Dubai is known for it’s gold trade and how they showoff their gold to the world. Gold cars or even gold shoes Dubai has it all in gold! If you are a tourist at Dubai, then you should visit the famous gold market at Dubai named the Gold Souk located in Deira. This tourist spot has plenty of shops that sells gold and other type of jewelry! Here we share some tips on how to buy gold and maximize your trip to the Deira Gold Market.
Also Read: Bastakiya Tour in Old Dubai
Dubai’s moniker as a “City of Gold” can be easily justified when you visit the gold souq. You can find so many gold which has also made this as one of the must-visit places when in the emirate. Learn to buy gold and here we share our insights based on our experiences.
learn to buy gold in Dubai
7 Tips When Buying Gold in Deira Gold Souk
Dubai offers one of the most cheapest gold you can ever buy in the world. In case you’re thinking of purchasing, or even purchasing gold at the Gold Souk market here are some tips before you head out and buy gold at the Gold Souk.
1. Research the current market price
Before heading out and buying gold at the Gold market, you should at least know some of the prices of gold being sold at the market. Price of gold fluctuates on a daily basis, they are like stocks. This is the most important information you should know before buying gold and haggling with the vendors. You will find the price at displayed in electronic boards and is strictly followed by the shop owners. That is because if Dubai Police finds out that the shop is not following the market price, they will be forced to shut down.
2. Know the types of Gold available
Knowing the Karat and weight of the gold is very important when buying gold. A gold that has 24 Karats is 100% pure gold. The higher the Karat, the more expensive it is. There are also different colors of Gold, it depends on what type of other metal it’s being mixed with.
3. Choose the jewelry you want
Before going to the gold market, identify the type of of jewelry you want to purchase. Whether you want a necklace, earrings, bracelet, bangle, even a scarf or a dress, it’s good to know what you want beforehand so that you won’t get mesmerized by so many options available. This will give you an easier trip to the market once you know what type of jewelry you want.
largest gold ring in the world
4. Haggle the Price
Haggling is a form of art and it’s easy to learn. When you go through various shops, vendors will expect you to bargain with the price they are asking for. Bartering can go to 25% off the quoted price or even barter it down to the price you can afford it. But haggling is like a lottery, sometimes you are lucky and sometimes you are not. As a tip. Haggle the price based on the ‘make’ or the labourer’s work in designing the gold. As this is the only way that the shops can bring the cost down.
Deira Gold Market
5. Explore different shops
Don’t settle for one shop only, there are hundreds of different shops that has the same products. The only difference with other shops is the price and how you bargain with them.
The shops located at the corners have better prices because not much people pass through these corners. So it’s good to navigate your way to go at narrower alleys or at the corners to find better prices.
Be sure to find stores where the quality of gold is high and the price is affordable and reasonable.
necklaces, gold jewelry
6. Don’t be too stingy
Don’t argue with the vendor to get the lowest price possible. If you’ve already chose a jewelry but could not bargain for the price you want, then either find a different shop with the same product or just agree.
But please try to avoid haggling too much that the shop will not get any profit. If the design is very intricate, then try to think how hard it took for the workers to make that gold piece.
7. Gold is real in Dubai
The most asked question in the gold market “Is this gold fake or an imitation?”. Don’t be shy to ask the vendors, because gold is real in Dubai. They are closely monitored by the Dubai Police at the daily basis. So the authenticity is nothing to worry about.
When buying gold at the Gold Souk market, we hope that some of the tips we provided will help you in choosing, bargaining and getting the best price for your jewelry. Good luck and enjoy the experience of shopping!
Dubai is the City of Gold
Google Map: How to Get There – Deira Gold Souk
In case you are wondering where the location of the gold souk is, check out the map guide below for reference. The Gold Souk is near the Dubai Creek in Deira. The nearest metro station is Al Ras Metro station (green line).