Gold buyers in the UAE are increasingly using price lock-ins and savings schemes to manage purchases as gold prices climb ahead of Navratri and Diwali. The plans allow customers to secure a rate and pay in instalments instead of buying at the market price later.
In Dubai, 24K gold was priced at AED 557.50 a gram and 22K gold at AED 516.25 on Tuesday morning. Global spot gold was trading at USD 4,626 an ounce.
Jewellers said the growing interest points to a shift towards planned purchases. Customers are seeking greater certainty on prices rather than waiting for rates to fall.
Kanz Jewels managing director Anil Dhanak said, “The interest is particularly strong among customers who have a fixed festive jewellery purchase in mind and want to protect themselves from further price increases.”
Bafleh Jewellers managing director Chirag Vora said enquiries for gold savings plans generally rise two to three weeks before major festivals. He expects demand to strengthen further this year, especially for bridal jewellery and heavier traditional designs.
Joyalukkas Jewellery chief executive John Paul Alukkas also reported higher participation in its gold price lock-in program compared with the same period last year. He said customers are increasingly looking to secure prices in advance as the market stays volatile.
Navratri will be celebrated around October 11, followed by Diwali in early November. Many Hindu families consider gold purchases during Navratri auspicious and linked to prosperity and blessings.
Jewellers said regional conflict has added another concern for consumers, though high gold prices and price swings are still the main factors influencing buying decisions.
Malabar Gold and Diamonds managing director of international operations Shamlal Ahamed said its 50% Advance Plan lets UAE customers pay half the gold value upfront and secure the rate for up to three months. Its 100% Advance Plan offers rate protection for up to six months.
If prices rise, customers can complete the purchase at the fixed rate under the scheme terms. If prices fall, they can buy at the lower prevailing rate.
Retailers are also promoting longer savings plans. Bafleh’s schemes allow customers to make monthly contributions, with certain festive offers providing bonus value or making-charge benefits when purchases are redeemed during Navratri and Diwali.
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