Dubai is the Best Pace in the World to Buy Gold – Here’s Why?
Dubai, a city in the UAE is dubbed as the 'City of Gold’ and for good reasons only. When it comes to investing in gold, one place that is on everyone’s mind is Dubai, or for that matter, the UAE.
But, why? While we know one reason that gold price in UAE is lower when compared to that in other countries, there are some other points too.
Take a look at the top reasons why Dubai is the world’s best place to buy gold:
You get gold at lower rates
As already mentioned, prices of gold in Dubai is one the biggest reason why investors buy gold in Dubai.
Since the UAE does not levy any tax on individuals, gold rates in the UAE are considerably low and Dubai being a city there is no exception. Even though the government does levy 5 % as the Value Added Tax (VAT) on gold, the gold price in Dubai is still cheaper compared to that in other countries across the globe.
You get the purity you can trust
Gold from Dubai is something that you can trust. When it comes to the purity of the yellow pious metal, there are no compromises in Dubai. All the merchandise sold by jewellers in the city is regulated by the government of the UAE. The government ensures that gold sold there is pure. To ensure the authenticity of the gold the government mandates the jewellery stores in the city to carry a gold purity hallmark on items they sell. The jewellers are also obliged to provide the hallmark certificate to their customers when requested. The certificate specifies certain details of the item such as karats and weight of actual gold and stones. The certificate may also specify the cost of labour.
You get to choose from a large range
A whole souq dedicated just for gold! Where in the world will you find this? Only in Dubai!
Deira Gold Souk in Dubai is one of the oldest traditional souks to offer you a spectacular array of jewellery that features designs from around the world. Jewellery shops here, displaying gleaming ornaments are capable of attracting tourists from all around the world. You may find a range of exquisite designs that you won’t find anywhere else.
Some other famous gold stores here are Damas and Joy Alukas.
You get to bargain the gold prices
Affordability of gold in Dubai strengthens with the fact that you can bargain the making charges. Making charges are the charges levied to fulfil the cost of converting raw gold into jewellery chunks. Depending upon the retailer you are buying from and the type of ornament you are purchasing, these charges may vary. Due to its variability, you can easily bargain on these charges.
Please note that it’s hard to bargain in bigger jewellery stores in the mall. However, you can easily negotiate on making charges at shops in Dubai Gold Souk.
You get to take advantage of falling and rising gold prices
One of the strongest points to buy gold from Dubai is that gold prices here follow international market trends. Since gold rates in the international market fluctuate very frequently, you can take the advantage when gold prices fall. Just be sure to check gold prices every time you head out to markets.
Apart from this, following international market trends implies that there is uniformity in gold price at all the gold stores in Dubai. This minimizes the risk of you facing bluffs.
Hope, this is enough to convince you that the UAE, especially Dubai is the best place in the world to buy gold. Next time you buy gold, make sure you choose Dubai only.