Dubai Shopping - Buy Gold In Dubai
Out of dozens of attractions in Dubai, shopping is well up there as an activity to match the best of them. And if shopping is there on the top of your list, you won't want to miss the experience of buying gold in the Deira Gold Souk.
Exploring Dubai's Attractions - The Gold Souk
Eternal, universal, virtually indestructible.
It's no secret that many visitors to Dubai come for one thing - to buy gold. $75 billion worth of it was traded in Dubai in 2013. Often the 22 carat type as an investment, although buying gold jewelry comes a close second. And if you want to buy gold in Dubai there are a handful of places to do so.
The number one location is known as the Deira Gold Souk, but you can surprisingly find gold in many forms to buy at the international airport duty free shop, and of course there are a number of big jewellery brands to be found in the malls as well as buying through a bank.
The reasons gold has become synonymous with Dubai is because it is cheaper in the Emirate than in many other places, plus Dubai's location on the global map is perfect in positioning it as a trading crossroads. Combined, these ensure there's plenty of choice and you have many gold vendors to choose from.
Plenty of choice and a substantial number of gold dealers competing against each other for business means that prices are competitive, especially in the Gold Souk. There is no VAT as well on gold in the UAE which also acts to reduce prices further.
Remember though that even if your Dubai gold was cheap you will still have to declare it at customs in your home airport and will have to pay the appropriate taxes in your own country. This particularly affects buyers from India who need to officially declare any gold jewellery valued higher than Rs10,000 on entry to India. Buyers from other countries should be aware of their home country regulations.
Exploring Dubai's Finest - The Deira Gold Souk
If you're interested in buying Dubai gold in bars and not as jewelry then you can access Dubai gold prices online - prices fluctuate throughout the day and you can purchase gold online or in a number of outlets in the city.
If you are having a piece of gold jewelry made in Dubai you will have to pay the price of the gold plus wastage charges (price of the gold wasted during the creation of the piece) plus the cost of the craftsman's work and finally the tax once you re-enter your own country. If you have gold at home you could bring it to one of the stores either in exchange for a new piece, or to be made into a new piece.
Where to Buy Gold in Dubai
There are a few key places to buy gold in Dubai, with a few standing out as prime places to go. These include of course the Gold Souk itself, the Gold & Diamond Park, and some of the well known malls such as the Dubai Mall. The airports too offer the opportunity to stock up as you're leaving the Emirate.
The Gold Souk, Khalid Bin Waleed Road
The Deira Souks are located across Dubai Creek in the commercial business district of Deira. It is here you will find a great selection of shops and goods along with some of the best prices in the area. While it does offer many shopping options such as buying spices and Arabian carpets, the main attraction here in the Deira souks is…..gold. Due to low gold prices and no sales tax, the Deira Gold Souk is one of the most popular gold exchanges in the world. It's a popular place to buy the world's favourite precious metal.
The displays in the shops are just teaming with first class gold craftsmanship, inset with amazing precious stones such as diamonds, rubies, sapphires, and emeralds; along with a wide array of necklaces, bracelets, bangles, chains, rings, earrings, and ornaments.
Here you'll find many vendors to choose from. Also, if you are looking for something special, you will be able to have items custom designed on the spot. Since you will be paying for the weight of the gold and not a dealers name or brand, you are sure to get a great deal.
That is of course if your haggling skills are sharp. If they are, the deals could be even better. With over 300 shops to choose from, your haggling skills should be sharp by the time you make a purchase. Depending on how good your negotiating skills are you could get 30-40% off the asking price. If you plan to bargain it is best to pay in cash and not credit card although both are accepted.
Although it is a souk you don't have to worry about quality as the stores are overseen by government quality control officials. While shopping at the Gold Souk, don’t expect anything but the best. The gold available to buy is not under 18 carats and ranges from 18, 21, 22, and 24 carats. However as you exit or enter the souk you might be accosted by hawkers selling fake goods and these obviously have no quality guarantee.
While there are many smaller shops that operate here with an amazing selection, you'll also notice that the souk is home to some larger established stores such as ARY Jewelry, Joy Alukkas Jewelry, and Damas.
So whether you are a jewelry lover or just like to browse, the sights and sounds of the Gold Souk are a must see while in Dubai. You can enhance a visit with a small adventure by taking a water taxi, which also helps with accessibility as the Gold Souk’s narrow walkways and streets are not very inviting for automobiles.
The Gold Souk is closed daily from 2pm to 5pm and reopens until about 10:30pm.
Gold & Diamond Park, Sheikh Zayed RoadThis venue has less of the allure of the Gold Souk but it's possible you will find even cheaper items. The jewelry on sale here is often unique and if you would like a piece of jewelry made for you there are manufacturers in the building that can create original pieces for a reasonable price.
Gold In The Malls
We've talked about the scale of some of Dubai's malls on other pages, with the best know of course being the Dubai Mall. There are plenty of shops within the Dubai Mall that sell gold jewelry, with some stunning pieces available. In the malls, you'll pay much higher prices though.
At The Airport
Gold is everywhere in Dubai. The video below shoes some of the items on sale at Dubai Airport.
Buying Gold Online
If you're not keen on spending time walking through hordes of other shoppers in the Souk or the malls, then trading gold online is worthy of investigation. You'll get the same potential of buying bullion, coins, or jewelry - but be able to do it from the comfort of your own home.
The website at Gold.ae is a good place to start. Register an account and you'll be able to trade in gold prices either for fun or with real money, in addition to making either real or paper purchases.
For those with a keen interest in coins, this website at UAEGoldBullionCoin.ae is the leading site for buying and selling gold coins in Dubai and the UAE.
And click on this link for a handful of jewelry stores offering online gold purchases.
How To Buy Gold In Dubai
As far as paying goes, more and more sales of gold in the emirate are being paid for with credit cards as purchased quantities grow ever higher. Of course, cash is accepted everywhere as long as you're happy to be walking around with a wad of notes in your pocket, purse, handbag, or wallet. If you're buying online, then of course you're going to need a bank or credit card or access to some other form of payment processing service.
But paying for it is the easy part. It gets more complex when thinking about what form of gold to buy in. You've got choices between bullion or bars, coins, jewelry, or paper trading online. Each offering their own benefits depending on your basic reason for buying.
Valuable Guides & Resources
Wherever you're looking to buy into the gold dream - be it online, in Dubai, New York, London, Paris, or Amsterdam - you'll want to be getting the best background information you can before handing over your cash.
The best prices, the spot prices, understanding the benefits of buying gold coins versus bullion or paper trading. They're all important factors in making the right decision at the right time, particularly from an investment perspective.
Here are a handful of websites which are well worth reading through before you make a gold purchase in Dubai, or anywhere for that matter.
• Latest Gold Spot Prices - want to know if you're getting a good deal? You'll need to be armed with knowledge of the latest global gold price movements.
• Why Buy Gold? - Is it right to invest in gold? Is your money safe, and will you find protection from your resident country's currency fluctuations? This link to spells out the reasons why buying gold is a good idea, similarly this UK site at bullionpost.co.uk also covers the subject in some depth.
You'll often find competitions running in the emirate where some form of gold is on offer as a prize. For the 2015 Dubai Shopping Festival, this prize is the biggest ever with one winner getting the chance to collect 20kg of the precious metal.
Forming part of an overall 100kg worth of gold and 45 carats of diamonds, the 20kg prize is the first prize in the grand raffle draw at the end of the festival. The runner up will collect 10kg and there will be a further two 5kg awards.
Shoppers at the festival can enter the raffle by spending Dh500 at specific jewelry stores, with each ticket also offering a chance to win 1kg of gold daily and 5kg weekly, in addition to the diamond prizes which offer one carat diamonds daily.
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