Purchasing gold in Dubai is extremely popular because the city of Dubai is one of the cheapest places to buy gold in the world. This is due to the fact that in this locality, the government does not impose a tax on gold at all. Hence, international tourists take the advantage of buying gold in this place when they happen to visit it. The large number of gold products that you can find in this place is definitely endless: from gold jewelries of Arabic or European designs, to gold bars and gold coins, anything that is gold seems to be sold here. The gold market in Dubai is located at the Deira which is near the Creek.
The Dubai Gold Souk or Market is the place where there is the largest concentration of gold sellers. There are about a hundred of these shops all lined up together, facing each other’s display windows and showing their own gold specialties. Jewelries are on display in various forms and sizes which you can buy at about 20% cheaper than those on the gold markets on the West. Most of the jewelries found there are not lower than 22 karat gold which is the standard karat in the Arab and Eastern countries. The high gold content of these products make them highly valuable when you sell them in the Western market. You can also get your gold items from the airport, but the type and quantity is rather limited than when you buy on the Gold Souk itself.
The prices of these gold jewelries is determined by the type of gold used – either 18 or 24 karat gold – the complexity of the design, the amount of gold used, plus the dealer’s profit. This will all add up to how much the item would be worth in the market but if you are good in bargaining, you may be able to get a discount on such items.
One of the best ways to get the best out of your money is to shop around until you know which item to buy. Then after that, you can go back to the shop where you would like to buy your item and then try to get a bargain for that. Most of these shops do not really display what the value of the item is – although they may put up the price of gold for that day – and aside from that, the prices of these jewelries constantly change throughout the day. So the best way would be to offer the value that you would be willing to pay for that particular item. Aside from that, buying near the closing of the shops would also be preferable since the owner would not want to be delayed from getting home.
As of today, the value of gold in Dirhams is about 151.75 per gram for an 18-karat gold, 186.75 for a 22-karat gold, and 198.75 for a 24-karat gold. The value of gold bar in Dubai is about 22,920 Dirhams. If you intend to buy gold in Dubai, make sure to drop by the Dubai Gold Souk.