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Indian Bigwigs Who Massed Gold Fortunes in Dubai Face Slowdown
Financial Express Lucknow
|September 09, 2025
Golden Grip
IN DUBAI, FRESH fortunes are being minted by the day as new talent and capital flock to the region. But many of the big gains in individual wealth are being driven by some of the city's longest-standing visitors.
A select group of Indian entrepreneurs, benefiting from the subcontinent's cultural and historical ties to the Gulf, are transforming the retail gold market in the booming United Arab Emirates city, turning a once-fragmented sector into empires of glitzy showrooms and vertically integrated supply chains.
From the Gold Souk to high-end malls, names like Malabar Gold & Diamonds, Joyalukkas India and Kalyan Jewellers India, all owned by India's ultra-wealthy—dominate the region's landscape of jewellery for the middle class.
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