As one of the world’s great gold trading hubs, there is no doubt that Dubai has some of the best gold shops in the world. When it comes to buying gold, be it bullion, bars or kilos, Dubai has a plethora of gold shops where you can indulge your passion for the much sought after metal.
However, as with any investment, it makes sense to proceed with caution when investing in gold, which, in many cultures, traditionally serves as an alternative to putting money in the bank. Experts caution that the fluctuating prices of gold are dependent on several unpredictable indicators including sentiments, governments buying and selling gold reserves and volatile equity prices.
Therefore, as an investment, it is advisable to include gold investment as part of a more diverse portfolio rather than investing all your money into this single asset. Since there are many options available to those wishing to buy gold in Dubai, the best advice would be to make sure that the shop you buy from is registered and that you check the current price of gold on the day of your planned purchase. Gold prices can be checked via the Precious Metal Calculator.
Gold in Dubai is sold on gold price plus making charges unlike many other parts of the world where it is sold per unit. Making charges are not typically calculated as a percentage of gold prices, unlike elsewhere in the world, but is set as a flat rate. Generally, the more intricate the piece of jewelry, the higher the making charges. Purity of the metal sold in Dubai is strictly regulated by the Dubai Central Laboratories Department, which has implemented a voluntary quality management and certification scheme known as ‘Bareeq’ that gives recognition to shops that meet the good practice criteria for jewelry trading.
Know your Gold
Gold Karats: Gold is typically available in 18K, 22K or 24K. The karats refer to the gold content or purity of gold. 24 karat gold is the purest form of gold available and most gold shops will hold select designs in 24 karat gold. These are typically heavier in design than 18k and 22k gold which are more malleable and therefore easier to craft into a variety of designs. 22k gold is 22 parts of gold and 2 parts of other metal alloys while 18k gold is 18 parts of gold with 6 other parts of metal alloys.
Gold colors: The purest form of gold, 24k has the richest and warmest yellow color, which cannot be changed unless the purity is reduced to less than 24k. Other colors of gold are made by altering the amount of alloy in the gold to achieve different tinges. Pink gold, for example, is made by adding a greater percentage of copper into the gold mix, while green gold is more of zinc and silver and white gold contains more nickel.
Best time to buy gold: The best prices and the largest selection of gold is usually available during the Dubai Shopping Festival or the Dubai Summer Surprises, when foreigners from across the globe come to Dubai to enjoy the special deals on offer during this time.
The best places to buy gold in Dubai have been listed below and are selected for the variety of selection on offer as well as the quality of jewelry available.
1. The Gold Souk, Dubai
The Gold Souk in Dubai truly demonstrates why this emirate has earned itself the reputation of being the city of gold.
The sheer scale and variety of designs available on offer is staggering – bracelets, bangles, earrings, pendants and necklaces are available in white, pink, yellow and even green gold in unimaginable designs.
There are over 400 shops to choose from and the predominant style of jewelry available is Arabic and Indian styles with some European designs available as well.
Additionally, the prices of gold here are amongst the cheapest found anywhere in the world as there is no VAT or tax applicable on the purchase of gold. Browse several stores before you decide on a particular design and don’t forget to haggle for the best possible price.
Ask for certificates where applicable. Also be aware that credit card purchases incur an additional fee in most shops.
2. The Gold and Diamond Park
Located on Sheikh Zayed Road, the Gold and Diamond Park houses 90 leading jewelry retailers located in an air-conditioned mall.
Even though there are fewer stores here than at the Gold Souk, many of these offer hard to find designs in specialty shops as well as leading artisans who can craft custom jewelry to a customer’s specifications.
Shoppers can shop in the air-conditioned comfort of the mall, which also has several other amenities such as restaurants and cafes.
3. Joyalukkas
Well renowned for their commitment to quality and for the variety of designs available in their stores, Joyalukkas has established itself as a popular destination for gold shoppers.
With stores in the Gold Souk as well as in many shopping malls in Dubai, this brand of jewelers carries bold and unique designs in trendy, modern and classical styles to suit everyone’s taste.
4. Damas
One of the largest jewelry stores in Dubai, Damas has a huge customer base of loyal customers drawn to their beautiful and unique crafted designs. Thousands of designs of jewelry are available in an Arabesque style with a contemporary twist to cater to the local market.
Damas Middle East has four types of stores to meet their customer’s demands: Lex Exclusive Stores offer high end luxury products, Semi Exclusive stores have a slightly lower range of stylish jewelry, while the Damas 22k and 18k stores offer trendy styles and designs at a competitive price.
5. Damiani
An exclusive jewelry brand located in The Dubai Mall, this leading Italian brand is world renowned for its exquisite collection of superior gems and highly innovative designs.
Damiani, although best known for its stunning watch collection, also has some fabulous gold jewelry for the discerning customer who wishes to possess a unique piece of jewelry.