News DeskDubai, UAE – Dubai, long hailed as the global epicenter for gold and diamond trade, is poised to launch a second Gold and Lifestyle Hub in Bur Dubai to meet skyrocketing consumer demand fueled by population growth, tourism, and record-high gold prices. The announcement, made by the Unique World Group, underscores the emirate’s ambition to consolidate its dominance in the $270 billion global jewellery market, projected to exceed $330 billion by 2026.
Record Demand, Bullish Trends
In 2024, Dubai’s gold sector shattered records, with Q4 trade hitting $111 billion and annual transactions reaching an unprecedented $382 billion, according to the World Gold Council. The UAE now ranks second globally in per capita gold jewellery consumption (5.07 grams), trailing only Hong Kong. Despite a dip in early 2024, the nation remains the fifth-largest gold jewellery market, buoyed by tax-free shopping, cultural significance, and gold’s status as a safe-haven asset.
“A 300% surge in gold trade flows from 2023 to 2024 reflects Dubai’s insatiable appetite,” the Council noted. Gold prices soared to $2,700 per ounce in 2024, up from a 2023 range of $1,812–$2,142, amplifying both investor and consumer interest.
New Hub to Complement Heritage
While the iconic Dubai Gold Souq remains a cornerstone, the emirate’s population surge—projected to exceed 10.8 million nationwide—and an influx of tourists demanding luxury shopping experiences have necessitated expansion. The new hub, spearheaded by Unique World Group, aims to cater to evolving tastes with trendy collections and seamless accessibility.
“Dubai’s rapid growth and its allure as a ‘City of Gold’ demand innovative solutions,” said Sulaiman TM, Chairman of Unique World Group. “This hub will serve residents and tourists alike, ensuring Dubai stays ahead in the global jewellery arena.”
Global Context
The UAE’s annual gold jewellery demand stands at 40 tonnes, tying with Russia. Globally, China leads jewellery consumption (630 tonnes in 2023), followed by India (562 tonnes). Meanwhile, the U.S. holds the largest gold reserves (8,133 tonnes), while investment demand for bars and coins thrives in China (280 tonnes).
Unique World Group’s Strategic Pivot
The Dubai-based conglomerate, founded by Indian entrepreneur Sulaiman TM, is diversifying beyond its core sectors—business centers, education, and real estate—to tap into the lucrative gold trade. With over 500,000 businesses impacted since 1998, the group sees the hub as a catalyst for Dubai’s economic ambitions.
“As Dubai’s population and tourist numbers climb, this hub will redefine luxury shopping,” added Managing Director Mohammed Suhaib. “It’s not just about gold—it’s about lifestyle, innovation, and sustaining Dubai’s golden legacy.”
Looking Ahead
The new hub signals Dubai’s readiness to harness digitalization and shifting consumer trends, ensuring its status as a global jewellery powerhouse. With gold’s market cap nearing $15.8 trillion and prices on a bullish trajectory, the emirate’s golden future appears brighter than ever.
