In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers

In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers
Dubai has been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders. (AFP file photo)
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Updated 22 April 2025

In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers

In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers
  • Bullion prices have hit record highs above $3,400 an ounce
  • US tariffs and other factors have added fire to already hot demand for gold

DUBAI: In the bustling Gold Souk in Dubai, dubbed the “City of Gold,” 22-karat gold jewelry is a traditional favorite for weddings, religious celebrations, and as a family investment.
Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers look to diamonds and lighter gold jewelry, instead.
While US tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewelry, according to Andrew Naylor, head of Middle East and Public Policy at the World Gold Council (WGC).
“In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewelry demand.”
At Dubai’s Gold Souk, retailers said they are seeing this trend, as current prices prompt shoppers to look for alternatives.
“There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.
“It’s a little bit tough to afford gold, so I think it’s better to go with diamonds,” said Lalita Dave, 52, as she browsed around the Gold Souk.
Lab-grown diamonds
Dubai has been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewelry for adornment and investment.
Yet as gold prices rose 27 percent last year, demand for gold jewelry in the UAE fell by around 13 percent, outpacing an 11 percent drop globally, according to the WGC.
Jewellery demand could face further pressure across key regions in 2025 if gold prices remain elevated or volatile, the WGC said in its gold demand trends report published in February.
Price swings, more than price levels, are increasingly shaping consumer behavior, particularly in India, it noted.
Shifts in Indian purchasing patterns often ripple through Gulf markets such as the UAE, where buyers are a key driver of sales.
Goldman Sachs recently raised its end-2025 gold forecast to $3,700 per ounce and said prices could climb as high as $4,500.
“Higher gold prices are likely to dampen demand for jewelry, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.
One sign of economizing has been the rise of lab-grown diamonds.
India exported $171 million worth of lab-grown diamonds to the UAE in 2024, up almost 57 percent from $109 million two years earlier, data from the Gem and Jewellery Export Promotion Council showed.
India’s exports of cut and polished diamonds to the UAE in the April–November 2024 were up 3.7 percent.
UAE ranked third in global diamond imports in 2023, trade data shows, its primary trade partners including India, South Africa, and Belgium.
While the UAE accounted for just 1.5 percent of the global diamond jewelry market by revenue in 2023, it is projected to grow by 5.9 percent annually to reach nearly $2 billion by 2030, according to Grand View Research.
That outpaces the global growth forecast of 4.5 percent and makes the UAE the fastest growing market in the Middle East and Africa.
Trade tensions
One impact from recent trade tensions with the US has been accelerated talk about finding alternative markets and production hubs, two executives at major Indian diamond exporters said.
If tensions persist, potentially spanning years, one of the sources speaking to Reuters on condition of anonymity said his company’s contingency plans included shifting some Indian production overseas, including to the UAE.
Shamlal Ahamed, managing director of international operations at retailer Malabar Gold & Diamonds, said the rise in lab-grown diamond jewelry sales in the UAE appeared to be driven more by design preferences than pricing and he remained bullish on gold jewelry demand.
“While price-conscious buyers may wait for a dip, our experience shows that such declines are often short-lived, with buyers quickly adapting to new price levels.”


Indians stretch, breathe and balance to mark International Day of Yoga

Indians stretch, breathe and balance to mark International Day of Yoga
Updated 21 June 2025

Indians stretch, breathe and balance to mark International Day of Yoga

Indians stretch, breathe and balance to mark International Day of Yoga
  • Yoga is one of India’s most successful cultural exports after Bollywood

NEW DELHI: Tens of thousands of people across India stretched in public parks and on sandy beaches Saturday to mark the 11th International Day of Yoga.
The mass yoga sessions were held in many Indian states, where crowds attempted various poses and practiced breathing exercises. Indian military personnel also performed yoga in the icy heights of Siachen Glacier in the Himalayas and on naval ships anchored in the Bay of Bengal.
Similar sessions were planned in countries like Malaysia and Indonesia.
“I feel that yoga keeps us spiritually fit, mentally fit and helps us manage stress. That’s why I feel that people should take out at least 30 minutes every day for yoga to keep themselves fit,” said Rajiv Ranjan, who participated in an event in the Indian capital of New Delhi.
Yoga is one of India’s most successful cultural exports after Bollywood. It has also been enlisted for diplomacy under Prime Minister Narendra Modi, who has harnessed it for cultural soft power as the country takes on a larger role in world affairs.
Modi persuaded the UN to designate the annual International Day of Yoga in 2014. The theme this year was “Yoga for One Earth, One Health.”
Modi performed yoga among a seaside crowd in the southern city of Visakhapatnam city, and said “Yoga leads us on a journey toward oneness with world.” Amid a checkerboard of yoga mats covering the beach, Modi took his spot on a mat and did breathing exercises, backbends and other poses.
“Let this Yoga Day mark the beginning of Yoga for humanity 2.0, where inner peace becomes global policy,” he said.
As Modi has pushed yoga, ministers, government officials and Indian military personnel have gone on social media to show themselves folding in different poses.
In capital New Delhi, scores of people from all walks of life and age groups gathered at the sprawling Lodhi Gardens, following an instructor on stage.
“Yoga for me is like balancing between inner world and outer world,” said Siddharth Maheshwari, a startup manager who joined the event.


Netherlands returns 119 looted artifacts known as Benin Bronzes to Nigeria

Netherlands returns 119 looted artifacts known as Benin Bronzes to Nigeria
Updated 20 June 2025

Netherlands returns 119 looted artifacts known as Benin Bronzes to Nigeria

Netherlands returns 119 looted artifacts known as Benin Bronzes to Nigeria

ABUJA, Nigeria: The Netherlands on Thursday returned 119 artifacts looted from Nigeria, including human and animal figures, plaques, royal regalia and a bell.
The artifacts, known as the Benin Bronzes and mostly housed in a museum in the city of Leiden, were looted in the late 19th century by British soldiers.
In recent years, museums across Europe and North America have moved to address ownership disputes over artifacts looted during the colonial era. They were returned at the request of Nigeria’s National Commission for Museums and Monuments.
During the handover ceremony in Edo State, Oba Ewuare II, the monarch and custodian of Benin culture, described the return of the artifacts as a “divine intervention.” The Benin Bronzes were returned at the request of Nigeria’s National Commission for Museums and Monuments.
The restitution is a testament to the power of prayer and determination, the monarch said.
The Dutch government is committed to returning artifacts that do not belong to the country, said Marieke Van Bommel, director of the Wereld Museum.
Olugbile Holloway, the commission’s director, said the return of 119 artifacts marks the largest single repatriation to date and that his organization is working hard to recover more items looted during colonial times.
Nigeria formally requested the return of hundreds of objects from museums around the world in 2022. Some 72 objects were returned from a London museum that year while 31 were returned from a museum in Rhode Island.
The Benin Bronzes were stolen in 1897 when British forces under the command of Sir Henry Rawson sacked the Benin kingdom and forced Ovonramwen Nogbaisi, the monarch at the time, into a six-month exile. Benin is located in modern-day southern Nigeria.


Napoleon’s iconic bicorne hat and personal treasures expected to fetch millions in Paris

Napoleon’s iconic bicorne hat and personal treasures expected to fetch millions in Paris
Updated 20 June 2025

Napoleon’s iconic bicorne hat and personal treasures expected to fetch millions in Paris

Napoleon’s iconic bicorne hat and personal treasures expected to fetch millions in Paris

PARIS: After Hollywood’s “Napoleon” exposed the legendary emperor to a new generation, over 100 relics — which shaped empires, broke hearts and spawned centuries of fascination — are on display in Paris ahead of what experts call one of the most important Napoleonic auctions ever staged.
His battered military hat. A sleeve from his red velvet coat. Even the divorce papers that ended one of history’s most tormented romances — with Josephine, the empress who haunted him to the end.
Two centuries after his downfall, Napoleon remains both revered and controversial in France — but above all, unavoidable. Polls have shown that many admire his vision and achievements, while others condemn his wars and authoritarian rule. Nearly all agree his legacy still shapes the nation.
“These are not just museum pieces. They’re fragments of a life that changed history,” said Louis-Xavier Joseph, Sotheby’s head of European furniture, who helped assemble the trove. “You can literally hold a piece of Napoleon’s world in your hand.”
From battlefields to boudoirs
The auction — aiming to make in excess of 7 million euros  — is a biography in objects. The centerpiece is Napoleon’s iconic bicorne hat, the black felt chapeau he wore in battle — with wings parallel to his shoulders — so soldiers and enemies could spot him instantly through the gunpowder haze.
“Put a bicorne on a table, and people think of Napoleon immediately,” Joseph said. “It’s like the laurel crown of Julius Caesar.”
The hat is estimated to sell for at least over half a million dollars.
For all the pageantry — throne, swords, the Grand Eagle of the Legion of Honor — the auction’s true power comes from its intimacy. It includes the handwritten codicil of Napoleon’s final will, composed in paranoia and illness on Saint Helena.
There is the heartbreakingly personal: the red portfolio that once contained his divorce decree from Josephine, the religious marriage certificate that formalized their love and a dressing table designed for the empress. Her famed mirror reflects the ambition and tragedy of their alliance.
“Napoleon was a great lover; his letters that he wrote are full of fervor, of love, of passion,” Joseph said. “It was also a man who paid attention to his image. Maybe one of the first to be so careful of his image, both public and private.”
A new generation of exposure
The auction’s timing is cinematic. The 2023 biopic grossed over $220 million worldwide and reanimated Napoleon’s myth for a TikTok generation hungry for stories of ambition, downfall and doomed romance.
The auction preview is open to the public, running through June 24, with the auction set for June 25.
Not far from the Arc de Triomphe monument dedicated to the general’s victories, Djamal Oussedik, 22, shrugged: “Everyone grows up with Napoleon, for better or worse. Some people admire him, others blame him for everything. But to see his hat and his bed, you remember he was a real man, not just a legend.”
“You can’t escape him, even if you wanted to. He’s part of being French,” said teacher Laure Mallet, 51.
History as spectacle
The exhibition is a spectacle crafted by celebrity designer Jean-Charles de Castelbajac, famed for dressing Lady Gaga and Pope John Paul II.
“I wanted to electrify history,” Castelbajac said. “This isn’t a mausoleum, it’s a pop culture installation. Today’s collectors buy a Napoleon artifact the way they’d buy a guitar from Jimi Hendrix. They want a cabinet of curiosities.”
He’s filled the show with fog, hypnotic music and immersive rooms. One is inspired by the camouflage colors of Fontainebleau. Another is anchored by Napoleon’s legendary folding bed. “I create the fog in the entrance of the Sotheby’s building because the elements of nature were an accomplice to Napoleon’s strategy,” the designer said.
Castelbajac, who said his ancestor fought in Napoleon’s Russian campaign, brought a personal touch. “I covered the emperor’s bed in original canvas. You can feel he was just alone, facing all he had built. There’s a ghostly presence.”
He even created something Napoleon only dreamed of. “Napoleon always wanted a green flag instead of the blue, white, red tricolore of the revolution,” he said, smiling. “He never got one. So I made it for Sotheby’s.”


Trump shows off giant new flagpoles, boasts of them as ‘the largest you’ll ever see’

Trump shows off giant new flagpoles, boasts of them as ‘the largest you’ll ever see’
Updated 19 June 2025

Trump shows off giant new flagpoles, boasts of them as ‘the largest you’ll ever see’

Trump shows off giant new flagpoles, boasts of them as ‘the largest you’ll ever see’
  • At 27 meters tall, the flagpoles are nowhere close to the world’s tallest, including one from Jeddah

WASHINGTON: US President Donald Trump took time out Wednesday from deliberating on whether to bomb Iran to unveil two huge new flagpoles that he claimed are among the best in the world.
Trump, 79, saluted as a giant Stars and Stripes flag was raised on one of the 88-foot (27-meter) poles in a brief ceremony on the South Lawn of the White House.
The billionaire real estate tycoon, who built his career on brash displays of wealth, said he was personally paying for each of the $50,000 poles.
And he could not resist some nationalistic hyperbole about the size and quality of the new additions.
“This is about the largest you’ll ever see,” Trump told reporters. “These are the best poles anywhere in the country — in the world actually.”eeeeee
The poles are, however, 12 feet shorter than originally advertised by the White House, which said when it announced Trump’s plan in April that they would be 100 feet tall.

They are also nowhere close to the world's tallest flagpoles, including 's (561-feet (171-meter) high Jeddah Flagpole, which was completed in September 2014, this was previously the world record holder for several years.

Trump also said the pole on the South Lawn — the famed expanse of grass with a vista that leads to the Jefferson Memorial — was “very far” from where Marine One lands, when asked if it could cause any issues for the helicopter.

WORLD'S TALLEST FLAGPOLES

1. Egypt's Cairo flagpole (New Administrative Capital, Cairo: 201.952 meters (662.57 feet) - completed in December 2021.

2. Azerbaijan's National Flag Square flagpole 2 (Baku, Azerbaijan): 191 meters (626.64 feet) unveiled in August 2024.

3. Saint Petersburg Flagpoles (Saint Petersburg, Russia): 175 meters (574 feet) - unveiled in June 2023.

4. Jeddah Flagpole (King Abdullah Square, Jeddah): 171 meters (561 feet) - completed in September 2014.

5. Dushanbe Flagpole (Dushanbe, Tajikistan): 165 meters (541 feet) - completed in May 2011. 6. Kijong-dong Flagpole (Kijong-dong, North Korea): 160 meters (525 feet) - Built in 1982, this flagpole held the record for the tallest for many years.

( Source: Google Gemini compilation)

The second flagpole was being installed on the North Lawn at the front of the White House.
The giant flags are the latest part of Trump’s sweeping makeover of 1600 Pennsylvania Avenue since he returned to power in January.
The Republican is paving over the famed Rose Garden and has blitzed the Oval Office with gaudy gold decorations. He also has plans to build a new ballroom.
For the flag-raising ceremony, Trump was accompanied by a group including Charles Kushner, the new US ambassador to France and father of Trump’s son-in-law.

Kushner, a real estate executive who spent time in federal prison after pleading guilty in 2004 to tax evasion, among other crimes, was pardoned by Trump in 2020, near the end of his first term.

Trump’s eldest daughter Ivanka in 2009, served as the president’s adviser during his first term, notably on conflict in the Middle East. The Middle East overshadowed the debut of Trump’s new flagpoles, with the president facing a series of questions from reporters about whether the United States would join Israel’s airstrikes on Iran.
“I may do it, I may not do it,” Trump said when asked.


Review: Shawn Chidiac’s stand-up comedy shows London what ‘Laughing in Translation’ is

Review: Shawn Chidiac’s stand-up comedy shows London what ‘Laughing in Translation’ is
Updated 20 June 2025

Review: Shawn Chidiac’s stand-up comedy shows London what ‘Laughing in Translation’ is

Review: Shawn Chidiac’s stand-up comedy shows London what ‘Laughing in Translation’ is
  • Shawn Chidiac is one of the best up-and-coming Arab comedians with over 645,000 followers on Instagram
  • His comedic qualities stem from his ability to perform personas and accents inspired by the people he interacts with in Dubai

LONDON: The stand-up comedian Shawn Chidiac’s first challenge upon arriving in London last week was getting used to looking right before crossing the road. However, when he finally did, he bumped into a cyclist who swore at him and sped off.

Chidiac, who is based in the UAE, swore back angrily at the cyclist, an act he would not do in Dubai but felt compelled to since he was on an island where 57 percent of people swear most days. He was in the UK to perform “Laughing in Translation,” his first solo stand-up comedy show since he became a full-time comedian and content creator in 2023.

With over 645,000 followers on his page on Instagram, he is one of the best up-and-coming Arab comedians. Chidiac’s parents are, indeed, divorced, and the audience at the nearly sold-out show at Shaw Theatre needed no reminder of this. Some of them were eager to share with him that their parents were also divorced.

 The UAE-based comedian Shawn Chidiac performs his ‘Laughing in Translation’ stand-up comedy show at Shaw Theatre in London, UK, June 15, 2025. (AN Photo: Bahar Hussain)

In a previous conversation with Arab News, the comedian said he likes “connecting as many people as possible through (comedy stories about my) upbringing. Whoever has lived in the Gulf will have a similar story or narrative in their minds.”

Before delving into his childhood and adult life experiences in Dubai, he guided the audience through a brief inner journey, using the commanding, deep voice of an Indian yoga guru, asking them to close their eyes, take a deep breath, and exhale. The audience — mostly young people, some of whom were Arabs or had Arab roots — struggled to maintain a sense of calm.

One of Chidiac’s comedic qualities is his ability to perform personas and accents inspired by the people he interacts with or has witnessed throughout his life in the Gulf, which became a melting pot of nationalities, languages, religions, and cultures. He was born in Canada to a family originally from Lebanon, but they later moved to Dubai, where he was primarily raised by his mother.

He told the crowd that he went to the Speaker’s Corner in Hyde Park, expecting an English narrator dressed in a three-piece suit, similar to those he had seen in “Downton Abbey” and other historical TV dramas. Instead, he encountered a man from Punjab complaining about the increasing number of immigrants in the UK.

Audience attending Shawn Chidiac's ‘Laughing in Translation’ stand-up comedy show at Shaw Theatre in London, UK, June 15, 2025. (AN Photo: Bahar Hussain)

Thanks to the “Chinese DVD man” who roamed the neighborhoods of Dubai, Chidiac was able to keep up with the latest comedy shows and newly released films that his classmates were watching while he attended an expensive school where he was the poorest student. As he was known, the “Chinese DVD man” always had a secret compartment in his suitcase, which did not contain action, racing, or historical movies but another, unnamed genre that sold out quickly.

Chidiac told Arab News that such stories “(come from) the people I know and see, and the things I do, and my interaction with them. So, the more interaction I have, the better it is, which is hard because I’m a massive introvert.”

His interactions in Dubai span many nationalities and cultures. Whether in hospital, where he recently endured the ordeal of kidney stones and had to communicate with a Filipino nurse and an Egyptian doctor, or on a horse riding date with a British woman, which unexpectedly landed him in the sand. When the doctors presented him with options for removing the kidney stones, he chose the shockwave lithotripsy. “As an Arab, I chose the explosives,” he said.