It’s taxing to keep a tab of the loans, credit card bills, and utility bills to pay these off timely and avoid incurring any additional charges.
Invest in GOLD and give a boost to your investment portfolio
When it comes to the Emirate of Gold (read Dubai), “Bought in Dubai” has been a hallmark of purity and authenticity across the globe while purchasing gold jewelry or ornaments.
Most of the people think that this distinction is simply accidental, or probably a matter of trust built over the years. However, this is not the case, this global purity authentication has been a part of the gold trade for around 25 years from government vigilance and action.
The expats are now leaving for their homes for the holidays. They know about this distinction and mostly buy their gold from the UAE. With the holidays approaching, the expats also get a lot of requests from their relatives and friends to get gold for them.
The reason for such requests is obvious- they are sure about the karatage or quality of the gold as well as the customs duty payable on landing in their home country, making the decision to purchase gold from Dubai worthwhile. Moreover, the gold rate in UAE is comparatively more reliable.
All the gold merchandise sold by the jewelers in Dubai are regulated by the authorities in order to confirm their authenticity. It is mandatory for the jewelry stores throughout the Emirate to have a hallmark for the purity of gold on the products they are selling and have an obligation to give it to their customers on request.
The hallmark for gold purity is a certificate, which specifies details like the weight and the karats of the stones and the gold used in the jewelry along with the labor cost. It helps to make sure that every piece of jewelry bought is authentic and can be valued in any part of the world.
DCLD (Dubai Central Laboratories Department) is responsible for ensuring the purity of the gold jewelry that is sold in the Emirate of Dubai through Bareeq Certification.
First of all, the department checks the compliance of the retailers with federal and local rules, the assurance of product quality, and the adequacy of the label on the jewelry pieces.
The inspector will capture the findings while monitoring the retail outlets for making sure they adhere to the rules. Usually, the retailer’s outlet is inspected by the authorities at least 3 times in one year.
Certification will be given to those stores, which follow fair and true practices in terms of jewelry trading. The shops and the companies that have Bareeq certificates may put it on display in their stores and on advertisements.
As per the reports coming from the inspection, the rate of compliance is pretty high, which means there are very few jewelers who could have committed false practices or fraud. Moreover, sometimes such frauds can be unintentional too.
The maximum problem can be found in the imported jewelry, whose purity is not very clearly displayed on the packaging, and may be unique to the nation from where the pieces have been imported.
The efforts of Dubai for maintaining a reliable status for gold is not confined to its jewelry hallmarking, retailer’s certification, and the inspection of the jewelry pieces being sold.
Apart from the ones discussed above, there are other initiatives including MDB (Market Deliverable Brand) and DGD (Dubai Good Delivery), which take care of not only the production and refining quality but responsible sourcing as well.
The Bottom Line!
There are many reasons to purchase your gold from Dubai, making it live up to its title of “City of Gold”. The gold souks in Dubai pretty much challenge the idiom “all that glitters is not gold” because there, “all that glitters Is Definitely Gold”. And, if things remain the same, this reputation for Dubai will continue even in the coming decades.