Dubai: The UAE’s gold market has demonstrated remarkable resilience during a period of geopolitical uncertainty, recording a 15 percent increase in business during March–April 2026 compared to the same period last year. According to the World Gold Council, in the same period in 2025, UAE-wide jewelry sales were 7.9 tons. According to Dubai Jewelry Group, the data that they receive is 15-20 % higher than last yearDespite initial concerns that the ongoing conflict would dampen, especially in a market as globally significant as Dubai’s gold sector—the industry not only withstood the pressure but delivered strong growth. While the early days of the conflict saw a temporary slowdown, seasonal demand drivers such as Eid and Akshaya Tritiya played a crucial role in reviving momentumA notable shift in consumer behavior also contributed to the surge. Younger investors entered the market in increasing numbers, driving unexpected demand for gold bars. Slightly lower prices during the period further encouraged buying activityTawhid Abdulla, Chairman of the Dubai Jewellery Group, said the market benefited from a change in spending patterns. “While a portion of tourists stayed away, many residents who chose not to travel redirected their budgets into gold purchases. In my career, I have not seen such strong demand for gold bars in the Dubai market,” he said.He added that although there was a brief dip in business at the onset of the conflict, it was not alarming. The market relies significantly on the Indian community, and Akshaya Tritiya always generates strong demand. Recently, we even witnessed a gold souk shop transaction valued at AED 7 million, with an additional AED 2 million in key money, reflecting the market’s strength and confidence Abdulla noted that the sector is experiencing one of its strongest periods in the past decade. While some segments were affected, others have seen exceptional growth. The rise of young investors buying gold bars has more than compensated for any shortfall during the conflict period Abdulla Salam, Vice Chairman of Malabar Group, echoed similar sentiments, describing the period as one of the best for the company in terms of sales The first two weeks of March were impacted following the outbreak of the war, but the market rebounded quickly. As gold prices eased, investment demand surged he saidHe added that April, a critical month marking the start of the financial year, delivered strong results We have recorded a 15 percent increase in sales compared to last year. In fact, this was our best-ever Akshaya Tritiya performance, driven largely by strong participation from Indian customersFrom the wholesale perspective, Chandu Siroya, Managing Director of Siroya Jewellers, clarified misconceptions about gold pricing during the conflictThere were reports suggesting gold had become cheaper in Dubai due to the war, but this was a misunderstanding. Some bloggers confused price adjustments with percentage drops. In reality, dealers offered discounts of $20–$30 per ounce to offset holding costs during slower demand periods. This is a standard practice in the bullion market he explainedSiroya added that while initial concerns around sales and insurance coverage arose at the start of the conflict, the market rebounded strongly. “We export gold from 16 countries and supply to 30 markets. Any early losses were more than offset by robust sales during the Eid period. With prices declining and fewer residents travelling, many UAE nationals redirected their spending toward jewellery purchases