Exchanging Gold in the UAE
Every time you want some trendier and more stylish jewellery pieces, you don’t have to mess up with your budget. You can simply exchange your old gold jewellery pieces for new ones.
If you are wondering how here’s a quick guide. Check it out:
How to sell old gold in the UAE?
Following are the tips to keep in mind while selling your old gold:
Check for the Hallmarking
To start with, know your gold first. Since gold rates in the UAE depend upon the purity of gold, it’s important to know the purity of your gold before you sell it. You may check it through fineness mark known as ‘hallmark’. Just read out the number engraved on your ornament and you will know the carats of your gold. A few common hallmarks, corresponding to its carat are mentioned below:
- 916 – 22 karat
- 875 – 21 karat
- 750 – 18 karat
- 666 – 16 karat
- 583 – 14 karat
- 500 – 12 karat
While selling, the buyer will estimate the cost on the basis of purity, weight and the country of origin. Please note that making charges or the labour charges can’t be recovered.
Keep your documents handy
When you head out to sell your old gold, you may be asked to present certain documents such as your Emirates ID, original passport (if you are an expat or visitor) and invoice for the purchase of your old gold. In case the invoice is not available, you may present the certificate of authenticity of your gold piece. In case, neither the invoice nor the certificate is available, the retailer may use hallmarking to verify for the authenticity.
Be wary to sell your gold at market price
When you are keen on selling your old gold jewellery, it’s important that you keep a track of all recent trends in the gold prices in the UAE. You should always try to sell you gold at a price higher than your cost price. For this, make sure that you sell your gold when the prices are high in the market. Also, it is advisable to sell the gold after a long term (minimum 5 years) only.
Where to sell old gold in the UAE?
Selling old gold in the UAE is not so difficult. However, to ensure that you get the best price sell your gold only at renowned places. Two of them are:
Deira Gold Souk
Deira Gold Souk is one of the biggest traditional gold markets in the UAE. It is located at Al Ras in Old Dubai. The souk has hundreds of gold shops that will buy old gold. Do a little research and enquiries to sell your gold at the best prices.
Al Fahidi Souk
Located at Meena Bazaar in Bur Dubai, Dubai, Al Fahidi is a shopping district that has numerous traditional shops dealing in gold. You may sell old gold here at any shop. However, a point to note here is that Al Fahidi Souk is meant only for people with expert bargaining skills. So, if you have decided to sell at this souk, be wary not to incur any loss.
Bonus tip to keep in mind in while getting new gold in return
Check for its purity
As mentioned above, gold price in UAE is based on the weight and the purity of gold. Therefore it’s necessary to check for the karats of your gold. For your understanding here’s the list of gold karats corresponding to their purity:
- 24 karat - 100% pure gold
- 22 karats - 91.5% pure gold
- 18 karats - 75% pure gold
Please note that even though 24K gold is the purest form of gold, it is not suitable for ornaments. This is because 24 k gold is highly malleable, very ductile and very soft.
So, wait no more. Just exchange your gold now to keep yourself in style with the latest fashion.