Expats rush to buy gold as prices fall; jewellers share tips to get the best value

DUBAI: The UAE is home to millions of Indians, including a large number of expatriates working in the country. Many of them prefer to buy and save gold as jewellery is generally cheaper in the UAE than in India. With gold prices falling and festivals such as Diwali and Dhanteras approaching, more people are now visiting jewellery shops to make purchases.

Most of the people are purchasing gold coins, bars and lightweight jewellery. Many are also exchanging their old jewellery for new pieces. Gold traders say the recent fall in prices has renewed people's interest in buying the precious metal. A large number of customers are selling old gold that they no longer use and exchanging it for lightweight jewellery suitable for everyday use. Some are also selling their gold to raise cash, traders said.

Gold is widely considered a long-term investment among Indians. Apart from its value as an investment and jewellery, it also holds cultural significance. Jewellers have also shared some tips for customers looking to exchange their old gold. They say it is more beneficial to buy new jewellery from the same shop where the old gold is sold or exchanged. Since jewellers include their profit margin in every transaction, dealing with two different shops could result in customers losing money twice. Traders have also warned customers about jewellery studded with precious stones. When such ornaments are sold, the weight of the stones is deducted, and customers are paid only for the actual gold weight. Buyers should keep this in mind while purchasing or exchanging studded jewellery, they said.