Dubai gold buyers return ahead of Akshaya Tritiya on price dip

Dubai: Gold retailers across the UAE are heading into Akshaya Tritiya with stronger momentum than last year, supported by a recent easing in prices, early buying activity, and a change in how residents are approaching purchases this season.

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Footfall has been building steadily in the run-up to the festival, with buyers moving earlier than usual to secure designs and lock in rates. Conversations at retail counters are more deliberate, with customers arriving prepared, reflecting a more measured approach to spending amid elevated price levels.

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John Paul Alukkas, CEO of Joyalukkas Jewellery, described the mood as upbeat. “This Akshaya Tritiya is shaping up to be very significant. Consumer sentiment is strong, and the convergence of festive enthusiasm with relatively accessible pricing is creating exceptional momentum in the market,” he said, adding that showroom inquiries have been rising for weeks ahead of the occasion.

Price dip brings buyers back

A modest correction in gold rates has played a clear role in drawing customers back. Buyers who had been tracking prices closely have begun returning to the market, encouraged by a narrow window where rates appear more favourable compared to recent peaks.

Aditya Singh, Head of International Jewellery Business at Titan Company, pointed to a visible response from UAE shoppers. “When 24K dropped from the April 8 peak back toward the AED 569–575 range this week, we saw a clear uptick in footfall of customers who had been watching and waiting,” he said, noting that even a Dh30 to Dh40 per gram movement can influence buying decisions in the region.

Retailers say this has translated into stronger showroom engagement, with customers showing greater clarity in their choices and a willingness to proceed with purchases that had been deferred.

Vinay Jethwani, Partner at Meena Jewellers, said the pattern is consistent with past cycles. “Whenever gold prices ease, customers see it as a good opportunity to buy. At the same time, gold is widely seen as a long-term store of value, which keeps customer interest strong.”

Lighter pieces rise, legacy buying holds

Higher year-on-year prices have led many buyers to recalibrate, with demand tilting towards lighter, more versatile jewellery. At the same time, spending has not disappeared. Instead, it has become more selective.

Singh noted that budgets are being redistributed rather than withdrawn. “The same budget that bought a meaningful set last Akshaya Tritiya now buys significantly less gold by weight. But customers aren’t walking away, they’re recalibrating,” he said.

Alukkas observed a similar trend across Joyalukkas showrooms, where everyday pieces are gaining traction alongside traditional purchases. “We are witnessing a thoughtful diversification in purchasing behaviour,” he explained. “A few wearable, contemporary pieces for everyday joy alongside one or two enduring heritage pieces for legacy.”

That dual-track behaviour reflects a customer who is balancing occasion-driven buying with practical, repeat use, while still reserving part of the budget for long-term value.

Coins and bars gain traction

Investment-led buying has also picked up pace this season, with coins and bars accounting for a larger share of sales than usual.

Alukkas linked this to a broader change in mindset. “The modern buyer views gold simultaneously as a cultural expression and a financial instrument,” he said, pointing to strong demand for coins driven by transparent pricing and ease of purchase.

Singh added that younger professionals are increasingly entering the market through smaller-ticket products. “Coins and bars are punching well above their usual weight this season. For the customer who wants to mark the day with a token purchase, it’s an elegant solution,” he said.

Jethwani echoed that trend, noting that bars and coins typically gain traction when prices ease, as buyers use the opportunity to accumulate gold in its purest form.

Early momentum builds into festival demand

Retailers say the run-up to Akshaya Tritiya has been unusually active, with customers planning purchases earlier and showing greater urgency around price movements.

Alukkas pointed to a rise in pre-bookings and consultations. “Customers are being proactive. They want to secure their preferred designs and lock in favourable rates ahead of the festival day itself,” he said.

Malabar Gold and Diamonds is also reporting higher activity levels across its UAE network, supported by promotional offers and curated festive collections. Managing Director of International Operations Shamlal Ahamed said the occasion continues to draw strong interest, particularly among Indian expatriates who associate the day with prosperity and good fortune.

Tradition holds firm despite price swings

Despite fluctuations in gold prices, the underlying driver of Akshaya Tritiya demand remains unchanged. The festival’s cultural significance continues to anchor buying decisions, often outweighing short-term price considerations.

Singh framed it in terms of continuity. “The belief was never really about price. ‘Akshaya’ means that which never diminishes, and that’s precisely what gold represents in the Indian household,” he said, adding that purchases made on the day carry meaning that extends beyond immediate market conditions.

Alukkas reinforced that view from a retail perspective. “Gold purchased on Akshaya Tritiya is not viewed through the lens of the day’s rate. It is seen as an investment in prosperity, meaning, in family, and in legacy,” he said.

With prices still elevated compared to last year, the coming days will test how far that sentiment can sustain demand. Early signals from UAE showrooms suggest that buyers are willing to adjust, but not step away, keeping the festival firmly on the retail calendar as one of the most reliable drivers of gold demand.