Where to Buy and Sell Gold in Dubai | ExpatWoman.com
 

Your Guide to Buying and Selling Gold in Dubai

Look no further - here's everything you need to know about buying gold and selling gold in Dubai

Posted on

8 July 2019

Last updated on 10 July 2019
Clarice Awa at ExpatWoman
by Clarice Awa
Your Guide to Buying and Selling Gold in Dubai

Dubai is called the City of Gold for a reason...

It doesn't matter if you're a long-term expat or a curious visitor, it's almost impossible to never step foot in a gold shop in the emirate.

With entire souks and countless retailers dedicated to purchasing and selling the precious metal, the gold trade in Dubai makes the city one of the best destinations in the world for jewelry shopping. Whether you're buying from a luxurious store or browsing through the traditional souks, there is a wide selection of gold and gold products available.

So you can get the best value for your money, here is what you can discover and expect when shopping in the City of Gold, as well as where you can sell gold in Dubai.

What to look out for when buying gold in Dubai

What is the price of gold in Dubai?

The price of gold in Dubai is much cheaper in comparison to other countries like India where there is duty tax imposed. Buyers can take advantage of the fact that the only tax on gold in Dubai is the 5% VAT.

Negotiating prices

Shoppers can also negotiate the making charges (charges applied for the design) and depending on the amount of gold you're aiming for as well as the intricacy of the ornament, you can drive the price down by a large amount. Bargaining for the making charges is typically harder in the more luxurious gold shops, which is what makes the Deira Gold Souk in Old Dubai a popular spot.

Dubai gold market price

Dubai follows the international gold prices, which is an additional benefit for buyers as they can follow the fluctuating prices and purchase gold when the rates are low. Consumers are advised to check the prices in the gold market before purchasing so as to take advantage of falling prices. If you know the market price, then you'll be able to improve your bargaining outcome with the gold vendors.

The market price also ensures that the cost of gold stays the same for most of the gold shops across the emirate.

Your Guide to Buying and Selling Gold in Dubai

How to buy gold in Dubai

So you've checked out the gold market prices and you think it's the perfect time to go gold shopping.

1. Know your gold types

The price of gold relies on the karat and weight. "Karat" (k) is the measure of the purity or fineness of gold. The higher it is, the purer the gold as it's mixed with fewer other metals.

  • 24 karats or fineness of 1000: 100% pure gold
  • 22 karats or fineness of 0.9166: 91.5% pure gold, mixed with other metals (e.g. copper)
  • 18 karats or fineness of 0.750: 75% pure gold

Pure gold or 24 karat gold is soft, which hardens when it's mixed with other metals like silver and copper. Gold also has different colors due to the percentage of alloys mixed with it.

2. Pick your jewelry

Depending on the type of accessory - earrings, necklace, ring, bracelet, etc. - its karat and weight will vary, and so will the price. The shop vendor will weigh the jewelry pieces you picked so they can determine the cost.

3. Negotiate

This is when all your research on the latest gold market rates in Dubai might pay off. If you didn't check beforehand, no problem. There will be real-time updates available at most gold shops.

Rest assured you won't have to worry about being deceived on the real price because gold shops in Dubai strictly follow the rates and are thus uniform across all vendors. If they try to trick you and you complain, the Dubai police keep a close watch on these stores so there is the chance their businesses might suffer. The strict regulations ensure that the gold trade is honest, fair, and competitive.

And remember - more complex designs will cost more in the making charge. Be prepared to negotiate for a cheaper make charge on your jewelry. The more jewelry you buy, the greater the chance you have in getting a bundle bargain.

4. Ask for authentication

Once you've settled on the price, don't forget to request for the following:

  • Your invoice
  • Authentication certificate

The authentication certificates must be given by the vendors upon request. The certificate details the gold karats, the weight of the gold and final jewelry piece, weight of the other stones in the jewelry, and the make costs for the item. With this document, you'll be able to get your piece authenticated and valued internationally.

Your Guide to Buying and Selling Gold in Dubai

Where to buy gold in Dubai

Here are some of the hottest places to purchase gold, gems, and jewelry in Dubai.

  • Deira Gold Souk - Old Dubai

Location: Al Ras, Dubai
The Deira Gold Souk in Old Dubai is one of the oldest and traditional souks in Dubai. The shopping district has rows and rows of over 300 gold and jewelry shops, where buyers can select from a wide range of products while enjoying an authentically old Dubai atmosphere. As it's a popular spot, there are many tour buses that pass through as well as public transport options nearby.

  • The Gold and Diamond Park

Location: Al Quoz 3, Dubai
The Gold and Diamonds Park is an indoor air-conditioned mall dedicated to - you guessed it - gold and diamonds (and other precious stones). There are over 70 shops present so you're sure to find the right pick for you. And if you want something more special and custom, there are skilled artisans available to craft what you're looking for.

  • The Gold Souk Dubai Mall

Location: Dubai Mall, Dubai
The Gold Souk calls for a more modern, indoor shopping experience with a traditional, Arabesque vibe. Located inside the city's largest mall, the shopping destination is a prime spot for purchasing gold, jewelry, precious stones, perfumes, and high-end fashion.

  • Damiani

Location: Dubai Mall, Dubai
This exquisite Italian brand can only be found in one location in the UAE. In addition to their stunning and unique gold, gems, and jewelry collection, they also have a range of high-end watches.

  • Damas Jewelry

Location: Across Dubai
If you're looking to purchase gold in a glossy, larger store, their branches can be found in most malls across Dubai. Damas has been in the gold and jewelry industry for over 100 years, so you can expect nothing but quality from them. You can choose from a wide selection of precious stones and designs to match with your gold.

  • Joyalukkas

Location: Across Dubai
Joyalukkas can be conveniently found in malls in the city and in some major supermarkets like Lulu, too. The shops range from large, luxurious stores to smaller vendors. A variety of gold and diamond brands are housed under Joyalukkas

  • Malabar Gold and Diamonds

Location: Across Dubai
Pick from over 127 designs for men, women, and children from their jewelry collection from any of their 23 stores in Dubai. They also have a dedicated gold market rate tracker on their website.

How to sell gold in Dubai

If you want to turn your gold into cash, here's what you need to know.

Know your gold type

Gold bought in the UAE is typically valued at a much higher market rate than gold purchased from other countries such as India, which is influenced by the heavy taxes imposed on India gold. Oftentimes, 22 karat gold bought from India can only be sold at the price of 18 karat gold.

Vendors will assess the value of your gold based on their weight, country of origin, and purity. You can bet that the labour charges spent on making the design of your jewelry won't be recovered.

Documents you need

You'll need some form of identification with you (original passport or I.D) and the invoice or authentification certificate of your gold piece.

Selling gold market price

If you're keen on selling your old gold, keep an eagle eye on the changing market prices. Be prepared to sell your items when the buying price for gold is high.

Check out many shops

Find out how much one store is willing to buy your gold as compared to another store so you can get the best value for your piece.

Your Guide to Buying and Selling Gold in Dubai

Where to sell gold in Dubai

Contrary to popular belief, selling gold in Dubai isn't that difficult. Here are some places you can cash in your gold.

  • Deira Gold Souk - Old Dubai

Location: Al Ras, Dubai
You can never go wrong with the Gold Souk in Old Dubai. Most shops will purchase used gold, and there are hundreds of them. Simply look out for the stores advertising on their windows that they are buying gold.

  • Al Fahidi Souk

Location: Meena Bazaar - Bur Dubai, Dubai
The shopping district gives people a taste of traditional Dubai. A hustling, bustling place with vendors offering products from South Asia. You can sell used gold here, however, it's worth noting that this is a stop for expert bargaining skills and for shoppers who are careful with their spending.

 
 

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