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Whether you’re looking for wedding jewellery, an investment or a shiny keepsake, Dubai is one of the top places in the world for buying gold. Because the sale of gold is not taxed in the United Arab Emirates, visitors to Dubai flock to the Gold Souk seeking a balance between design and price. Read on for tips about where to go and what to do when you’re searching for a golden bargain.
Visit the Dubai Gold Souk
Located in Diera, the Dubai Gold Souk is a warren of shops selling tourist wares — pashminas, handbags — and gold. Visitors report there are so many gold shops around it can be overwhelming. Each shop has the day’s price of gold posted outside, but prices include room for bargaining, depending on the design of gold item you buy. While the souk has many smaller gold shops, some of the country’s larger chains are represented here, which can provide a good comparison point for shoppers who are determined to find the best deal.
If the Gold Souk in Diera doesn’t suit your needs, ask at your hotel for other recommendations; the city has many alternative places to find shops selling gold.
Check Prices Before You Buy
Even though the price of gold can be as much as 40 per cent cheaper in the UAE than in other countries, depending on the world gold market and taxes, it’s a good idea to research your purchases before you begin browsing. In fact, if you are working on bridal jewellery in particular, it’s important to have comparison shopped in your home area before coming to the UAE, so that you have a solid idea of what designs and karat you are looking for. Also, for guilt-free shopping, you’ll need to have a budget in mind. Shopping amongst so many gold shops for a perfect single item can start out as a fun way to spend your time in Dubai but turn into a never-ending loop of browsing and bargaining. The good news is, with so many shops, you should be able to come close to your dream pieces and your dream prices.
Know Your Gold
Even though it’s not risky to buy gold in Dubai, it’s still a good idea to find proof that what you’re actually getting is what you think you’re getting. When you buy gold, the seller should provide you with a certificate of its authenticity. He should also point out verifying stamps on the piece of gold you are buying. If at any time you feel what you are getting is not what is advertised, go to a different shop or ask for an independent appraisal using a nitric acid test. Nitric acid has no effect when dripped on gold, but will change colour on inferior metals. Note that 24-karat gold is the most pure gold, but most jewellery and ornaments are made from lower-karat gold.
Bargaining in the UAE
Every country has different bargaining etiquette. In Dubai, bargaining is always carried out in a low-key kind of conversation, without aggression or insults. As with many other cultures, the buyer usually starts his or her bid at about half of what the seller first offers. Unlike in some cultures, it’s acceptable to stop bargaining, walk away and come back later. And, once you agree to a price, it should be final.
Choose Your Design Well
If you are buying gold as an investment, it shouldn’t take you too long to make your decision, as you will be primarily interested in the weight and karat of the piece. But, if you are buying gold jewellery as a keepsake or for a special occasion like a wedding, you need to know the design you buy is worthwhile. Weigh the design’s artistry against gold’s purity, and drive a harder bargain if the seller is pressuring you to accept any pieces that aren’t what you are looking for. Should you be searching for gold as a gift, it may spoil the surprise to ask the recipient what design she or he would like but it will save you time and effort in the shop.
About the Author: Aanya Chauhan loves shopping for gold. As a frequent traveller to Dubai for fashion trade shows and design conferences, she knows how to get cheap Dubai hotels on Expedia and the best deals at the gold market.
*Please remember all photos on this website, unless otherwise noted, are copyrighted and property of Beers and Beans Travel Website & Bethany Salvon. Please do not use them without my permission. If you do want to use one of them please contact me first. Thanks!
