Akshaya Tritiya rush in Dubai: Indian diaspora drives surge in demand at the Gold Souk as heavy discounts roll out

The glimmer of the Dubai Gold Souk has intensified this week as the city’s massive Indian diaspora congregates for Akshaya Tritiya. Traditionally considered one of the most auspicious days in the Hindu calendar to purchase gold, the festival has led to a significant surge in demand.

Market analysts report that footfall in major jewellery hubs across Deira and Karama has increased by nearly 40% compared to previous weeks. To capitalise on the influx of shoppers, prominent retailers such as Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers have rolled out "zero making charge" offers on select gold coins and substantial discounts on diamond jewellery.

Incentives for the diaspora

For many in the Indian community, buying gold in Dubai remains a strategic choice due to the city’s reputation for purity and competitive pricing. This year, the competition among retailers has reached new heights.

"Akshaya Tritiya is about inviting prosperity, and we want to make that accessible for every segment of the diaspora," said a spokesperson for the Dubai Gold and Jewellery Group (DGJG) in a press statement. "Many of our members are offering free gold coins on purchases above a certain threshold and pre-booking facilities to protect customers from price fluctuations on the day of the festival," they added.

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The pre-booking feature has been particularly popular, allowing residents to lock in gold rates early, ensuring they aren't hit by a sudden spike in global prices, which currently hover near record highs.

The surge in demand is a critical boost for Dubai’s retail sector. While many shoppers are purchasing traditional heavy bridal sets, there is a growing trend toward "investment-grade" gold, such as 24-karat bars and lightweight 18-karat jewellery for younger consumers.