All About Buying Gold in Dubai
While planning a trip to the UAE, Dubai will always be on your priority list. From footwear and clothes to dry fruits and spices, Dubai is a heaven for everyone wanting to shop. However, the biggest pull of the city still remains to be “gold”. The gold souks in Dubai are some of the best places to shop gold in the world. Gold jewellery in the UAE is considered one of the purest across the globe and is known to have unmatched quality and purity standards.
If you are looking forward to purchasing gold from Dubai, here is everything that you must know:-
What is the best time to buy Gold in Dubai?
The best time to purchase gold in Dubai is during the Dubai Shopping Festival from December to January every year or during the ‘Dubai Summer Surprise’ from June to August. If that is not possible, you must consider buying gold on Saturdays and Sundays. This is so because the prices of gold are not transacted on international exchanges until 2 am on Monday.
What are the standards of gold purity in Dubai?
The purity of gold in Dubai can be known by the embossed Hallmark. The government of the UAE has made it mandatory to put a hallmark on gold bars and jewellery since 2015.
How much gold can an expat carry back home?
Every nation has different rules pertaining to how much expats can carry back to their country. Therefore, if you wish to take gold back to your home country it is advisable to check with the UAE’s customs website. This way you won’t end up paying huge fines.
What are some tips to buy gold in the UAE?
Now that you are aware of when and what to buy, here are some tips that you must remember:-
Know the current gold rate in UAE
Just like with any other important purchase you make, it is important to know the current gold price in UAE before you go to buy it. The value of gold is calculated on every 1 gram of gold and you will find the prices being displayed on the billboards right outside the gold souks in Dubai. Knowing the current gold rate in Dubai allows you to have an idea of how much you can buy.
Bargain if required
Gold price in UAE is fixed and you will not get discounts on that, but even then there is a high chance that you may get a good enough discount on the making charges. The making charges depend upon the type and quantity of jewellery you have purchased. If you have good bargaining skills, you may end up getting up to 50% off on the making charges.
In Dubai don’t worry about counterfeit gold
Dubai is the “land of gold”, the government of UAE has enforced strict rules and hallmarking provisions to ensure that no one gets cheated on. While you are gold shopping in Dubai, all you need to do is appreciate the fine craftsmanship and find the best suitable jewellery for yourself.
Consider paying in cash
Paying to plastic money is convenient, but carrying cash has additional benefits. When shopping for gold in Dubai having cash can save that extra 1 to 2 % incurred on paying via credit card. However, if you are not comfortable carrying a lot of cash with you, you can always negotiate on the extra charges with the seller. If you are lucky, you may convince them to waive off the entire added fee.
Check for warranty
Gold is an expensive item and you would want to keep this jewellery forever. You would never want that the jewellery you have purchased is damaged or broken. Therefore, it is important that you check for a warranty with the seller. Some jewellers in Dubai may also offer extended repair services up to a year on the purchase you have made.
Check for purity standards
The government of UAE has made it mandatory to emboss hallmarks on the jewellery. The purity standards of gold in the UAE are ensured by DCLD (Dubai Central Laboratories Department) via Bareeq Certification. Do not purchase a piece of jewellery that no inscription on it and does not guarantee purity.
I hope that now you will be able to do hassle-free shopping for gold.
Happy gold shopping!