'City of Gold' in Dubai sees a decline in demand for gold jewellery as bullion prices hit record highs, prompting buyers to look for alternatives such as diamonds and lighter gold jewellery. UAE gold jewellery sales fell by around 13% last year, outpacing the global drop of 11%. Price swings are increasingly shaping consumer behavior, particularly in India, which has a ripple effect on Gulf markets like the UAE. The rise of lab-grown diamonds is another sign of economizing, with India exporting $171 million worth of lab-grown diamonds to the UAE in 2024, up almost 57% from two years earlier.