International News
Gold Rush in Reverse: Dubai’s NRIs are cashing out as Middle East crisis deepens
Unbranded jewellers are absorbing upward of 100 seller visits per day, purchases at approximately 1kg daily.
The escalation of the Israel-Iran conflict has triggered a measurable behavioral shift among Indian expatriates in Dubai’s gold market. Rather than holding gold as a long-term store of value, a growing segment of NRI investors is liquidating positions — a response that reveals how geopolitical stress reshapes asset allocation decisions in real time.
Scale and Velocity of Selling Pressure
On-the-ground data from Dubai Gold Souk retailers points to sustained selling momentum. Unbranded jewellers are absorbing upward of 100 seller visits per day, with aggregate purchases running at approximately one kilogram daily. The sellers span both retail jewellery holders and those liquidating gold bars — a sign that the liquidation cuts across asset classes within the gold category, not just ornamental holdings.
Structural Drivers Behind the Sell-Off

Three converging factors are accelerating the trend. First, capital mobility: unlike equities or bank deposits, physical gold cannot be digitally transferred, and cross-border transport faces hard regulatory limits — duty-free allowances cap at 40g for women and 20g for men, with a 5% levy on quantities up to one kilogram. In a flight-to-liquidity scenario, cash simply moves faster. Second, currency dynamics: the rupee’s slide to 25.02 against the dirham (from 24.85 days prior) is improving the remittance calculus, incentivizing NRIs to convert gold proceeds and repatriate funds to India. Third, USD appreciation is drawing the more affluent segment toward parking sale proceeds in offshore USD-denominated accounts rather than repatriating.
Pricing and Discount Behavior

The selling pressure is exacting a cost. Unbranded stores are bidding at a 4–5% discount to spot, with buy prices running at AED 583–589 per gram against a market rate of AED 613.25 per gram for 24K gold. Some retailers are offering structured discounts — AED 3 per 10g and AED 5 per 50g. Branded players such as Tanishq, Malabar, and Joyalukkas have maintained price discipline, transacting only at prevailing market rates and limiting buybacks to their own merchandise.
Risk Management on the Buy Side
Jewellers absorbing this supply are not holding unhedged inventory. Given price volatility, most are simultaneously offsetting positions in the futures market — a rational response to the dual risk of further price correction and logistical constraints on physical gold movement.
Strategic Takeaway
This episode illustrates a well-documented pattern: in periods of acute geopolitical uncertainty, gold’s liquidity advantage over real estate or private holdings makes it the first asset sold, not the last. For NRI wealth managers and advisors, the key insight is that gold holdings in high-tension geographies require an explicit contingency liquidation strategy — one that accounts for discount risk, currency timing, and cross-border regulatory constraints before a crisis materializes.
International News
Vicenzaoro September 2026 Closes With Stronger International Footprint
The Five-Day Trade Show Recorded A 4% Increase In Total Visitors Compared With The September 2025 Edition, While International Attendance Rose By 9%.
Vicenzaoro September 2026 concluded on 8 September with further growth in visitor traffic and international participation, reinforcing its position as a key global meeting point for the jewellery, gemstones, precious metals and technology industries. Organised by Italian Exhibition Group (IEG), the five-day trade show recorded a 4% increase in total visitors compared with the September 2025 edition, while international attendance rose by 9%.
The edition marked the first major presentation of the expanded Vicenza Expo Centre following the opening of the new Hall 2. The upgraded infrastructure, combined with the show’s Boutique Show format, brought the jewellery supply chain together under one roof—from manufacturing technologies and machinery at T.Gold to finished jewellery, gemstones, packaging and related services.
International attendance reaches new markets

Vicenzaoro attracted visitors from 136 foreign countries, a 4% increase compared with September 2025. Attendance from Europe grew by 9%, while non-European participation also rose by 9%, reaching 91 countries. Visitors from the United States increased by 2%.
The largest international visitor groups came from:
- The United Kingdom.
- Germany.
- China.
- India.
- Romania.
- Switzerland.
- Spain.
- Denmark.
- Colombia.
- Belgium.
The strongest growth in visitor numbers was recorded from South Korea, Singapore, Kuwait, South Africa, Finland, Norway, Denmark, Indonesia, Cyprus and Saudi Arabia.
India’s presence among the top five international visitor markets underlines the importance of the country to Vicenzaoro’s global strategy and reflects the continued strength of business links between Italian manufacturers and the Indian jewellery trade.
“This growth confirms the work carried out during the transitional editions when construction of the new Hall 2 was underway,” said Matteo Farsura, head of IEG’s Jewellery & Fashion division. He noted that international attendance has risen steadily since September 2024 and, boosted by T.Gold, is now 12% higher despite an increasingly complex global environment.
MAECI and ICE programme delivers 910 buyers
The show’s international business programme, organised in collaboration with Italy’s Ministry of Foreign Affairs and International Cooperation (MAECI) and the Italian Trade Agency, brought 700 hosted international buyers to Vicenza. A further 210 Italian buyers participated, taking the total number of hosted trade visitors to a record 910.
The buyers represented 73 countries and were reported to be 33% higher in number than at the September 2025 edition.
Farsura said the programme was designed not only to increase visitor numbers but also to identify buyers according to the profiles of exhibiting companies and the markets they serve. The network of approximately 70 Italian Trade Agency offices worldwide played a significant role in supporting the initiative.
New Hall 2 reshapes the exhibition
The opening of Hall 2 represented a significant milestone in IEG’s development of the Vicenza Expo Centre. The two-storey facility covers approximately 23,000 square metres and connects Halls 1, 3, 4 and 6, improving movement across the exhibition complex and creating a more integrated environment for exhibitors and visitors.
The expanded layout hosted 1,300 exhibiting brands from 40 countries, with international exhibitors accounting for 45% of the total. T.Gold, the specialised exhibition dedicated to jewellery manufacturing technologies and machinery, was brought inside the Expo Centre for the first time, strengthening the show’s ability to present the complete value chain in a single location.
In a period marked by uncertain demand, margin pressure and changing consumer expectations, the format enabled Vicenzaoro to combine commercial activity with a focus on innovation, production efficiency and future market trends.
CIBJO centenary adds global relevance
A major feature of the September edition was the centenary congress of CIBJO, the World Jewellery Confederation. Led by President Gaetano Cavalieri, CIBJO brings together the international jewellery industry around standards, nomenclature, responsible business practices and consumer confidence.
Held in Vicenza to mark the organisation’s 100th anniversary, the congress attracted more than 600 delegates, including representatives of luxury groups, mining companies, retailers, laboratories and other parts of the global supply chain.
The congress addressed several of the industry’s most pressing issues, including sustainability, market transparency, the classification of natural and laboratory-grown diamonds and coloured stones, and the need to strengthen consumer trust. Its presence further positioned Vicenzaoro as a forum where businesses, associations and institutions can discuss the structural changes shaping the jewellery sector.
Networking remains central to the show
Beyond its exhibition and sourcing functions, Vicenzaoro continued to emphasise the value of professional relationships. The event provided a platform for companies, buyers, institutions, associations and international industry leaders to exchange views and develop new commercial connections.
This networking-led approach has become one of the show’s defining characteristics, allowing business discussions to extend beyond individual transactions to wider conversations on market development, technology, distribution and consumer behaviour.
The September edition also featured the ninth edition of VO Vintage, which brought together 53 selected exhibitors specialising in vintage and modern jewellery and watches. The event, open to the general public, combined sales with an educational programme featuring expert speakers and initiatives aimed at strengthening interest in watchmaking culture.
Broad industry support
Vicenzaoro’s strategic partners include MAECI and the Italian Trade Agency. Its international partners are CIBJO, GJEPC India, the Hong Kong Jewellery & Jade Manufacturers Association and Francéclat.
National partners include Confindustria Federorafi, Confcommercio Federpreziosi, Confartigianato Orafi, CNA Orafi, Club degli Orafi Italia, Confimi Industria’s Gold and Silver Category, Assogemme, Assocoral and AFEMO. The regions of Sicily and Campania also participated as institutional representatives.
IEG’s jewellery calendar will continue with JGTD—Jewellery, Gems and Technology in Dubai—from 27 to 29 October 2026. Italy’s jewellery industry will meet next at the Valenza Gem Forum on 22 October and the Italian Jewellery Summit in Arezzo on 3 December.
The next edition of Vicenzaoro and T.Gold will take place from 15 to 19 January 2027, while VO Vintage is scheduled for 15 to 18 January 2027.
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