Everything you need to know about gold shopping in Dubai

Also known as the City of Gold, Dubai shines with a flourishing market for the world’s precious metal – gold. From exploring the labyrinthine alleys in the Dubai Gold Souk to the air-conditioned comfort of exclusive boutiques in the high-end malls, there are plenty of options when it comes to shopping for gold jewelry in the emirate. 

Dubai’s gold trade is rooted in the early 1900s when the Dubai Gold Souk was set up. Today,  the city is a global powerhouse for gold trading, housing its own vaults, refineries, gold-making facilities, and hundreds of gold jewelers. To ensure its continued success, Dubai’s gold market adheres to a strict code of conduct that champions trust and transparency. For gold shoppers, Dubai ticks all the boxes in terms of quality, authenticity, variety and price.

The Dubai Gold Souk, also known as the Deira Gold Souk, is the largest gold market in the world. It houses 300 gold shops displaying a mind-boggling variety of jewelry. Wander through the nooks and crannies of the labyrinthine market for a stronger hand when it comes to bargaining. Rest assured, the retail shops here are as well-regulated as anywhere else in Dubai. The Dubai Gold Souk is open seven days a week from 9.30 a.m. to 9.30 p.m., except on Fridays when it’s open from 4 p.m. to 9.30 p.m.

Dubai’s Gold and Diamond Park is a shopping mall filled exclusively with jewelry shops. It’s a fantastic place to shop for gold jewelry in peace, away from the mayhem of the souk. You can also buy precious stones, gems, silver and platinum here.  

The world’s first shopping resort, the Mall of the Emirates is dotted with luxurious offerings such as high-end jewelry and gold shops. Some of the most prominent Dubai-based gold retailers can be found here. They include Damas, which showcases its most exclusive collections in Damas Les Exclusive, and Al Liali, which specializes in 18- and 24-karat gold jewelry sets. Top international jewelry brands such as Bvlgari, Cartier, Piaget, Swarovski and Tiffany & Co. are under the roof as well. 

Tucked in Downtown Dubai, The Dubai Mall is home to over 1,300 retail stores and 200 food and beverage outlets. The main attraction for gold shoppers, however, is The Souk, a precinct within the mall that features jewelry shops. Some must-visits include Damiani, a brand leader for Italian jewelry, as well as Devji Aurum, a Bahrain-based jeweler that was established in 1950. 

For last-minute gold shopping before leaving the emirates, the gold shops in Dubai Airport are an option. Dubai Duty Free showcases gold jewelry from brands such as Damiani, Bvlgari and Pandora. The best selection is available in Terminal 3. Prices of gold products, however, are significantly higher in the airport compared to the city. 

In Dubai, you can easily get your hands on gold jewelry ranging from 18 karats to 24 karats, which is the purest form of gold. Wedding rings and studded jewelry typically use 18-karat gold, while chains, bangles and classic rings use 22-karat gold. Usually, 24-karat gold is molded into bars, biscuits and ornaments. It’s less commonly used for jewelry since pure gold is too malleable to withstand everyday wear. 

The international demand for gold in Dubai translates into an array of designs. From traditional designs that are rooted in ethnic heritage to modern and lightweight pieces that are increasingly popular, the gold market in Dubai caters to everyone’s taste. 

In Dubai, you’ll commonly find rings, bangles, necklaces and earrings that are imported from India, Turkey, Italy and the Arab world. While less typical, trendy gold jewelry from countries like Singapore and Malaysia are available, too. On top of that, many jewelers offer their services to customize a bespoke designer piece for you. 

If it’s not jewelry that you’re looking for, gold ornaments come in the form of house decorations to crowns, shields and sword hilts. Gold bars and coins can be found in the Dubai Gold Souk, but suppliers such as Emirates Gold, Etihad Gold, or Rose of Dubai may provide better deals. 

Here’s the beauty of shopping for gold in Dubai: all that glitters is almost certainly gold. 

Gold merchandise sold by jewelers in Dubai are well-regulated by the UAE authorities. To protect consumers, jewelers must carry the gold purity hallmark certificate for their products and provide it to customers upon request. This certificate gives information on the weight of gold in the jewelry, allowing the purchase to be valued anywhere across the globe. 

For extra assurance, look out for shops with the Bareeq certification displayed within their premises. This certificate endorses the shops’ compliance with high-quality standards.

Since gold is a traded commodity, prices fluctuate daily. You can find the daily market rate for each karat on the Dubai City of Gold website and compare it with the rates that jewelry shops display on the shopfront. 

Gold is sold by the karat and weight, plus a labor charge that ranges from AED10 (USD3) to AED500 (USD136) per gram depending on the intricacy of the design. While the price of gold jewelry based on its weight is fixed, the labor cost is negotiable. Jewelers expect you to haggle, so ask for 30% to 40% off the initial quote and reach a compromise from there.

Dubai boasts competitively-priced gold merchandise all year round, but the city’s shopping festivals bring with it sweeter bargains. The best gold deals can be found during the Dubai Summer Surprises, from 1 July to 4 September 2021, and Dubai Shopping Festival, scheduled for 15 December 2021 to 29 January 2022. 

When haggling for your gold purchases in Dubai, keep in mind that cash is king. Shopkeepers are usually willing to offer better prices if the payment method is cash — be it US dollars or dirhams — rather than cards that come with transaction fees. That said, be cautious if you choose to carry large sums of cash with you. 

The UAE introduced a 5% value-added tax (VAT) in 2018 which applies to gold jewelry. However, tourists can claim back this fee at the VAT refund counter in Dubai Airport. For this purpose, keep the receipt of your purchases with you. 

It can take days to trawl through the treasures in the Dubai Gold Souk to find your perfect jewel. Thankfully, there are plenty of hotels in Dubai near the Gold Souk, which is located in the district of Deira. 

Hyatt Place Dubai Baniyas Square and Best Western Plus Pearl Creek are both excellent four-star hotels within a 15-minute walk of the souk. For an indulgent splurge, book a plush room overlooking the Deira Creek at the Radisson Blu Hotel, Dubai Deira Creek, Dubai’s very first five-star hotel. 

Time flies while shopping for gold in Dubai. But since there’s so much more that dazzles in Dubai other than gold, set aside time for tours that will introduce you to the city’s best attractions. 

The Dubai City Half-Day Sightseeing Tour with Orient Tours, for example, features a jam-packed itinerary that takes you to Burj Al Arab, Jumeirah Mosque and Al Fahidi Fort with plenty of photo stops along the way. For a more personalized tour, join Nada as she shows you the backstreets of Old Dubai on her Wander with Nada tour, or explore the Al Seef neighborhood and ride a traditional Abra boat along the Dubai Creek with ‘Aladdin’ for company on the Dubai Aladdin Tour. 

With a bit of planning, you’ll leave Dubai with memories as precious as your new gold jewelry. 

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