Being the world’s greatest gold trading hubs, Dubai has some of the best gold shops and excellent price bargains. Whether purchasing bullion, bars or kilos, there’s more than enough to quench your thirst for precious, gleaming metal. Still, like with other investment, proceed vigilantly, or you might end up owing a heavy debt. Gold price frequently fluctuates as well depending on economic, socio-political conditions and its trading cost.
As an investment, it’s better to have a more diversified portfolio rather than disbursing the entire amount over a single asset. With a pool of gold shops in Dubai, it’s advised to buy from registered outlets and does follow gold price daily. In Dubai, the price of gold and its making is included in buyer’s total cost. But that’s something unlikely in different parts of the world where gold sells at per unit. Manufacturing charges aren’t calculated as a price percentage but rather set as a flat rate.
Dubai Central Laboratories Department strictly regulate purity of the metal that initiated a sound quality management and authorisation program called “Bareeq.” According to this scheme, shops that follow good practice for jewelry trading are bestowed with a certification.
Gold classification by:
Karat is a measuring term to check the purity of gold that’s typically available in 18, 22 and 24 karats. The purest/highest form available at most gold shops is 24K, that’s heavier than 18 and 22K. More malleable and easy to craft in various designs are 18 and 22K gold-containing metal alloys alongside.
24 karat gold is far more yellowish and rich in color that’s unchangeable till purity is reduced. The many different colors you see such as pink is achieved by adding copper in higher percentages; green comes from the addition of zinc and silver, white gold has more nickel. All of these, except for 24K yellow have their purity reduced.
- Best time to buy
It’s during Dubai Shopping Festival, and Dubai Summer Surprises when gold is displayed in large numbers at surprisingly less than usual price. Both locals and foreigners from around the world fly to Dubai and enjoy gold shopping on special discounted rates.
The gold souk
Gold Souk, Dubai is a perfect demonstration of why this particular emirate earned the title “city of gold.” The sheer volume and variety of designs you’ll find are bracelets, pendants, earrings, bangles and necklaces available in white, pink, green and pure yellow color; price varies per quality of gold. There’re over 400 shops to choose from housing Arabic, Indian and European jewelry designs with no VAT or tax over purchase.
Before you decide on a particular design, don’t forget to bargain for the best price and visit as many outlets as possible. Ask for certifications where necessary especially when you aren’t sure of any particular shop. Be careful when making transactions from a credit card for an additional fee will be incurred. With more than 400 retailers of gold and diamond, each store showcases an exclusive range of luxurious and neatly crafted gold and diamond ornaments.
It’s expected that total stocks at Dubai’s gold souk would surpass 10 tons at any time now! The free trade policy encouraged traders from India and Iran as well to initiate shops ever since 1940. Once familiar with gold and how to buy, there’s no better place to buy than Dubai.