Smartest investment and life plans in UAE

Tips for Buying Gold Jewelry in the UAE

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  | Published: 10 January 2020 | Last Updated On: 15 January 2021

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It is almost impossible not to visit the gold markets while visiting the UAE, particularly Dubai.

While Dubai is known internationally for its culture, cuisine and heritage, it is best known for gold trade. With countless sellers around, you might be wondering which store to check out and what points to keep in mind before buying gold.

Since purchasing gold is not just luxury shopping, but a great mode to invest financially, it’s important to know all the factors that should be considered before buying this precious metal. Below mentioned are a few tips for buying gold in the UAE:

Check for Purity

The value of gold is determined by its purity which is measured in ‘karats’. 1 karat contains 4.2% of pure gold. To keep this simple, it can be understood that 24k gold is considered to be the purest and comes with an average purity of 99.99%. To determine the karat rating of gold the overall purity of the metal is broken down into 24 parts. If a piece gold is marked 18K, it means that out of total 24 parts, 18 parts of the product is made up of gold and the remaining part is made up other metals such as zinc, silver, copper, etc.

Cross Check the Current Rate

The price of gold in the UAE keeps on changing with time and therefore, it is important to keep a track of the current gold rate while making a purchase.

Jewelry stores in the UAE display the current gold rates making it easier for the buyers to keep an eye on them. However, it is always a wise decision to cross-check the price of the product with the current gold rates.

Negotiate the Making Charges  

Another important point that must be kept in mind while buying gold jewelry in the UAE is negotiation. Try negotiating over the making charges of the product. The price of the finished product comprises two components  - the first is the value of gold based on the current gold rate in the UAE and the second one is making charges of the product. Negotiating over the making charges can help you get a good deal as there is a scope for availing reduction in the overall price of the product

Visit Multiple Stores

Before settling for a certain piece, go around different shops. Most of the stores have almost the same products; they differ only in their prices. In case you have got good bargaining skills, visiting different stores can be quite beneficial for you. Also, it is advisable to always visit small stores in the city as they quote better prices than huge souks right in the centre of the market. This happens mainly because there is not much traffic that passes these stores.

However, it should be noted that you should buy gold only from the store that provides certification of purity and guarantees resale.

Conclusion

The love and fascination for this precious metal are never-ending. Various cultures offer gold an irreplaceable position in their customs and rituals and believe that gold brings good luck and fortune.

After purchasing gold products one should take proper care of the products to enhance the longevity and quality of the product.

Shopping for gold jewelry can be a difficult task to accomplish; just keep the above-mentioned points in mind in order to extract the maximum out of your valued investment.