UAE gold sales hit lowest in over two years

WORLD GOLD COUNCIL SAYS RECORD-HIGH PRICES MEANT INVESTMENT DEMAND FOR COINS DROPPED AS WELL

- BY MANOJ NAIR Business Editor

Gold jewellery sales in the UAE have fallen to their lowest levels in more than two years, as record-high prices continue to dampen consumer appetite.

Between April and June, total jewellery sales dropped to 7.7 tonnes down 16 per cent from the same period a year ago.

For most of 2023 and 2024, quarterly jewellery sales in the UAE had averaged 9-10 tonnes, according to the latest data from the World Gold Council (WGC). In Q1-2025, sales stood at 7.9 tonnes.

Saudi Arabia follows suit

Saudi Arabia also saw a significant decline in demand, with jewellery sales falling to 11.2 tonnes from 14.6 tonnes a year earlier.