The gold market in the UAE has experienced a brief period of relief over the past few days, with gold prices declining. However, this sudden drop in prices has led to an increase in gold scams.
Authorities have warned shoppers and residents in the UAE to be cautious when purchasing gold and jewelry from fraudulent websites. Many of these sites are offering products at prices significantly lower, up to two-thirds less, than the original market rates.
The Middle East conflicts have already created major disruptions in the raw materials market, especially in oil and gas prices. Now it's affecting the gold market. Till now, it was just about unstable gold market rates. However, now it has also resulted in gold scams.
In support of this, Tawhid Abdullah, chairman of Dubai Jewelry Group, explained, “We’re getting some complaints that people are paying Dh1,000 for six grams of gold when the price is Dh3,000. It doesn’t make sense. Shoppers should buy from reputable online stores, not from unknown or fake websites.”
He also advised the UAE residents and consumers to keep track of the latest official prices. Consumers can check the actual price on Dubai Jewelry Group’s website. This would help users to ensure that they are not scammed during online transactions.
In January 2026, gold prices reached a record high but then dropped in March. All thanks to the constant Middle East war among Israel, the US, and Iran. Prices reached as high as $5,500 per ounce in January but fell to $4,765 per ounce on April 1. In November 2025, Dubai Jewelry Group published the rate for 14K gold for the first time, pricing it at Dh301.75 per gram. On April 1, Wednesday, it was trading at Dh340.25 per gram.
Commenting on the current scenario, Abdullah, founder and CEO of Jawhara Jewelry, also cautioned shoppers about major fluctuations in gold prices, sometimes reaching up to 20 percent in a single day. Importantly, Dubai Police have also warned against advertisements and social media posts selling gold and jewelry at competitive prices through fake companies.