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A large number of Indians visit Dubai just for the purpose of purchasing gold. Now the question arises, what makes Dubai so special when it comes to Gold? There are a plethora of reasons why people from all across the globe visit Dubai to purchase gold in Dubai.
If you are wondering why Dubai is known as the city of Gold and what are the various benefits of purchasing gold from Dubai then you’ve landed at the right place. In this thread, we will shed light on various reasons behind why Dubai is known as the city of Gold along with the various advantages and benefits of purchasing gold from Dubai.
The first and foremost advantage of purchasing gold from Dubai is purity. A large number of Indians and Pakistani people visit Dubai during the festive and wedding season to purchase gold since the quality and purity of gold available in Dubai is much better than what is available in their native countries.
For a large number of people residing in the Indian subcontinent, gold is not just limited to being an ornamental precious but is a major source of investment. Indians believe that gold brings fortune and good luck and hence newlywed couples are gifted gold ornaments and coins. The gold market in Dubai is well regulated and controlled which makes purchasing gold much safer and better in comparison to other countries across the globe.
When visitors and travelers visit Dubai the price of gold is one of the major factors that tempt them to purchase gold. The price of gold in Dubai due to lenient taxation and tourism is quite cheap when compared to the other parts of the world. Apart from the price the purity and wide variety make Dubai the absolute paradise for gold lovers and enthusiasts.
There is no import duty applicable over gold which makes it cheap in comparison to the rest of the world. However, an important point to be kept in consideration while purchasing gold from UAE is that there is a VAT of 5% applicable only in the case of gold jewelry. The best part is that the applicable VAT can be reclaimed at the airport which again contributes to the popularity of gold trade in Dubai.
Undoubtedly the kind of variety and diversity in gold designs that is available in Dubai is to be nowhere found. The iconic gold souks of Dubai have a wide array of designs and are the best places to explore exquisite craftmanship. These gold souks of Dubai have different designs from different parts of the world that make them so special.
Provided the fact that there is zero import duty on gold along with low prices and high purity there is no doubt that Dubai is the perfect place for gold lovers and collectors to explore, and purchase gold.
Very often travelers and tourists visiting Dubai are confused about the pricing and taxation. First of all, as mentioned earlier there is no import duty applicable to the purchase of gold. Secondly, unlike most of the other countries, the gold market of Dubai is based on the international prices of gold which makes it much cheaper in comparison to other countries and jurisdictions.
Another major benefit of international pricing of gold jewelry is that the price is uniform all across the gold souks. Also, the gold rate in Dubai is highly dynamic just like stocks in the stock market. Interested buyers can wisely time the market and purchase their share when the prices are low in comparison to other days this way, they can save money and purchase more gold based on the current gold rate in UAE.
Most of us think that there is no relation between gold and bargaining but it is not true when it comes to Dubai. There is no scope of bargaining over the price of gold but customers can bargain on the making charges of gold. The price of a particular gold ornament in Dubai/ UAE includes the amount of gold along with the making charges.
Making charges is the spot where there is a scope of bargaining. The making charges constitute approximately 30- 50% of the price of an ornament. Due to a wide variety and never-ending demand customers can bargain over the making charges of jewelry. If lucky they can get heavy discounts on the making charges and can end up saving a lot of money.
In a Nutshell
Considering all the above factors there is no doubt that Dubai is the city of gold. There are numerous benefits to purchasing gold from the city. If you are traveling to Dubai don’t forget to visit the iconic gold souks and get some gold for you and your loved ones.