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Dubai jeweller Bafleh cuts gold imports 20-30% due to $3,600/oz price surge, shifting to lighter designs.
Bafleh Jewellery, a major Dubai-based importer of Indian jewellery, has cut gold import volumes by 20% to 30% in the first eight months of the current financial year, dropping from 1.2 tonnes to 600–700 kilograms, due to a sharp rise in gold prices from $2,200 to $3,600 per ounce within three months.
Despite higher import values, physical volumes declined as soaring costs pressured consumer demand.
In response, the company is shifting to lighter designs and lower-karat gold, working with Indian suppliers to maintain quality while reducing gold content.
While duty-free imports under Dubai’s SIPA agreement with India offer some advantage, overall business has declined by 30% to 40%.
African markets still prefer heavier pieces, while Australian clients use barter systems to avoid price volatility.
The company emphasizes Indian jewellery’s handmade craftsmanship as a key competitive edge globally.
El joyero de Dubai Bafleh reduce las importaciones de oro en un 20-30% debido a un aumento de precios de $ 3,600 por onza, cambiando a diseños más ligeros.