Dubai Gold Market to Get Major Boost with New Jewellery Hub

Dubai Jewelry News: Gold Demand Surges in Dubai Spark Plans for New Destination

Dubai is set to welcome a massive new gold and diamond jewellery hub as demand for the yellow metal hits historic highs, positioning the city to further consolidate its global reputation as the City of Gold. Industry leaders from the Unique World Group have announced the development of a second major gold and lifestyle retail centre in Bur Dubai that will complement the iconic Dubai Gold Souq and respond to the surging appetite for precious jewellery from both residents and tourists.

Dubai will get its second jewellry hub that will be ready by early 2027
Image Credit: Unique World

Dubai’s jewellery sector is experiencing unprecedented growth. According to a recent report by the World Gold Council, gold demand in the emirate reached an astonishing US$382 billion in 2024—a record-breaking figure driven by a perfect storm of price hikes and volume increases. This Dubai Jewelry News report highlights that the city witnessed a staggering 300 percent rise in gold trade flows from 2023 to 2024 alone, further establishing its dominance in the global gold market.

The Case for a Second Jewellery Hub

With the UAE now ranked second in global per capita gold jewellery consumption—trailing only Hong Kong—industry stakeholders say the time has come to expand Dubai’s infrastructure to match soaring demand. The average UAE resident purchases 5.07 grams of gold jewellery annually, boosted by factors such as tax-free shopping, high per capita income, strong tourism, and gold’s cultural and investment significance.

“Dubai has long been the epicentre of the Middle East’s jewellery trade,” said Mr. Sulaiman TM, Chairman of Unique World Group. “But with rapid population growth, expanding retail demand, and increasing footfall from tourists looking to buy gold and diamonds, a new, conveniently located Gold and Lifestyle Hub is no longer a luxury—it’s a necessity.”

Mr. Mohammed Suhaib, Managing Director of Unique World Group, also emphasized that the upcoming destination would accelerate jewellery sales while enhancing consumer accessibility. “The new hub will serve as an ideal place for residents and tourists alike to shop for new and trendy collections,” he stated.

Global Trends Reinforce Local Demand

The global value of the jewellery market is projected to rise from US$270 billion in 2022 to US$330 billion by 2026, according to Statista. Meanwhile, gold prices have surged from $1,812 to as high as $2,700 per ounce between 2023 and 2024, making the precious metal an increasingly attractive investment. The UAE continues to rank as the fifth-largest market for gold jewellery globally, with annual demand hovering around 40 tonnes.

Other countries like China, India, and the US are also witnessing robust demand. China has overtaken India to become the top gold jewellery consumer, while the US holds the largest gold reserves. Still, Dubai remains a critical node in global supply chains, serving as a gateway between East and West.

Unique World Group’s Expanding Vision

Founded in 1998 by Indian entrepreneur Mr. Sulaiman TM, Unique World Group has grown over 27 years into one of Dubai’s most respected multi-sector enterprises. From its origins in business advisory services and trade licensing, the group now operates five business centres, real estate assets, and educational institutions—powered by a dedicated team of over 100 professionals.

As the next generation, led by Mohammed Suhaib, takes the helm, the group is looking to play a transformative role in Dubai’s economy. With the new Gold Hub project, Unique World Group aims to fuel the next wave of growth in the emirate’s jewellery and lifestyle sector, reinforcing Dubai’s legendary status as a global jewellery capital.

With the jewellery trade in Dubai reaching record highs and the sector poised for further expansion, the development of a second Gold and Lifestyle Hub is not just timely—it’s vital. The new retail centre will cater to a broader demographic of residents and international tourists while elevating the entire industry ecosystem. As demand for gold and diamonds continues to climb, this initiative reflects Dubai’s strategic foresight and its enduring appeal as a glittering hub of commerce and culture.

For more details or to book a store for the new jewelry hub, visit:
https://uniqueworldbc.ae

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