Lowering the price brings buyers back
A modest correction in gold rates has clearly played a role in attracting customers. Buyers who had been following prices closely are starting to return to the market, encouraged by a narrow window where rates look more favorable compared to recent peaks.
Aditya Singh, Head of International Jewelery Business at Titan Company, noted a notable response from UAE buyers. “When 24K fell from the April 8 peak back to the AED 569–575 range this week, we saw a clear increase in the number of customers who had been watching and waiting,” he said, noting that even a Dh30 to Dh40 per gram move could 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 follow through on purchases that had been put off.
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.”
The lighter parts rise, the legacy purchase stays
Higher year-over-year prices have caused many buyers to recalibrate, with demand skewing toward lighter, more versatile jewelry. At the same time, expenses have 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Singh noted that budgets are being redistributed rather than withdrawn.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 batch last Akshaya Tritiya now buys significantly less gold by weight. But customers are not leaving, they are recalibrating,” he said.
Alukkas noticed a similar trend across Joyalukkas showrooms, where everyday pieces are gaining traction alongside traditional buys. “We are witnessing a thoughtful diversification in shopping behavior,” he explained. “A few wearable, contemporary pieces for everyday enjoyment alongside one or two durable heirloom pieces for heirlooms.”
This dual behavior reflects a customer who is balancing occasion-driven purchases with practical and recurring use, while still reserving a portion 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 bullion making up a larger share of sales than usual.
Alukkas linked this to a broader shift in mindset. “The modern buyer sees gold as both 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 young professionals are increasingly entering the market through smaller-ticket products. “Coins and bars are 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 this trend, noting that bars and coins typically gain traction when prices ease, as buyers take the opportunity to stockpile gold in its purest form.
Early momentum builds on festival demand
Retailers say the Akshaya Tritiya run has been extremely active, with customers planning purchases earlier and showing greater urgency around price movements.
Alukkas noted an increase in bookings and consultations. “Customers are being proactive. They want to secure their favorite models and lock in favorable rates before the festival day itself,” he said.
Malabar Gold and Diamonds is also reporting higher levels of activity across its UAE network, supported by promotional offers and curated festive collections. Managing Director of International Operations Shamlal Ahamed said the occasion continues to attract great interest, especially among Indian expatriates who associate the day with prosperity and good fortune.
The tradition remains stable despite price fluctuations
Despite fluctuations in gold prices, the fundamental demand driver for Akshaya Tritiya remains unchanged. The cultural significance of the festival continues to anchor purchase decisions, often overriding short-term price considerations.
Singh adapted it in terms of continuity. “Confidence was never really about price. ‘Akshaya’ means that which never diminishes, and that is exactly what gold represents in the Indian family,” he said, adding that purchases made that day have meaning that extends beyond immediate market conditions.
Alukkas reinforced that view from a retail perspective. “Gold bought on Akshaya Tritiya is not seen through the lens of the day’s rate. It is seen as an investment in prosperity, meaning, family and legacy,” he said.
With prices still elevated compared to last year, the coming days will test how far that sentiment can support demand. Early signals from the UAE fairs suggest buyers are willing to adapt but not walk away, keeping the festival firmly on the retail calendar as one of the most reliable drivers of gold demand.
Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation and the big changes shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series. Her reporting has taken her from breaking news to feature-length shows and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, the IMF’s Jihad Azour, and a long list of CEOs, regulators and founders who are reshaping the region’s economy. An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which perhaps explains her weakness for data, context and a good follow-up question. When she’s away from her keyboard (AFK), you’ll most likely find her at the gym with an Eminem playlist, enjoying One Piece, or exploring games on her PS5.
