7 reasons why expats buy gold in Dubai
Dubai is known as the City of Gold for many reasons. Along with having an entire souk dedicated to selling gold, it’s also deeply rooted in the culture of the region and of the expats. Whether they’re worn as ornaments or stored as an investment, gold will remain a hot commodity in Dubai. If you’re curious about why this is so, let’s get into why expats buy gold in Dubai!
REASONS FOR EXPATS TO BUY GOLD IN DUBAI
Whether you are looking for something simple to wear every day or something more extravagant, Dubai has a lot to offer when it comes to gold jewellery. Apart from this, here are 7 reasons for expats to buy gold in Dubai.
DUBAI GOLD IS PURE
The purity and quality of jewellery are things you won’t have to worry about when buying gold in Dubai. All merchandise sold by jewellers is regulated by the government, which ensures the authenticity of any gold item sold in Dubai.
It is also mandatory for jewellery stores across the city to carry a gold purity hallmark on items they sell and are obliged to provide it to their customers upon request.
The gold purity hallmark is a certificate that specifies details such as the karats and weight of the actual gold and stones in the jewellery, as well as the cost of the labour. It ensures that each purchase is authenticated and can be valued worldwide. Due to this, buying gold in Dubai is so popular in the expat community that many people take gold back to their home country.
Dubai has a well-established gold market, offering a wide range of gold jewellery, coins and bullion. The city is renowned for its high-quality craftsmanship and diverse designs, attracting buyers from around the world.
GOLD IN DUBAI IS CHEAPER
Many people ask: Is gold cheap in Dubai? The Golden City has always been favoured for its exemption from taxes. This means prices for gold in Dubai have always been cheaper, as buyers pay for the value of the gold.
Although the introduction of the Value Added Tax (VAT) does levy a 5% tax on any items purchased, buying gold is still considerably cheaper in Dubai compared to other countries.
In addition, tourists can claim VAT refunds in the UAE for all purchases made in the country. In certain places, one can bargain to reduce ‘making charges’ for gold in Dubai to get a good deal.
Dubai offers competitive prices on gold compared to many other global markets. This makes it an appealing destination for those seeking better deals on gold purchases in Dubai.
YOU HAVE MULTIPLE CHOICES
The City of Gold – Dubai is known as a shoppers’ paradise. If you are looking to buy gold in Dubai, you can take your pick from the more popular gold stores in Dubai, such as Damas and Joy Alukkas, which are located in various malls across the city, or head over to the Deira Gold Souk which is one of the oldest traditional souks in Dubai that has a row of jewellery shops lined up.
No matter where you go, you are guaranteed to find a spectacular array of jewellery that features designs from around the world.
THE PRICE OF GOLD IN DUBAI FOLLOWS INTERNATIONAL MARKET RATES
The gold rate in Dubai follows International gold prices, which ensures uniformity of prices across all stores in the city. Since international gold prices fluctuate just as the stock market does, gold buyers in Dubai can take advantage of falling prices and purchase gold at the lowest rate. Therefore, always check the current gold rate in Dubai before making a purchase.
YOU CAN BARGAIN THE MAKING CHARGES OF GOLD IN DUBAI
Another reason that strengthens the affordability of gold in Dubai is that you can negotiate making charges for gold in Dubai (the charges applied for making the ornament). The charges vary depending on the type of gold jewellery you are buying and the retailer from whom you are buying it.
Bigger jewellery stores in the malls can have fixed prices. However, at the shops in the Dubai Gold Souk, you can bargain hard. Depending on the gold price in Dubai and the amount you are purchasing, you can bring the making charges down by a significant amount.
Gold is considered a stable and valuable investment. In Dubai, the resale market is active, and gold items can often be resold with relative ease, potentially providing a good return on investment.
SAFE AND SECURE TRANSACTIONS
Dubai is known for its safe and secure business environment. Gold transactions are typically conducted with transparency and adherence to international business standards.
CUSTOMISATION
The gold market in the emirate offers customisation options for jewellery, allowing buyers to create unique and personalised pieces according to their preferences. This is another reason why expats buy gold in Dubai.
FAQS ABOUT BUYING GOLD IN DUBAI
IS GOLD CHEAPER IN DUBAI?
Gold prices in the UAE are closely linked to international rates. However, as Dubai is a tax-free shopping destination, gold is relatively cheaper in Dubai.
HOW TO BUY GOLD IN DUBAI?
You can easily purchase gold in Dubai from any gold retailer across the emirate. Despite all the obvious advantages, it’s important to conduct thorough research, understand market dynamics and ensure compliance with any regulations related to gold purchases, both in Dubai and in your home country.
IS GOLD SOUK DUBAI A GOOD PLACE TO PURCHASE GOLD?
Absolutely! If you want to shop for gold jewellery, the gold souk in Dubai is a great place to start. It has a row of gold shops that sell a variety of designs and styles.
WHERE DO EXPATS BUY GOLD IN DUBAI?
Wondering where to buy gold in Dubai? Apart from the traditional souk, there are plenty of other places where you can purchase gold. These include jewellers such as Tanishq, Malabar Gold and Diamonds or Damas. You can also head to places such as Gold and Diamond Souq to find all the jewellers in one place.
WHICH ARE THE BEST PLACES TO BUY GOLD IN DUBAI?
Joy Alukkas Jewellery, Malabar Gold & Diamonds and Damas Jewellery are some of the best places to buy gold in Dubai, where you can buy rings, pendants, chains and bracelets. Many Indian expats say they prefer buying gold in Dubai vs India because of better pricing in the emirate. This is one of the ways the richest people spend money in Dubai.
HOW CAN EXPATS ENSURE THEY’RE BUYING GENUINE GOLD IN DUBAI?
When purchasing gold in Dubai, ensure you’re buying from a licensed jeweller, i.e., one with a trade license. Second, always buy gold based on karatage; the higher the karat, the purer the gold. It’s recommended to buy 24-karat gold, as 18-karat or 14-karat gold may contain metals such as nickel. If you’re buying purely as an investment, avoid gold ornaments with gemstones or pearls, as this adds to the weight of the gold.
HOW MUCH GOLD CAN I TAKE FROM DUBAI TO INDIA?
You can carry an aggregate weight of up to 40 grams and a maximum monetary value of INR. 100,000 for female passengers. You can refer to our guide on the gold limit from Dubai to India for a more detailed overview.
HOW TO CALCULATE THE PRICE OF GOLD IN DUBAI?
The price of gold is measured against the weight but certain other factors, such as the type of jewellery, can alter the overall price. You can also refer to our guide to check Dubai gold value.
FROM WHERE CAN I PURCHASE GOLD BULLION IN DUBAI?
You can buy gold bullion in Dubai from Al Bahrain Jewellers, Emirates Gold and Al Etihad Gold.
And that’s all, folks! Our guide covers all the essentials for expats on how to buy gold in Dubai and more.
Many expats buy gold as a means of wealth preservation. Given the precious metal’s historical role as a store of value, investors often turn to gold as a hedge against economic uncertainties or inflation.
With all these reasons, the emirate truly lives up to its title of being the City of Gold. And if you’re a connoisseur of fine jewellery, Gold and Diamond Park in Dubai is worth checking out.
