Dubai is known to be the City of Gold for many reasons. Not only does it have an entire souk dedicated to selling gold, buying gold in Dubai has always been popular especially amongst the expat community and visiting tourists. But have you ever wondered why this emirate is favoured when it comes to purchasing this precious metal? Well, there are many reasons to buy gold in Dubai. Today, MyBayut explores those reasons to give you an insight into why purchasing gold is such a popular choice and what you can expect if you ever consider making a purchase.
5 REASONS 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 5 reasons why buying gold in Dubai is so popular.
1. DUBAI GOLD IS PURE
The purity and quality of jewellery is something 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 actual gold and stones in the jewellery and the cost of the labour. It ensures that each purchase is authenticated and can be valued anywhere in the world. Due to this buying gold in Dubai is so popular in the expat community as many people take gold back to their home county.
2. GOLD IN DUBAI IS CHEAPER
Dubai has always been favoured for its exemption from taxes. It is one of the main reason why people chose to move to the city, as well as buy gold. Due to the exclusion of taxes in the emirate prices for gold in Dubai have always been cheaper as buyers would only pay for the value of the gold jewellery. Although the introduction of the Value Added Tax(VAT) in 2018 does levy a 5% tax on any items purchased, buying gold is still considerably cheaper in Dubai compared to other countries in the world. Also, tourists can claim VAT refunds in the UAE for all purchases made in the country.
VAT in Dubai is currently the only form of tax applied on any gold purchase. In other countries, for example, India, apart from VAT there are various other taxes such as goods and services tax(GST) and excise duty applied when purchasing gold jewellery which make it more expensive.
3. YOU HAVE A LARGER CHOICE
The emirate of Dubai is known as a shoppers paradise – not just for clothes and electronics but also for gold. 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 Alukas that are present across the malls in 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.
4. THE PRICE FOR GOLD IN DUBAI FOLLOW INTERNATIONAL MARKET RATES
Another characteristic that makes buying gold in Dubai a seamless experience is that gold prices. The gold rate in Dubai follows International gold prices which ensures uniformity of prices across all stores in the city. And since International gold prices fluctuate just as the prices stock market do it provides an opportunity for gold buyers in Dubai to take advantage of falling prices and purchase gold at the lowest rate. So always make sure to check the current gold rate in Dubai before going to make a purchase.
5. YOU CAN BARGAIN THE MAKING CHARGES OF GOLD IN DUBAI
Another reason which strengthens the affordability of gold in Dubai is that you can negotiate the price of the making charges, which are charges applied for making the ornament. Making charges vary depending on the type of gold jewellery you are buying and the retailer you are buying from. While bargaining is somewhat challenging in bigger jewellery stores in the mall, you won’t have the same concern in the shops in the Dubai Gold Souk. Depending on the gold price in Dubai and the amount you are purchasing, you can bring the making charges down by a significant amount.
FAQs about buying gold in Dubai
Where to buy gold in Dubai?
If you want to shop for gold jewellery the gold souk in Dubai is a great place to start. It’s got a row of gold shops which sell a variety of designs and styles. You can also head to any of the malls in Dubai. These feature some of the most popular jewellery brands in Dubai like Damas, Joyalukkas and more. Another great option is the Gold and Diamond Park Mall, where you can purchase precious stones, gems, silver, gold, platinum and high-end personal accessories.
With all these reasons to buy gold in Dubai the emirate truly lives up to its title of being the City of Gold. Have you ever purchased gold from Dubai? Let us know in the comments below. We hope you found this article informative and helpful. If you did do share it with your friends and family and stay tuned to MyBayut for more interesting articles on life in Dubai.