The UAE ranks second globally in per capita demand for gold jewellery, with 5.07 grams per person, just behind Hong Kong.
The high demand for gold in the region is attributed to the UAE’s strong GDP per capita, tax-free shopping, a thriving tourism sector, and the cultural significance of gold as both a luxury item and a secure investment.
UAE among largest markets for gold jewellery
According to the World Gold Council, while gold consumption declined slightly in the first half of 2024, the UAE remains the world’s fifth-largest market for gold jewellery, with annual demand close to 40 tonnes, tied with Russia. The region is also one of the world’s top destinations for gold trade, especially from neighboring markets in the Middle East, Africa, and South Asia.
To accommodate this increasing demand, Dubai is expanding its infrastructure.
Mr. Sulaiman TM, Chairman of Unique World Group, explained, “In addition to a growing population and rising consumer buying power, there is an anticipated surge in demand for gold and diamond jewellery in the coming years. This makes the development of a second Gold and Lifestyle Hub in Bur Dubai essential, providing residents and tourists with greater access to jewellery shopping.”
The new hub will support Dubai’s expanding population and tourist inflow, which is projected to exceed 3.8 million in Dubai and 10.8 million across the UAE. This will help meet the needs of visitors, many of whom are eager to buy gold and diamond jewellery.
Unique World Group
The Unique World Group, led by Mr. Sulaiman TM, is spearheading this development. Established in 1998, the Dubai-based conglomerate has a proven track record across sectors such as business services, education, and real estate. It is now focused on diversifying and growing its presence within the gold and lifestyle sector.
Mr. Mohammed Suhaib, Managing Director of Unique World Group, highlighted the strategic importance of the new hub, saying, “With Dubai’s population and tourist numbers rising rapidly, the creation of this Gold and Lifestyle Hub is a vital step to support the continued growth of the jewellery industry.”
As the UAE’s demand for gold continues to rise, this new initiative is expected to further strengthen Dubai’s status as a global gold trading and jewellery shopping destination.
tanvir@dubainewsweek.com
