Located in Dubai is the world’s largest, oldest, and one-of-a-kind gold exchange. In spite of the fact that the product in question is gold, it is the only market in the entire world that does not have any form of protection outside of the shops. Even if you don’t plan on purchasing anything, a maze of covered pathways with dazzling shops on either side is a stunning site to visit. Here at the Gold Souk, the largest gold necklace is on display.
Located in Dubai, UAE, the Dubai Gold Souk or Gold Souk is a traditional market (souk). At Al Dhagaya, the souk is located in Dubai’s commercial business district. The souk is home to more than 380 shops, majority of which deal in jewelry. They range from decades-old establishments to ones that have just been open a few months. Gold, platinum, diamonds, and sometimes silver are among the mall’s most popular items. The Dubai Fish and Vegetable Market and the Deira Corniche are located to the north of the Dubai Gold Souk at Baniyas Square at Sikkat al-Khali Street. A textile market can be found just across Dubai Creek at Souk al-Khalifa.
The Dubai Gold Souk is undergoing a much-needed renovation right now. With the help of the Dubai Municipality, the Dubai Gold Souk will be transformed into a vibrant tourist attraction. Jewelry featuring valuable stones like rubies and emeralds can be found all over the world in gold. In addition to gold, you may also purchase diamonds, pearls, and other precious metals from a few of businesses.
The Dubai Gold Souk’s origins
Only a few persons dealt with gold and other precious metals in Dubai in the early 1900s, whereas there were many pearl dealers. Many Iranian and Indian businessmen were drawn to these locations in the 1940s when new trade regulations were implemented, resulting in incentives and tax cuts. When oil prices skyrocketed in the 1970s, Dubai’s gold market grew into one of the world’s most important.
More than 10 tonnes of gold are estimated to be held behind the counters of this ancient souk on any given day. The government of the United Arab Emirates has strong regulations in place to ensure the authenticity of the goods offered in government-run outlets.
What is The Deira Gold Souk Location?
Dubai Fish and Vegetable Market is just a few blocks away from the Deira Gold Souk in Al Ras Deira.
How to Reach Deira Gold Souk?
On the other hand, if you take a taxi to Deira district, you’ll be in the center of the Deira Gold Souk in less than a ten-minute walk from the Al Ras Metro Station or the Baniyas Square Metro Station in less than 15 minutes. There are a lot of people at the market so finding parking is not going to be an easy task. You’ll want to pick the closest parking and walk to get there.
Dubai Gold Souk Timings
The Dubai Gold Souk in Deira is open from 10 a.m. to 10 p.m. on Saturdays through Thursdays, and from 4 p.m. to 10 p.m. on Fridays.
Visit the Gold Souk During These Days
During the months of September through May, the weather is more pleasant and the temperatures are more manageable for tourists. Demand for gold is expected to rise during these months, which could lead to an increase in gold prices.
Dubai Gold Souk travel costs
Entry to the Dubai Gold Souk now costs $19.00. The cost of a private tour of the Dubai Gold Souk is approximately USD 19.00 per person.
Best Place to Buy Gold in Dubai
Located in Dubai’s Gold Souk is the traditional gold market known as the Gold Souk. It’s my opinion that this is the greatest place in Dubai to purchase gold. The price of gold in the Gold Souk is also lower than in most other locations. Actually, the Souk offers some of the lowest gold prices anywhere! At the Gold Souk, you can buy gold bars or gold jewelry, depending on your preference and budget.
Gold that does not require additional taxes is referred to as Duty-Free Gold. As a result of Dubai being a tax-free zone, the price of Gold in Dubai is incredibly low. Even if you buy gold in Dubai duty-free, your country’s gold duty restrictions will remain the same. It’s important to remember that in order to avoid paying additional taxes, you must ensure that the gold you are planning to bring back from Dubai may be worn on a daily basis. Because duty-free gold in Dubai isn’t available everywhere, it’s a good idea to keep a few things in mind when shopping for it.
From Dubai to Your Home Country, Traveling with Gold
The safest and most cost-effective solution would be to wear your gold when returning to your own country. As a result, getting your gold in the form of wearing jewelry in Dubai would be the finest option for you.
Passengers carrying duty-free gold into the country are allowed to do so in some countries but not others. Before bringing gold into a foreign nation, make sure to check the regulations of that country’s customs service. In addition, you should have a copy of your receipt on hand.
While gold is a highly sought-after product, it must be transported in a manner that is completely transparent. Customs duties are not required in some nations, but they nevertheless demand that you be open and honest.
What Makes Dubai a Goldmine?
Gold from Dubai is known for its purity, value, and variety of styles. Dubai is the place to go if you are looking for gold that has been authenticated and authorised by the government. In addition, Dubai is a duty-free zone, which means that gold costs there are extremely low. So, if you’ve ever wondered why Dubai is so well-known for its gold, look no further.
Most clients have an advantage over the market when it comes to gold ornament creating rates, which can be influenced through negotiation. Other reasons for the great demand for Dubai gold include the large number of distinctive Arabian designs that are sure to astonish.
Facts to Check before Buying Gold
While gold in Dubai is authentic in its true sense, it is still a good idea to brush up on some key information when buying gold in Dubai.
- Gold is Real in Dubai. The government ensures that the criteria and laws are met to ensure that only real gold is being offered, which is a valid concern for most eager buyers. Nevertheless, only purchase from legitimate merchants (those with shops). If you are looking for the most authentic gold, 24 carat gold is the greatest option. It’s not uncommon to come across lighter weight 18 and 22 carat options. Although 24K gold is the most sought-after in Dubai, there are also many more 18K and 22K jewelry available, which have a wider range of patterns but a lower purity level.
- Jewelry purchases in Dubai are subject to a 5% VAT charge, but 85% of this amount can be returned under the tax reclaim for tourists programme at Dubai International Airport.
- Tip: Dubai Municipality inspectors periodically test the quality and scales of gold vendors in the city. Street vendors should be avoided at all costs.
- Take Your Time, Compare Prices, and Negotiate. There are a lot of merchants who can assist you in locating what you’re looking for. You may compare prices from over 300 different jewellers to find the greatest deal on the gold piece you want. Because gold is normally offered by karat and weight, you’re more likely to haggle over the quality of the craftsmanship. Most travellers discover that they may save up to 30% off the original price through haggling.
- Use Cash to Bargain Some More. You can get even more for your money if you have it. Cash and credit cards are widely accepted by the majority of the merchants. In the event that you don’t like to carry a lot of cash, use your credit card instead. However, if you pay with cash, you’ll usually get a better deal.
Every day, the price of gold changes. The stock market works the same way. Before making a purchase, do some research and check the current price of gold. Make sure to inquire about the price of gold at the hotel’s concierge.
- The amount of Gold Karat to use. You need to pick how much Karat you wish to purchase. The gold in a 24 Karat gold is 100% pure. More pure gold is more expensive since it has a higher Karat number. There’s also a 22K and an 18K version available. If other metals are being mixed with gold, it might take on a variety of colours.
Colors of Gold That Are Currently Available
Among the many Gold shops in Dubai, you will also find Pink Gold, White Gold, and Green Gold, all of which are actually alloys of Gold with other metals. These decorations have a much smaller percentage of genuine gold.
Nearby attractions to the Dubai Gold Souk
Deira Perfume Souk
The Deira Perfume Souk, a series of alleys near the Dubai Gold Souk, is home to a huge number of perfume businesses. There is a wide selection of foreign brands (some of which aren’t original) as well as some of the most sought-after local scents. Fragrances known as attar, created from flower essences, are greatly sought after by ladies in the region and are oil-based with a floral scent. Perfume shops may also carry oud, a resin extracted from agarwood, which has a high price tag. Alternatively, if you’d like to put your alchemical talents to the test, you can mix your own scent in select shops.
Dubai Spice Souk
The Spice Souk, also known as the Old Souk, is just a few feet away from the Dubai Gold Souk, and is a must-see for visitors. Hundreds of vendors sell their fragrant and colorful spices here from sunrise to sunset. This is a great place to snap a few photos and perhaps pick up some authentic spices for your next culinary adventure at home. It’s not just in the United States where you have to haggle.
Al Fahidi Historical District
You can get a strong sense of Emirati culture in the mid-19th century because most of the ancient infrastructure has been retained. Museums, galleries, cafes, cultural exhibitions, craft shops, art studios, and two boutique hotels are all located in the former Bastakiya Quarters.
One of the best places to visit in Dubai is Deira – the city’s oldest district. It’s a neighborhood where workers from all over the world come to reside because of its perfect blend of heritage and modernity (mainly from India or Middle Eastern countries). Deira continues to draw visitors looking for a more authentic experience in Dubai with its winding lanes lined with traditional buildings and souks brimming with spices and handicrafts from all around the Middle East.
Buying Dubai Gold is a once-in-a-lifetime experience that can only be fully appreciated in person. Walking around the Gold Souk is an excellent way to spend some time! As a result, the Souk’s thousands of Gold shops with their beautiful displays of decorations and customised jewellery are cool and pleasant to look at even in the scorching heat.
In addition, you can purchase custom-made jewellery that perfectly matches your style and expectations. You can also go to the other shopping centres besides the Gold Souk. As long as you’re in a hurry and don’t mind paying more for your gold at the Dubai airport, you may still buy it.
Finally, make sure to check in with your country’s customs and restrictions regarding the transportation of duty-free Dubai gold back to your country of origin.
Please accept my sincere gratitude for your time and attention. We hope this knowledge and inspiration has been useful to you in your quest to buy gold in Dubai.