Pros And Cons Of Buying Gold In Dubai: Your Ultimate Guide

Dubai is famously known as the hub for shopping as it provides various fancy things at cost-efficient prices. But gold is the one thing that every tourist buys from Dubai. Dubai is popularly known as the Gold City and offers pure gold at reasonable prices. Dubai is a significant gold trade centre. People desire to bring gold in the form of jewellery and bars.

Today we are here with an ultimate guide for buying gold in Dubai, pros and cons, best places to buy gold from in Dubai, and tips to haggle at Dubai gold markets like a pro.

Pros and Cons of Buying Gold in Dubai

Pros

1) Gold in Dubai is tax-free, which means when you buy gold from Dubai, you just have to pay the amount of gold without any additional charges.

2) The quality and purity of gold bought from Dubai are better as compared to other countries.

3) Purchasing gold in Dubai is safer as compared to other countries. The gold markets of Dubai are well regulated, organised, and controlled.

4) The gold markets of Dubai provide a wide range of variety and designs of gold to the buyers.

5) Another major advantage of buying gold from Dubai is that you can bargain on the making charges.

Cons

There are no major cons to buying gold from Dubai, as the city offers pure quality gold. 

1) One major cons of buying gold from Dubai is that you have to carry it with yourself while travelling, which can be risky.

2) If you are travelling back to India after buying gold, then import duty of 36% will be imposed by the Indian government.

Gold Souk in Dubai

The Deira Gold Souk is located at the centre of Dubai’s old town. Gold Souk is one of the biggest and most popular gold markets in the world. Here in Gold Souk, you will find 300 retailers who offer a wide range of gold jewellery, which includes rrings, bracelets, a and necklaces. Gold Souk attracts the visitors with its sparkling display and the richest craftsmanship, which portrays the rich cultural heritage of this area.

Best places in Dubai to buy gold

1) Al Fahidi Street

Situated along the Dubai Creek, Al Fahidi offers a vibrant mix of traditional markets and gold shops. This market offers a blend of traditional Arabian hospitality and a wide range of gold ornaments.

 2) Dubai Gold and Diamond Park

Dubai Gold and Diamond Park is a modern version of the traditional gold markets. This market provides the guys with a luxurious experience with a wide range of gold varieties. This market has renowned gold retailers.

3) Deira Gold Souk

Deira Gold Souk is famously known as one of the largest gold markets in the world. In this market, there are around 300 retailers who offer a wide range of gold ornaments at reasonable prices.

4) The Gold Souk in Dubai Mall

Located at the famous Dubai Mall, The Gold Souk offers a contemporary and luxurious shopping experience. Here you will find a number of international and local gold retailers that offer a variety of gold designs.

5) Dubai Marina Mall

Dubai Marina Mall offers a blend of traditional craftsmanship with contemporary designs, providing unique and elegant jewellery options. This mall comprises a selection of prominent gold brands.

Tips to haggle at Dubai gold markets like a pro

1) Research the market

To negotiate effectively, it is important to have an understanding of Dubai’s gold market. You should have knowledge about the trends and gold prices in the market. Visit various shops and observe different types of jewellery. Knowledge about all these things will help you to negotiate confidently.

2)Be Friendly

Communication is very important for conveying your opinion. If you want to negotiate the prices, you should be friendly and polite. Your way of talking plays a crucial role in the negotiation process. Engage in friendly conversation and establish a connection with the seller so that you can negotiate the prices easily.

3) Choose the jewellery you want to buy.

When you visit Dubai gold markets, you will be amazed as there will be plenty of options to buy from. If you want to buy any specific gold accessory you want to buy, then inquire about its karat and weight to know the prices so that you can negotiate easily.

4)Negotiate

Bargaining is an essential skill that comes with experience. A common strategy to buy gold from Dubai is to reduce the amount of gold by 25% from the initial price. It is important to negotiate to buy gold in your budget.

5) Explore More Options

When you want to buy gold in Dubai, it is best to explore different options and compare them before buying for your benefit. As many stores offer similar pieces as per your negotiation skill, you can buy gold at an affordable price.