Dubai gold and diamond prices undercut Indian market

Dubai's gold market remained well above previous lows in June 2026, with 24‑karat gold quoted around Dh 521 per gram, a slight pull‑back from earlier highs but still above the Dh 520 level. Prices were supported by safe‑haven demand and were influenced by Middle‑East geopolitical tensions that have been priced as inflation risk rather than traditional haven buying. Analysts noted that the prospect of a U.S.–Iran interim peace and upcoming Federal Reserve policy decisions could further affect gold’s trajectory.

Diamond jewellery in Dubai is reported to be 5‑20 % cheaper than in India, driven by the UAE’s zero import duty and a 5 % refundable VAT compared with India’s 5 % import duty and 3 % GST. Industry executives said the price gap widens on larger solitaires and high‑value pieces, with market competition, efficient supply chains and strict certification (GIA/IGI) boosting consumer confidence. The emirate’s status as a global trading hub and the large Indian tourist population amplify demand.

In India, gold prices on June 19, 2026 were around Rs 14,950 per gram for 24‑karat gold and Rs 13,704 per gram for 22‑karat gold, with regional variations across Delhi, Mumbai, Kolkata and Chennai. Silver prices hovered near Rs 2,59,900 per kilogram. These domestic rates reflect global market trends, currency movements and local jewellery demand, especially ahead of festive seasons.