Dubai has the best quality gold and is the only country where people can buy the yellow metal through an ATM. There are also shops at prime locations that sell gold.
But the most visited one by tourists and locals is the
Dubai gold souk.
The souk is an Arabic word that translates to the market in English. The thing that makes the gold souk unique besides the quality of its products is the option to bargain for the price. No wonder today it is considered to be the Mecca for gold trading.
Located in the heart of Dubai’s commercial business district Deira, there are approx. 300 retailers trading different jewelry items. From Damas to Shyam Jewellery or any other top brands, this Dubai gold market has all kinds of jewelry for men and women. However, you need certain skills to bargain at the souk to get the best deal. In fact, a gold souk is a place where you can showcase your bargaining skills in the best way possible. Apart from Gold Souk, there is also the Gold and Diamond Park and Souk Dubai Mall, where one can shop and buy gold at a good bargain rate. However, the Gold Souk in Deira is surely one of the best and the biggest gold market in the world.
Things to Know Before Shopping at the Gold Souk
The promise of 300 stores selling gold and other precious jewelry in one place is truly exciting. However, before buying jewelry from the Gold Souk, there are certain things that you should know to have a successful shopping trip.
Know the Rate and Make:
These are the two most important things that you need to know while buying gold. At the Dubai Gold Souk, you would find gold jewelry of 18, 21, 22 and 24K. While 24K is gold in its purest form, it is also the most expensive. Likewise, the price would go down as the weight of the gold. The rate of gold is determined twice a day, so the buyer has options to choose the right buying price. Then there are the making charges. The more intricate the work more would be the making charges. The combination of the rate of gold and making charges would be the price of the jewelry.
Gold is sold on the basis of a carat and weight, and the price that is set by the government. The higher the gold is in carat, its purity is guaranteed, but then it will also cost you more. Pure gold is soft and gets hard when mixed with different metals such as copper, zinc, silver, etc. So if you’re confused about what to buy in Dubai, especially at the souk, learns about the yellow substance first.
Be Expert in Haggling:
The fact that Dubai is one of the most popular spots for gold shopping is because you do not have to pay any tax. Moreover, it is possible to bargain to buy jewelry at the best price. Bargaining or haggling is an art, and one needs to know how to bargain at the gold souk in Dubai. You need to remember that you would be bargaining on the making charges of the piece of jewelry you want to buy. Try to bargain for at least 25% less than the original price. But also be prepared to walk away silently if the dealer isn’t ready to come down from the set price.
Shop during Dubai Shopping Festival:
If you are in Dubai during the Dubai Shopping Festival, it is also a great time to invest in some gold jewelry. During this time, shoppers have a lot of new inventories, giving buyers multiple options. Moreover, you are also likely to get a lot of discounts and special deals at most of the shops at the Gold Souk during DSF.
Setting up the Budget:
While shopping in Dubai, especially at the gold souk, it is important to set a budget. You must also be aware that the price is regulated by the government. Before heading to the souk, read the current gold rate, research on the internet and ask the shopkeepers about the prices. It is advised to stay away from the street vendors who may sell the inferior quality of gold pieces. So, setting up the budget after the research work will certainly help in getting the best return on investment.
It is recommended to pay cash for the purchase in gold souk Dubai. Though you can use a credit card, you would be benefitted from paying in US Dollars or Dirhams. This is essential to gain the power to bargain. If the merchant finds that the payment will be done in cash, he will not mind giving a good discount.
Take Your Time and Shop Around:
There should be no rush when it comes to shopping at the Dubai gold souk. As you are going to spend money on gold which will stay with you for your lifetime, you need to take your time and make the right purchase. Never settle with one store. In fact, check with different stores at the souk. Many shops do have similar jewelry pieces and you can check out a few to know where you would get the piece at the least price. So it is better to visit different stores and compare the prices of the same. Remember, there are more than 300 retailers who exclusively deal with gold. In short, there is no dearth of options. Also, use your judgment when purchasing, and look for a merchant who will make you feel comfortable.
Dubai Gold Souk is an opportunity for those who’re looking for shopping in Dubai. Good knowledge about the market rate and dealing process will certainly help in getting the best deal at the DSF. You can seek advice from those who have purchased yellow metals from the gold souk. This will help in getting better about the market. On the other hand, it is a place you must definitely visit when in Dubai, even if you do not want to purchase any gold or other precious jewelry. Yet, when you see all the bling around you, it would be hard to resist buying a jewelry piece for yourself.