The year’s second quarter has begun by showing that precious commodities are entering a more selective phase after the extreme volatility seen earlier in the year, according to Commercial Bank of Dubai’s (CBD) most recent market analysis.

Gold continues to draw support from geopolitical uncertainty (mainly crude price movements) and reserve diversification, silver is responding to industrial and speculative demand, while diamonds are navigating uneven recovery across inventory and ownership structures.

Gold and silver ratio widens

One of the clearest indicators of changing market conditions remains the gold-silver ratio, which measures how many ounces of silver equal one ounce of gold. Historically, lower ratios have coincided with inflationary booms and commodity rallies, when silver outperformed gold, while higher ratios have appeared during recessions and financial stress, when gold strengthened faster, the CBD analysis showed.

Over the past five decades, the ratio has ranged from nearly 27:1 during the 1979–1980 commodity rally to above 80:1 during recessionary periods such as 1991 and 2019–2020. In 2011, silver’s rally toward $50 per ounce compressed the ratio to roughly 45:1 as gold approached US$1,900 per ounce.

The Covid-19 crisis produced some of the sharpest movements on record. Gold prices rose on safe-haven demand and central-bank buying while silver’s industrial demand weakened significantly. The ratio briefly crossed 120:1 in March 2020 before averaging 86:1 across the year.

However, the recent movements have remained volatile. The ratio widened toward 100:1 in early 2025 as gold climbed above $3,400 per ounce while silver lagged. By late 2025, the ratio eased back into the 70:1–80:1 range as silver partially recovered. Early 2026 saw another sharp adjustment following tariff announcements and simultaneous inflows into both metals. Gold moved above $5,000 per ounce while silver surged beyond $100 per ounce, compressing the ratio into the low 50s before stabilising closer to historical averages.

Over the last 50 years, the ratio has broadly averaged between 50:1 and 70:1. Ratios above 80:1 have often coincided with recessionary conditions and financial stress, while lower ratios have historically appeared during periods of strong commodity momentum and inflation. During the 1980 commodity peak, the ratio briefly approached 17:1. During the 2020 market dislocation, it reached approximately 125:1.

The recent divergence reflects structural differences between the two metals. Gold continues to behave primarily as a monetary asset supported by reserve diversification, central-bank buying and geopolitical uncertainty. With India announcing sharp hike in import duty on Gold, the situation is fast evolving and regional indicators may shift. Meanwhile, Silver has become increasingly tied to industrial production, green-energy applications, electronics demand and tighter mining supply conditions, thereby reflecting commodity characteristics to a monetary metal .

Diamonds on uneven recovery

The diamond market has also shown divergence across pricing and demand segments. Polished diamond prices rose 11.6 per cent year-on-year during the first quarter of 2026, indicating gradual recovery in downstream demand. Rough diamond prices, however, declined 27 per cent due to weaker immediate buying interest and continued caution across manufacturing and trading segments.

Antwerp trading volumes improved during the quarter, supported partly by temporary shifts in business activity from the UAE following the recent Middle East conflict. Rough import volumes increased 35.7 per cent although value growth remained limited to 3.7 per cent, reflecting continued pricing pressure within rough markets. As rough pricing remains linked to polished yield expectations, sustained improvement in polished pricing may eventually provide support for rough markets.

Also interesting is the recent US retail activity ahead of Mother’s Day indicating stable demand for larger round stones and elongated fancy shapes. Larger US wholesalers continued to outperform smaller players due to stronger access to scarce inventory, reinforcing growing bifurcation across the market.

Production cuts have also continued to support pricing for larger and higher-quality diamonds (>2ct), while Indian manufacturing activity entered a seasonal slowdown during May. De Beers reported first-quarter 2026 sales of $648m, up 25 per cent year-on-year following price reductions introduced in January 26. Market attention is now turning toward the JCK Las Vegas show scheduled between May 29 and June 1.

Structures shifting in luxury jewellery

Structural shifts are becoming more visible across the luxury jewellery sector. Kering Jewellery (parent of ‘Gucci’), built through acquisitions including Boucheron, Pomellato, DoDo and Qeelin, has expanded to approximately 150 boutiques globally. Since 2016, the group has focused on directly operated stores and productivity-led expansion, particularly across Japan and Asia-Pacific.

In the first quarter of 2026, Kering Jewellery reported revenues of EUR269m, rising 14 per cent year-on-year, while volumes increased 22 per cent despite softer diamond pricing. The performance contrasted with a broader 6 per cent decline at group level, driven largely by weakness at Gucci and pressures linked to the Middle East environment.

At the same time, Anglo American’s planned divestment of its 85 per cent stake in De Beers remains one of the industry’s most closely watched developments. Three bidding groups have emerged, including a consortium led by former De Beers CEO Gareth Penny, and Pluczenik; Swiss sightholder Diacore led by Nir Livnat; and Burgundy Diamond Mines chairman Michael O’Keeffe, whose group brings upstream mining exposure through Canada’s Ekati mine.

Botswana, which already holds a 15 pr cent stake in De Beers with pre-emptive rights, has continued to push for greater influence within the ownership structure, while Angola has also expressed interest in participation. The process points toward a more state-influenced ownership structure across the diamond industry.

Recent industry initiatives have also focused on strengthening sentiment around natural diamonds. The first World Diamond Day on April 8 reportedly reached approximately 30 million consumers globally and contributed to a sharp increase in online searches linked to natural diamonds.

Separately, Christie’s Geneva is expected to showcase the 5.50-carat Ocean Dream blue-green diamond in May, with estimates reaching up to $12.8m. Only two naturally occurring blue-green diamonds are known to exist globally, including Ocean Paradise, discovered in Brazil in 2012.

Different markets, different pressures

The second quarter of 2026 is suggesting that gold, silver and diamonds are responding to separate drivers rather than moving through a single commodity cycle. Gold is linked to reserve diversification and geopolitical uncertainty, the analysis showed.

Silver continues to balance safe-haven demand with industrial consumption and supply constraints. Diamonds are adjusting to tighter inventories, selective luxury demand and a changing ownership landscape across the global supply chain.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, has approved a second economic incentives package worth Dh1.5bn, further strengthening Dubai’s efforts to support businesses and key sectors of the economy.

The latest package comes less than two months after the emirate announced an earlier Dh1bn support programme, bringing the total value of economic incentives introduced by Dubai to Dh2.5bn.

Read more-Dubai rolls out Dhs1bn support package: easing costs, boosting businesses

The newly approved package includes 33 initiatives that will be rolled out over periods ranging from three to 12 months.

Authorities said implementation timelines for each initiative will be announced by the relevant government entities overseeing the measures.

According to a Dubai Media Office report, the incentives span a broad range of sectors including tourism, trade, logistics, education, culture, construction, transport, real estate and government services.

Leadership vision drives economic support

Sheikh Hamdan said the new package reflects Dubai’s long-standing strategy of adapting quickly to changing economic conditions while maintaining growth momentum.

“Under the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has built a distinguished model for adapting to change and turning challenges into opportunities,” Sheikh Hamdan said.

“The close partnership between the public and private sectors places people first, and we continue to listen and respond to ideas and proposals that protect our achievements and ensure continued progress.”

He added that the emirate remains focused on strengthening economic resilience and supporting long-term development plans.

“We remain committed to providing the enablers that support the achievement of Dubai’s strategic plans and development programmes, while further strengthening the resilience that characterises our economy,” Sheikh Hamdan said.

“As part of these efforts, we approved the second package of economic facilitation measures worth Dh1.5bn, further strengthening the measures announced in late March.”

Education sector receives broad support

A significant portion of the incentives package targets Dubai’s education and early childhood sectors, with several relief measures introduced for institutions registered with the Knowledge and Human Development Authority (KHDA).

Private educational institutions will benefit from deferred and instalment-based licence renewal fees, along with the postponement of fines.

Meanwhile, early childhood centres registered with KHDA will receive exemptions from licence renewal fees, fines and Dubai Municipality market fees.

Additional support will be provided through the Knowledge Fund, which announced a range of measures aimed at easing financial pressures on affiliated institutions.

Early childhood centres will benefit from partial rent exemptions and extended rent-free periods for facilities currently under construction.

Educational institutions will also receive support through partial or full exemptions from guarantee insurance requirements for cancelled contracts. Authorities also announced the suspension of contractual penalty clauses, a freeze on scheduled rent increases at renewal, and deferred rental payments.

Relief for tourism, retail and events industries

Dubai’s tourism, retail and events sectors, among the industries most affected by economic disruption, are also set to benefit from a wide-ranging series of exemptions and fee reductions.

Establishments registered with the Dubai Department of Economy and Tourism will be exempt from the collection of Tourism Dirham charges and sales fees applied to hotel rooms and restaurants.

The package also includes exemptions from permit and licence fees for holiday homes, alongside exemptions from event permit charges and cancellation or postponement fees for exhibitions, conferences and events.

Businesses in the tourism sector will additionally benefit from exemptions on fees linked to sales and commercial promotions.

Authorities also announced reduced fees for tour guides and desert safari activities, while tourism companies and hotel establishments will receive deferred payments on e-link fees and classification charges.

Business community to gain financial flexibility

The Dubai Department of Finance announced measures aimed at improving liquidity and easing operational burdens for businesses working with government entities.

Under the new directives, the final retention security required for supply contracts will be reduced from 10 per cent to 2 per cent.

The government also raised the threshold for contracts eligible for exemption from final insurance requirements from Dh5m to Dh10m.

In another move aimed at supporting entrepreneurs and small businesses, the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development said membership licences for companies expiring in 2026 will be extended by two additional years.

Authorities also confirmed targeted support for businesses facing temporary operational challenges.

These include desert safari and camping operators, marina-related businesses, aviation-linked activities, drone and fireworks companies, and event management firms.

Eligible companies will receive a one-time exemption from several fees administered by the Dubai Department of Economy and Tourism and Dubai Municipality, including market fees, employee accommodation allowance charges, general cleaning fees and foreign trade name fees.

Customs, transport and aviation measures introduced

Dubai Customs announced additional measures aimed at facilitating trade and easing financial pressure on importers.

Businesses will be allowed to pay outstanding amounts related to import customs declarations through instalment plans. Authorities also approved an 80 per cent reduction in fines linked to customs cases.

In the transport sector, establishments registered with the Roads and Transport Authority will benefit from deferred payments related to passenger activity sectors.

The authority also confirmed exemptions from violations tied to vehicle availability and arrival time performance indexes.

Dubai Civil Aviation Authority registered establishments will receive reductions in renewal fees for civil aviation activity permits, while late-renewal penalty fees will be suspended.

Real estate and construction sector support

The incentives package also includes measures aimed at supporting the construction and housing sectors.

Dubai Municipality will extend the validity of building permits for construction projects, providing developers with additional flexibility to complete projects.

The Mohammed bin Rashid Housing Establishment will also extend by one year the validity of approvals for housing construction loans granted to UAE nationals.

Dubai officials said the latest package reflects the emirate’s proactive approach to monitoring economic conditions and responding to the needs of businesses across multiple sectors.

Authorities said specialised working groups drawn from Dubai’s economic entities continue to assess challenges facing businesses, particularly small, medium and emerging enterprises.

The government said the ongoing reviews help shape targeted initiatives designed to support both current economic needs and future growth opportunities.

From pirate-themed beach adventures and live theatre to waterfront celebrations and cultural experiences, Sharjah’s Eid Al Adha calendar is shaping up to be packed with family-friendly experiences across the emirate.

Running from May 27 to 30, the programme by Sharjah Investment and Development Authority, better known as Shurooq, stretches across destinations including Al Qasba, Al Majaz Waterfront, Al Heera Beach and Khorfakkan Beach.

Here’s what families can expect this Eid.

1. Pirate-themed beach adventures are taking over Sharjah’s coastline

Children’s play zones at Al Heera Beach and Khorfakkan Beach will transform into immersive “Land of the Pirates” adventure areas during Eid.

Families can expect treasure-map workshops, pirate games, arts and crafts stations, roaming performers and interactive live entertainment throughout the four-day celebration. The activation will also include themed food and beverage offerings, turning both beaches into full-scale family entertainment hubs.

The pirate experiences will take place at Al Heera Beach’s Kids Area in Cluster 2 and Khorfakkan Beach’s Sadaf Kids Area.

2. Masrah Al Qasba is launching its 2026 theatre season with comedy and magic

Eid celebrations this year will also mark the official launch of Masrah Al Qasba’s 2026 live family theatre season.

Opening the programme is “Magic Phil: Staying Silly at Sea,” a family-focused production combining comedy, storytelling, illusion and audience interaction. The performances will run from May 27 to 30.

Beyond the theatre itself, Al Qasba will host themed Eid activities inspired by the show, extending the festive atmosphere across the destination.

For schedules and tickets, visitors can visit Platinumlist UAE.

3. Al Majaz Waterfront is going all in on family entertainment

At Al Majaz Waterfront, families can expect a lively open-air atmosphere centred around the Kids Play Area and Splash Park.

The waterfront destination will feature rides, games, live entertainment and children’s activities throughout the Eid holiday. Visitors will also be able to catch performances at the Sharjah Musical Fountain and take wooden abra rides through the lagoon with Sharjah Boats.

The mix of water views, entertainment and casual outdoor experiences makes it one of the more relaxed Eid destinations for families looking to spend extended evenings outdoors.

4. A beachfront book fair is bringing a quieter cultural side to Eid

For visitors looking for something less high-energy, Al Heera Beach will also host “Books by Al Heera Beach,” a mini beachfront book fair organised in collaboration with Bookends.

Open daily from 5pm to 10pm during Eid, the initiative will allow families to exchange books free of charge and browse affordable titles starting from AED5.

The programme will also feature children’s storytelling sessions, including live storytelling with an author at 7:30pm.

5. UAE heritage and community experiences will be part of the festivities

The “Proud of UAE” initiative will introduce a community-focused layer to the Eid celebrations across Shurooq destinations.

The programme includes traditional performances, face painting, wall art activities, drawing workshops, a 360-degree photo booth experience and a UAE National Pride Gallery designed to celebrate culture and identity through interactive family experiences.

Rather than functioning as standalone entertainment, the initiative appears aimed at weaving Emirati cultural elements into the wider holiday atmosphere.

6. Families can turn Eid into a full Sharjah staycation

Beyond the main Eid programming, families can also extend their holiday plans across other Shurooq destinations around the emirate.

Options include Al Noor Island, Al Montazah Parks and Mleiha National Park, alongside Shurooq-operated hotels and nature retreats offering Eid experiences.

The broader strategy reflects Sharjah’s continued push to position itself as a family-oriented tourism destination with a strong mix of leisure, culture and outdoor attractions.

7. The entire programme is designed as one connected Eid experience

Rather than concentrating festivities in one venue, Shurooq’s Eid strategy this year spreads activities across multiple waterfronts and public destinations throughout Sharjah.

The approach allows families to move between theatre experiences, beach activities, cultural events and outdoor entertainment during the holiday period, creating what the authority describes as a connected celebration across the emirate.

More details on the Eid programme are available through Discover Shurooq Events.

Dubai’s Roads and Transport Authority (RTA) has rolled out an enhanced Seasonal Network initiative for marine transport services, introducing artificial intelligence and predictive analytics to improve operational efficiency and respond more effectively to passenger demand across the emirate.

The initiative is designed to strengthen the flexibility of Dubai’s marine transport network during busy travel periods, including public holidays, tourism seasons and major events, according to a WAM report.

The move forms part of the RTA’s wider strategy to modernise marine public transport services and improve integration with other transport modes across Dubai, as the city continues to witness rapid urban and tourism growth.

Officials said the summer operating plan will come into effect in July and will rely on an integrated big-data system that tracks passenger volumes, occupancy rates and operational revenues. The system is expected to improve forecasting accuracy and support faster operational decision-making.

AI-powered analytics to drive operational planning

Khalaf Belghuzooz Al Zarooni, Director of Marine Transport at RTA’s Public Transport Agency, said the initiative was developed using advanced in-house algorithms and AI-powered analytical tools capable of processing large volumes of operational data from multiple sources.

“The Seasonal Network was developed using advanced in-house algorithms and AI-powered analytical and predictive tools capable of processing and analysing big data from multiple sources,” Al Zarooni said.

“These tools support flexible and dynamic operating plans for the marine transport network. They also help forecast future demand and apply season-specific operating models, striking a balance between meeting customers’ needs and enhancing operational efficiency.”

He added that customer feedback remains a key component in shaping the network’s operations and service planning.

“The network’s development integrates the human element and customer needs alongside the technical dimension,” he said, noting that customer suggestions submitted through approved channels are incorporated into service design and operational planning.

Flexible model designed for future demand

According to Al Zarooni, predictive analytics played a major role in assessing travel patterns and evaluating how different variables affect schedules, service frequency and operational performance.

“The project methodology used predictive analytics to study marine transport usage patterns and assess the impact of different variables on operating schedules and service headways,” he said.

He added that modern computing applications and big-data analytics have enabled the RTA to develop a flexible operating model capable of simulating customer behaviour and forecasting future demand.

The Seasonal Network initiative is implemented separately for each season to ensure uninterrupted customer service while supporting the long-term operational and financial sustainability of Dubai’s marine transport sector.

Dubai is pushing ahead with its plans to integrate drone-based logistics into everyday urban life, with new partnerships extending aerial delivery services from public parks and beaches to private residential communities.

Dubai Municipality has signed an agreement with Keeta Drone to launch drone delivery services across selected public parks and beaches, marking one of the city’s most visible steps yet toward embedding aerial logistics into public infrastructure.

The initiative will enable visitors to place food and beverage orders, access essential items, and use on-demand services via drones, aiming to reduce delivery times and improve convenience in high-footfall leisure destinations.

Officials said the project is part of Dubai’s wider strategy to build smarter, more connected urban environments and test scalable models for future mobility systems across the city.

Bader Anwahi, CEO of the Public Facilities Agency at Dubai Municipality, said the collaboration reflects efforts to design “future-ready public spaces” built around accessibility and convenience.

Keeta Drone President Dr Yinian Mao said the aim is to integrate delivery systems into the rhythm of daily life. “We are exploring how aerial delivery can bring services closer to people in parks and beaches safely and seamlessly,” he said.

Under the agreement, Dubai Municipality will identify and support suitable locations for drone operations, while Keeta Drone will design aerial routes and conduct technical and safety assessments. Initial activations are expected to begin later this year in selected locations.

Read: Keeta Drone’s Junwei Yang on building drone delivery into urban life

Keeta, Sobha sign MoU to introduce drones to support faster last-mile delivery for residents

In a parallel move, Keeta Drone recently signed a memorandum of understanding with Sobha Realty to introduce drone delivery networks within its residential communities, starting with Sobha Hartland.

The partnership positions Sobha Realty as Keeta Drone’s first Smart Community partner in the UAE, with plans to embed aerial logistics into community infrastructure to support faster last-mile delivery for residents.

Sobha Realty MD Francis Alfred said the collaboration reflects a shift in how residential environments are designed. “This is about reimagining how communities function in a rapidly evolving urban landscape,” he said, adding that the company’s vertically integrated model enables the deployment of new technologies at scale.

The agreement was signed in the presence of the Dubai Civil Aviation Authority, which said it supports the responsible rollout of air delivery systems within regulated frameworks.

The partnerships form part of a broader deployment roadmap for Keeta across the UAE and international markets, as demand grows for faster, lower-emission last-mile logistics in dense urban environments.