The record high prices of gold are impacting the demand for gold jewelry in Dubai's Gold Souk, with buyers turning to diamonds and lighter gold jewelry instead. The increase in gold prices has led to a decrease in demand for gold jewelry, while interest in gold as a safe-haven asset remains strong. The rise in lab-grown diamond jewelry sales in the UAE is driven by design preferences rather than pricing. Despite the current trend, some experts believe that declines in gold jewelry demand are often short-lived, with buyers quickly adapting to new price levels.