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Dubai has emerged from a quiet port to a business hub in just a couple of decades; it is one of the most popular tourist destinations in the world. The city is known for its exotic cuisine, luxurious shopping malls, architecture, and nightlife. Apart from being one of the most popular tourist destinations in the world, it is also known as the city of gold. Dubai is a major gold trading center that gathers its raw materials from Africa and sells its finished products to buyers in countries like India and China.
Dubai owns almost 29% of the total market share globally with almost 1200 tons of gold being sold in the gold souks’ of Dubai based on the current gold rate in UAE. In addition to being a major gold trader, Dubai is known for its famous retail gold market. The gold souks and various other shops in Deira are a major tourist attraction for foreign tourists, expats, locals and traders looking to purchase gold based on the current gold rate in UAE.
Dubai’s love and fascination for gold date back to the 19th century, when it was just a small port town. The gold and jewelry business in the Middle East started in Lebanon during 1966-1974. The civil war in Lebanon shifted the gravity of trade to Kuwait. Later hallmarking and mandatory custom duty moved the trade from Kuwait to UAE. The UAE realized the prospects of the trade and captured it, which has been flourishing since then.
The geographical location of Dubai plays a vital role in giving the city status of the city of gold. Earlier Dubai was a tax-free destination for buying and selling gold. However, since January 2018 Value added tax (VAT) of 5% has been imposed on the purchase of gold in Dubai. The city is home to multiple storage vaults, jewelry making units and refineries that mainly import gold and process it further to make gold bars and jewelry.
The Gold souk in Dubai is one of the most famous places to buy gold in the city. It is located in the commercial center of the city, called Deira. The market comprises of almost 300 plus jewelers to fulfill the every fueling demand of gold in the city.
The gold that you purchase from Dubai is undoubtedly, one of the finest qualities of gold available in the world. The Dubai Central Laboratories Department is the authority responsible for ensuring the quality of gold being sold in Dubai. ‘Bareeq’ is a quality management organization that certifies gold products being sold in Dubai.
The cost of gold and its products are the lowest and most competitive in Dubai because of huge volumes that are being dealt with daily. The minimum imposition of VAT and the availability of tax return schemes for foreign tourists make Dubai an absolute paradise for buying and selling gold.
Dubai offers the most extensive variety of gold jewelry in the entire world. With nationals from almost 170 countries, Dubai has something to offer for every taste, Arabic, Indian, European, or western.
Wrapping it up
Various marketing campaigns and promotional activities on global platform showcasing Dubai selling best quality gold at the lowest prices has managed the city to brand itself as the ‘City of Gold’ or the jewelry paradise on earth. Whether you are willing to buy exquisite pieces of gold jewelry or simply want to admire the craftsmanship, Dubai got everything you are looking for. It is reported approximately 10 tons of gold is present at any time in the gold souks’ of Dubai, Think about it isn’t the crown of the city of gold correct?