Reported about 9 hours ago
In Dubai's Gold Souk, known as the 'City of Gold', soaring gold prices above $3,400 an ounce are seeing a decline in demand for traditional 22-karat gold jewellery, as buyers shift towards diamonds and lighter options. While gold remains a popular investment, high prices are making it difficult for consumers to afford jewellery. With reports indicating a 13% drop in gold jewellery demand in the UAE, amid rising costs and trade tensions, retailers are adapting to changes in consumer behavior, with an increase in sales of lab-grown diamonds.
Source: YAHOO