Why India’s gold billionaires in Dubai are facing a slowdown

Demand for jewellery in the UAE dropped 16% by tonnage in the second quarter compared to the same period last year because of a recent regulatory change

In Dubai, fresh fortunes are being minted by the day as new talent and capital flock to the region. But many of the big gains in individual wealth are being driven by some of the city’s longest-standing visitors.
A select group of Indian entrepreneurs, benefiting from the subcontinent’s cultural and historical ties to the Gulf, are transforming the retail gold market in the booming United Arab Emirates city, turning a once-fragmented sector into empires of glitzy showrooms and vertically-integrated supply chains.