Why is Dubai the Best Place to Buy Gold at Low Prices?
I am sure, most of us have heard about the dazzling yet affordable gold available in Dubai, which is commonly known as the ‘City of Gold.’ The purity and quality of gold along with the affordable gold rate in Dubai has helped the city in acquiring this glamorous name.
Apart from the above reasons, it is also called by this name for other reasons such as an entire souk being dedicated to just selling gold and the popularity of the purchase of gold in the city by tourists and expats.
But, have you like most of us, ever thought why Dubai is an absolute favorite when we talk about the purchase of this precious metal? Well, there are numerous reasons as to why one should purchase gold in Dubai. So, here is a thread exploring the reason behind the purchase of gold being so popular along with what you should keep in mind while making such a purchase.
5 Reasons Dubai is the Right Place to Buy Gold
Be it a simple everyday wear piece you need or something totally over-the-top, Dubai has a wide range of choices to offer when we talk about gold jewelry. Apart from this, below are the top five reasons behind Dubai being the right place for all of your gold purchases.
This Emirate’s Gold is Pure
The purity and the quality of the gold jewelry pieces are some things one does not need to worry about even slightly when purchasing gold in Dubai. The government regulates all the merchandise that is sold by the jewelers making sure of the authenticity of any gold item being sold in this Emirate. It is also compulsory for the stores selling jewelry across Dubai to hold a gold purity hallmark on the pieces they sell and are required to show it to their customers if asked by them.
This is a gold purity certificate that has the specifications of the details such as the weights and karats of the gold and stones in the pieces and the cost of labor involved. It helps to ensure that each of the purchases is authenticated and also can be valued anywhere across the globe. This is the reason behind the gold purchases in Dubai being really popular among the expat community, as many people also like to take it back to their home country because of the gold price in UAE.
The Gold Rate in Dubai is Lower
Due to the exemption from taxes, Dubai has been a popular choice always. It is one of the key reasons behind people choosing to move to this city along with making their purchases here. Because of the tax exclusions, the gold price in UAE has always been affordable as the buyers are only charged for the value of the gold. Although there is an applicable Value Added Tax or VAT, purchasing gold in Dubai is still cheaper as compared to most places. Also, the tourists are also allowed to claim a VAT refund for all the purchases made in the UAE.
VAT is the only type of tax that is applicable in the Gulf Country on the gold purchases. In other countries, there are also various different kinds of taxes available.
Wide Variety of Choices
The City of Gold is referred to as a paradise for the shoppers, for more than the electronics and clothes, such as gold purchases. If you are seeking to purchase gold in the emirate of Dubai, you can choose the right one from the various popular stores for gold in the region. Some of the stores present in the city or the malls are Joy Alukas and Damas, or one can go to the Deira Gold Souk – one of the oldest traditional souks in the region that has numerous jewelry stores and shops lined up. Regardless of which place you visit, you are sure to find a great range of gold pieces that show spectacular designs from all over the globe.
The Gold Rate in Dubai Follows International Market Rate
Another key feature that makes gold purchases in this emirate a flawless experience is the gold rate in Dubai. The gold price in the emirate follows the international prices of gold that ensures price uniformity across all of the city’s stores. Since the international prices of gold fluctuate just as the stock prices in the market, the gold buyers in the emirate have an opportunity to take advantage of the falling rates and buy gold at the cheapest rate. So, make sure you keep a track of the present gold rate in UAE before you go ahead and make the purchase.
The Making Charges of Gold can be negotiated
Another reason that makes it even better to buy gold in the emirate of Dubai is the negotiation of the gold rate in Dubai in terms of the making charges – the charges that are applicable for the making of the piece. Making charges are different for each type of gold ornament that you are purchasing and also the retailer you choose to buy from. While negotiating can be quite a challenge in the bigger shops in the mall, but you will not have the same issue in the shops that are located in the Gold Souk. Based on the gold rate in Dubai and the purchase amount, the making charges can be brought down by quite an amount.
The Bottom Line
With all the above reasons to purchase gold in the emirate of Dubai, it truly matches up to its name of the City of Gold.