jewellery purchased before August 31, 2017 at less than Dh150 per gram for 22K gold now gives significant profit. For example, exchanging that jewellery today would bring an additional Dh243 per gram gain at current rates. Today, Dubai’s 22K gold price is Dh393 per gram, with expectations to soon cross Dh400, while 24K is already at Dh424.25. Expert Insights Shamlal Ahmed, Managing Director – International at Malabar Gold & Diamonds, noted: “With the way prices are moving, gold could clear $3,700 an ounce by December.” Currently, global gold stands around $3,531 an ounce, testing levels near $3,550 — all-time highs never seen before. Why Upgrading Makes Sense At present prices, many UAE shoppers may find it difficult to purchase brand-new jewellery outright. However, exchanging older pieces — especially those bought before 2017 or May 2020 (when gold first crossed Dh200) — ensures excellent returns. For instance, jewellery worth Dh2,000 back then can now fetch far more in exchange value. Old-for-New Trend in Dubai The practice of exchanging jewellery has long been popular among UAE residents and tourists. Recently, shoppers rushed to upgrade during: November 2024, when gold hit Dh300 per gram for the first time. April 2025, when prices crossed Dh350 per gram. With prices now approaching Dh400, upgrading old jewellery has become one of the smartest moves for shoppers in Dubai.
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