The Gold Souk is one of the main attractions of Dubai. A visit to Gold Souk is a purchase of inexpensive jewelry, an opportunity to feel the oriental flavor. For tourists and independent travelers, it is recommended to learn how to shop the right way, how the gold market in Dubai differs from jewelry stores.
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About Gold Souk
It is located in a large area of the city – Deira. Gold Souk is a separate quarter with many jewelry stores, workshops and shopping centers. There are about 300 of them in total. Low prices for gold jewelry and bars are due to the tax policy of the United Arab Emirates. Manufacturers from all over the world bring their products here. The market brings together local jewelers and foreign manufacturers.
Briefly about the famous gold market in the Emirates:
- Appeared at the beginning of the 20th century, the country’s jewelers lived here.
- Development was facilitated by Sheikh Muktum, who exempted the merchant from paying taxes.
- The average volume of gold is up to 10 tons.
- About 20% of the world’s supply of this precious metal passes through the market.
- It is allowed to take pictures of goods, decorations.
It is also a kind of large exhibition of jewelry. Here you can see and take a photo of the famous Nazhmat Taiba bracelet, clothes with expensive jewelry. The latter is sold at Al Romaizan Gold and Jewelery.
In addition to the bazaars, you can plan a visit to supermarkets in Dubai . Sales are periodically held here, you can combine a beach holiday and shopping.
Location how to get there
The location in Deira is convenient for backpackers and solo travelers. This quarter is located in the historical center of the resort. You can get to it by metro, you need to get off at the Al Ras station (Al Ras) on the green line. Then head along the embankment, after 500 meters the first shops and shops will begin to appear.
A taxi ride will cost more. Depending on the point of departure, it will cost 5-60 dirhams. Ground public transport in Dubai is not developed. You can rent a car, but this is important if you plan to travel to the sights of the country.
About prices and purchases:
- Choose shops and shops with a certificate. It is issued by the state, in case of violations it is withdrawn, the store may be closed.
- Bargain. Prices are not fixed, sellers make them 35-40% higher.
- Go around several jewelry stores, compare the assortment, prices.
- Prices on the gold market in Dubai depend on the quality of the material. The standard gradation is applied. The most affordable jewelry is made from 18 carats or 750 samples. The middle category is 21 carats (875 samples) and 22 carats (916 samples). Less commonly seen are 24 carat or 999 fine jewelry.
- For purchases, prepare cash, benzene payments are unpopular here.
Each item must bear the mark of the manufacturer. Be sure to take a copy of the certificate, otherwise the examination of the jewelry can cost from 3 thousand rubles.
How to buy in the Dubai Gold Market
If you are planning to buy gold jewelry, here are some tips to help you understand how everything works. This will reduce fraud on the part of sellers, you can buy jewelry without overpaying. Sale only under the laws of the United Arab Emirates, buyers are protected.
Know the market price
Gold is like stocks, the price fluctuates daily. Find out how much it costs on the open market. Information is at the entrance to the market, it is duplicated at shops and large shopping malls in Deira Gold Souk. Knowing the market price, you can bargain with sellers.
Kinds
The cost of jewelry in the market in Dubai is formed from the price of material and labor. They are sold by carat and weight. The higher these values, the purer the metal. This means that 24 carat metal is 100% pure gold. Since pure metal is soft, it hardens by mixing it with various additives – silver, zinc, copper and nickel. Gold comes in different colors, which explains the type of alloys and the ratio of metals in them. So you can imitate old products, add precious stones.
Choose the type of decoration
The type affects the complexity of manufacturing, the total weight. Often buy rings, chains, bracelets. consider the use of other materials for decoration – copper, semi-precious stones. This will affect the weight of the product. It is advisable to check the certificate. Make a shopping plan in advance and calculate the budget. Ask about carat and total weight.
Learn to trade
Sellers in the markets of Dubai know how to bargain, buying without it will not be interesting. They set the price 25-30% higher than the base price in order to increase their income. Try to reduce the base price by 25% from the listed price. But you need to know the local rules, you can not insult the seller, show respect. If the budget does not allow you to buy jewelry, ask to see a cheaper alternative.
Price Check
Check the price of gold per carat at the prices posted on the street. The information is updated constantly, taken from the exchange rates of the Dubai stock exchange. Stores are guided by the market rate, based on which they form prices. It is controlled by the Dubai police. If a customer complains that he was deceived, a fine may be issued or the store closed. Important: the course of the material will be the same in all stores.
The complexity of making jewelry
The price of the gold market in Dubai depends on the labor involved in making the jewellery. The more complex the design, the more expensive the board. But due to the possibility of bargaining, prices for the same products in different jewelry stores may differ by 10-15%.
The more jewelry you buy, the lower the total price. However, the more complex the design of your chosen item, the harder it is to bargain. Gold is sold by carat and weight, so you can only bargain for the labor it took to create the item.
Go around different shops
Plan to visit the stalls and shops in the center of the market. There is a larger selection, but higher prices. So you can make a shopping plan, create a budget. Then walk along the outskirts of the market, go to small shops. The advantage is that there are few tourists, there is time to choose decorations, to bargain.
Authentication
Visit stores where the quality of the gold jewelry they sell is controlled by the government. Selling fakes under the guise of original products is prohibited. Ask if this item is a replica. The seller is obliged to tell the truth, otherwise his store will be deprived of a license, a heavy fine will be imposed. This rarely happens.
Trade moderately
Sometimes it’s worth paying upfront to get the lowest price. If you have already chosen a piece of jewelry in the Dubai gold market, but you cannot bargain to the right price, then either exit the store or buy the item. Sometimes the seller makes a discount to show their appreciation for the fact that you visited his store.