5 Tips for Buying Gold in Dubai Souk
Back in the day, Indian and Iranian traders assembled at the shores of Deira and haggled to sell their wares. Fishes, spices, exotic dried meats, perfumes, and dyes would often be the top sellers of the day. Yet, a separate section began to rake in the moolah! Pearls and Gold.
A natural resource, Pearls were often found in plenty. With multi-hues of colours, pearls often had an aristocratic clientele. It was the gold that had masses enamoured. Gold purchase in Dubai began with bartering silver or pearls for gold. Then, with advent of currency, the whole business changed altogether.
Gold purchase in Dubai
Dubai, the city has a lot to offer. The Dubai Shopping Guide - How to do Shopping in Dubai is a good reference for the best deals you can find in Dubai and a perfect guide to plan your shopping days. Yet when it comes to gold, the buck stops at Deira. Tucked in a corner, overlooking the Deira creek, the Gold Souk is welcoming and air conditioned! Reminiscent of era gone past, fitted with modern day amenities, the Deira Gold Souk is shoppers’ paradise.
The one rule of gold among all merchants is offering top most quality. If it is your first time purchasing a gold valuable, be it a ring, or a sovereign coin, one shall always get purity in the product. After all, the gamble of gold lies in the purity of same. As Gold, the metal, is brittle, many jewelers add other metals during the making for better durability.
But that takes away the purity of the gold. In Dubai, and especially in Deira Gold Souk, if you pay for 23 carat, you will be getting 23carat of gold. If in chance you purchase a biscuit of 24 carat, you can be sure that there will be zero impurity in the same. The strict rules and random government checking ensure that the customer is never swindled off their savings.
One does need to however be aware of a few things before they march down to purchase to their hearts content. They need to adhere to the following tips and tricks for getting a bargain apart from their jewelry.
Tips and tricks for buying Gold in Dubai:
- Research the market price- While there are local government authorized digital display board with updated market rates, it is always better to research before leaving home and buying gold in Dubai, as this gives one enough time to determine their budget and at what price they can negotiate on cost.
- Bargain on MRP- A Maximum Retail Price is usually a bar in place for the value of the weight of gold per carat. Yet, it is customary for many customers to bargain and haggle on the making of the final product. This bargaining is often encouraged by the merchants and gives the buyer the confidence of walking away if the price doesn’t meet their budget. Additionally, if you don’t bargain, be ready for the seller to dock off a few dollars on the final product for good behaviour. Ain’t that a steal?
- Don’t be a miser- While we and the market encourage bargaining, know when to stop. By being a miser or stingy while purchasing may be insulting. Utilize the deals and get the value for money. All trade must be mutually beneficial for the buyer and seller too.
- Cheaper deals- the magic of Dubai lies in the many bargains its offers. As there is no added tax but a token 5% VAT in place since 2018, one can sure fill in their treasure chest with the best of the best.
- Know when to shop- UAE has their weekends on Friday and Saturday. They are the worst possible times to go shopping for a serious buyer. Time after 4 pm on a Friday is a strict no go due to the constant deluge of tourists who are looking to browse through the aisles and window shop! Early hours of the noon are a welcome respite from tourists, and one can buy gold in Dubai, to their heart’s content.
The Gold Souk in Dubai can be hailed as one of the most important trading markets in the entire region of UAE. Many tales of lore are attached to this market which has humble origins. When one is to visit good places in UAE to shop this is the best place to buy gold in Dubai! Do visit.