Dazzling Dubai is a city like no other. It is a city fit for emirs, indeed, with unmatched opulence and grandeur. Also known as the ‘City of Gold’, Dubai often looks like it has been filigreed with gold all over. Gold costs significantly less in Dubai than it does in the vast majority of other large cities. If you are in the market for a quaint souvenir for the special person in your life, picking up a beautiful gold item can be just the thing that you may want to consider shopping for. (Also read: 10 Best Things To Buy From Dubai)
Dubai is a part of the seven Arab Emirates, and occupies a special position, along with neighbouring Abu Dhabi, by way of veto power over critical matters of national importance in the country’s Federal Supreme Council. In that sense, Dubai is a true house of power, and it shows. Due to its strategic location on the gulf coast, it has always been a port of special importance. Its proximity to diamond producing countries like South Africa and India, and its freedom from taxation on gold trading make it a primary trading spot when it comes to gold and jewels. Whether you are a serious investor looking to solidify your assets into gold bullions or a connoisseur looking to own a golden work of art, Dubai is the place to pander to your desires and purchase gold and diamonds at unbeatable prices. Also find out the best time to visit for all the things you want to mark off your Dubai travel checklist.
Here is a short guide to buying gold in Dubai.
Where to Buy Gold:
Famous Gold Shops and Diamond Dealers in Dubai
The Gold Souk
Dubai’s largest gold marketplace is made up of more than 300 shops that specialize in different kinds of gold trade. The Gold Souk is a must-visit attraction located in Dubai’s commercial business district Deira, in the locality of Al Dhagaya. According to some estimates, around 10 tonnes of gold are always present in the gold souk. It is here that you will find some of the best master craftsmen in the art of making gold and diamond jewellery. (Also see: Best Museums in Dubai)
Gold and Diamond Park
An antithesis to the traditional market of the gold souk, the ultra modern Gold and Diamond Park is essentially a mega mall for gold. Established in 2011, the gold and diamond park is located on the Sheikh Zayed Road, and functions as both a retail and manufacturing space. The luxurious mall houses some of the best known jewellery designers and brands across the world, including Cara, Damas and Jawahir. An unrivalled selection of 90 leading retailers showcase exquisite collections of gold, diamonds, and fine jewellery. Also see: Top Honeymoon Experiences in Dubai
The gold giant of Dubai, Damas, is an institution in itself. Founded in 1907, and with more than 300 stores in just the Middle East, Damas has become a global trademark when it comes to masterfully crafted gold, diamonds and bespoke jewellery. Furthermore, it houses more than 40 international jewellery brands apart from its in-house brands.
Know Your Gold
The value of gold is determined by two important factors – karat and weight. The karat value of gold is essentially the marker for its purity, with 24 karat gold being the purest, unadulterated gold. You can also find gold at 22, 21 or 18 karat values, in which cases, it is mixed with certain metals like silver, zinc, copper or nickel. This is because gold in its pure form is soft, and mixing it with other metals hardens it.
Pure gold is reddish yellow in color, but gold in various other colors can also be produced. Colored gold can be classified in three broad categories:
- Alloying gold with silver, copper, nickel, etc. produces different colors like white-gold, green-gold or red-gold.
- Intermetallic compounds produces varying shades of purple and blue among other colors. This type of gold is brittle, and is generally found in jewellery accompanied by different colored gemstones.
- Surface treatments such as layers of oxide can be used to drastically change the color of gold.
Pro Tips When Buying Gold
Keep a Tab on the Price
Gold prices are like stocks, and the prices fluctuate on a daily basis. It is important to keep a tab on the general trend of gold prices because you are essentially exchanging liquid cash for solid gold. So make sure you are buying at the right time. Also see: Best Street Food to try in Dubai
Visit the Market over the Weekend
Weekends are when the market prices of gold are the most stable. This is because gold is not traded on international exchanges until 2 am on Monday. This makes it a good time to invest in gold.
Haggle, haggle, haggle!
While there is nothing you can do about the price of gold, there are other costs involved when it comes to purchasing it. The form that you are buying the gold in is especially important – whether a simple biscuit, a brick, or an intricately detailed piece of jewellery, the design dictates its price as much as the quality and weight of the gold. It is in these categories of make and labour that you can find room to haggle. It is a good practice to start 25% below the asking price and negotiate your way up.
Find out everything you need to know about Dubai tourist visa today. With its gleaming sand dunes, ancient souks, bedazzling architecture, spectacular skylines and palm shaped islands, the shopping haven of Dubai paints quite a picture. The best things to do are never-ending here. in Get in touch with TripFactory today to book your customized Dubai holiday!