Facts To Check Before Buying Gold In Dubai
While gold in Dubai is authentic in its true sense, it is still a good idea to brush up on some key information when buying gold in Dubai.
The 24 karat gold is the most authentic, with the darkest yellow color, heaviest designs, and best gold content. Lighter variants of 18 and 22 karats are also typically available. Most shops in Dubai will house the choicest 24K designs, and a larger number of 18K and 22K ornaments, that have more variety but less purity of gold content.
A VAT charge of 5% is levied on jewelry sold anywhere in Dubai but 85% of this fee can be reclaimed under the tax reclaim for tourists scheme at Dubai airport.
Tip:Inspectors from Dubai Municipality regularly audit gold sellers and check their quality and scales etc. It is not a good idea to buy from street vendors.
Popular Gold Bullion Dealers In Dubai
Dubai bullion market offers an array of authentic products
AL BAHRAIN JEWELLERS
Established in 1945, Al Bahrain Jewellers LLC has become a leading name in bullion trading in Dubai. Operating since in the emirate since 1994, they engage in selling and buying of gold, silver and platinum. You can reach out to them through the contact form on their website and get quotes for various weights and refinement levels of gold bullion.
- Location: The Gold Center Bldg Office # F85 & F86, Deira
- Timings: 09:00 am 06:00 pm | Fri: closed
- Contact: +971-4-226-9514
In addition to gold bars, Emirates Gold boasts an impressive product range. They deal in custom minted gold products, gold pendants, coins, medals and even plaques and trophies. Their products are certified 999.9 pure gold. For those with more playful tastes, you can purchase 1KG gold bars with the Pepsi or 7up logoor even a pure gold KitKat bar!
- Location: Near KPOP Chicken, JLT
- Timings: 09:00 am 06:00 pm | Fri: closed | Sat: 09:00 am 02:30 pm
- Contact: +971-4-367-9030
AL ETIHAD GOLD
Al Etihad Gold is a full-service gold and silver refinery. They specialize in gold and silver bars in the 100 grams to 1 kilogram range. Accredited by the DGD standard, their gold bars contain a fineness of 99.5%. In addition to selling gold bars, they also provide refining, smelting, assaying, gold separation and minting services.
GOLD STANDARD DMCC
- Location: AU Tower Jumeirah Lakes Towers
- Contact: +971-4-423-4500
Can You Take Gold From Dubai To India
Yes, you can take gold from Dubai to India. However, its important to note that there is a certain limit to carrying gold from Dubai to India that must be followed in order to avoid paying excess customs duty.
With that, we wrap our guide on buying bullion in Dubai. We very much hope it provides you with the Midas touch if youre thinking of taking the plunge into the world of gold investment.
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Know The Gold Rates In Dubai
As with any purchase, it is crucial that you know the gold rate on that day before you go to buy. Just as it is in the USA, Dubai has two rates for gold. Price of gold is calculated on 1 gram of gold and prices are displayed on big billboards and at the entrances of the Gold Souks. You might want to note that from April 2018 onwards, The Federal Tax Authority of Dubai levies 4 % VAT on gold. This has resulted in the increase in the price of gold. Do check the current gold price here
Learn The Art of Bargaining
A useful tool to use while shopping for gold in Dubai is bargaining. Although the price of gold is fixed, you can haggle your charge down on at the Gold Souks with regards to making charges. How much of a discount you get will depend on how much gold you purchase and how expensive it is, to begin with. You can bargain up to 50% on making charges.
Who Manufacture Gold In Dubai
Investing in this precious commodity can produce impressive resultsin the long run
Dubai houses some of the top large-scale gold refineries in the world, meaning locally produced bullion is available at lower prices. Kaloti is a popular local retailer for some of the home-grown bars. Similarly, many UK-based gold manufacturers are based in the Gold Souk. PAMP, a leading Swiss gold manufacturer also has a presence in Dubai. Other manufacturers in the UAE include:
- Gulf Gold Refinery
- Etihad Gold
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Traveling With Gold From Dubai To Your Home Country
If you intend to take the gold you purchase back to your home country, wearing your gold would be the safest and the most cost-effective option. So, buying your gold in the form of wearable ornaments would be the best way for you to go about purchasing your gold in Dubai.
Different countries have different rules when it comes to allowing passengers who are bringing duty-free gold inside the country. Checking the customs regulation of the country you are visiting is advisable before carrying gold with you. Apart from that, you should also keep your purchase receipt handy.
Being a highly valued commodity, some countries require there to be absolute transparency when it comes to traveling with gold. Even in the absence of customs duties, some countries expect you to maintain transparency.
Can I Buy Gold From Amazon
Digital Gold is available on the Amazon app on the Amazon Pay Page. You can search for it directly in the Amazon search bar also. Once you log in and click on the Gold Vault icon, you can see the Buy price at that time. Confirm the Rupee value or the gold weight in grams that you want to buy and finish payment.
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Go Around In Different Shops
Before settling for a piece, shop around. Most of the stores have the same pieces, they only differ in the price based on your bartering skills. You have hundreds of retailers to choose from.
Another tip here, the shops in nooks and corners have better price rates because not much foot traffic passes through these areas. So its good to go to narrower alleys in the souk to find better deals.
Be sure to stick around the stores where the quality of gold being sold is closely monitored by the government. It doesnt hurt as well to ask about the quality of the gold from the shopkeepers. Is this gold fake or an imitation? is a regular question they get asked a lot of times so dont be shy to ask that. Anyway, a usual response from them is NO . They will assure you that if they sell fake stuff, their business will be closed down.
Best Time To Buy Gold In Dubai
For the best offers and great deals on jewellery, it is best to shop for gold during the Dubai Shopping Festival or the Dubai Summer Surprises . If you are travelling from India, avoid going overboard as the maximum value of gold you can get back from abroad is up to Rs. 1 lakh for women and Rs. 50,000 for men.
If you cant make it for the Dubai Shopping Festival or the Dubai Summer Surprises, shop for gold on a Saturday or a Sunday. These are the most stable times to shop and the best part is that prices of gold wont be traded on international exchanges until 2 am on Monday, so it is likely that you will get a good deal.
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Leading Luxurious Gold And Diamond Jewellers In Uae
Welcome to the world of Pure Gold Jewellers. We are exactly what our name suggests! Started in 1989 by MrFiroz Merchant, Pure Gold Jewellers upholds an aim to serve its customers, Jewellery par excellence with continuous innovation and unmatched quality.
Beginning with conquering the Dubai gold Jewellery market, we aim to go global with our astonishing and elegant jewellery designs.
With our sincere passion for the industry, we created a peoples brand that they can trust. Going from one store to now an expanded retail market, we have come a long way and theres a long way to go. We also serve our customers by offering diamond and gold jewellery through our online shops. Ranging from Dubai to Abu Dhabi, we’re operational across the UAE with our exquisite gold Jewellery online and in stores. Gold Jewellery like gold rings, gold bangles are all yours to explore in our gold shops in Dubai and the rest of the world with our new gold & diamond Jewellery online! Diamond jewellery is every womans favorite, so our ranges include graceful diamond rings, diamond earrings, and diamond necklaces with exquisite designs that were sure youll love!
If you are looking for gold and diamond jewellery in Dubai or gold Jewellery in Abu Dhabi or diamond jewellery online from any part of the world, we would love to add to your beauty. Fall in love with the luxury jewellery experience at Pure Gold Jewellers with the designs of your dreams.
Where To Buy Gold In Dubai
If you want to shop for gold jewellery the gold souk in Dubai is a great place to start. Its got a row of gold shops which sell a variety of designs and styles. You can also head to any of the malls in Dubai. These feature some of the most popular jewellery brands in Dubai like Damas, Joyalukkas and more. Another great option is the Gold and Diamond Park Mall, where you can purchase precious stones, gems, silver, gold, platinum and high-end personal accessories.
With all these reasons to buy gold in Dubai the emirate truly lives up to its title of being the City of Gold. Have you ever purchased gold from Dubai? Let us know in the comments below. We hope you found this article informative and helpful. If you did do share it with your friends and family and stay tuned to MyBayut for more interesting articles on life in Dubai.
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Current Gold Price In Dubai Uae
List of different denominations of gold bars and their gold price in Dubai. All current gold prices are in Dirham , a United Arab Emirates currency. These rates are international spot price for gold, silver and platinum. Dubai retail price may be 4-5 Dirham per gram higher than these international spot rates. Open Individual account or Corporate account with GoldTrade and start trading gold online, fix gold price for future purchase or buy gold online.
* all prices are in Dirham and in US Dollar
How Much Gold Can I Bring To India From Dubai
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Will Gold Price Go Down In 2021
Should you buy now? Gold price yesterday at Multi Commodity Exchange slid 0.06 per cent and closed at 47,090 per 10 gm mark. However, if we go by commodity experts views, the bullion metal is most undervalued among the financial asset categories and it may shoot up to its lifetime high by end of 2021.
Where Is The Best Place To Buy Gold In Dubai
The Dubai Gold Souk, or simply, Gold Souk is a traditional gold market in Dubai. In my opinion this is the best place to buy gold in Dubai. The gold from the Gold Souk is also lower in price compared to most other places. In fact, prices of Gold in the Souk are one of the lowest around the world!
You can buy both gold bars, and ornaments at the Gold Souk that is really up to your taste and preference.
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Top 7 Best Gold Shops In Dubai
As one of the worlds great gold trading hubs, there is no doubt that Dubai has some of the best gold shops in the world. When it comes to buying gold, be it bullion, bars or kilos, Dubai has a plethora of gold shops where you can indulge your passion for the much sought after metal. However, as with any investment, it makes sense to proceed with caution when investing in gold, which, in many cultures, traditionally serves as an alternative to putting money in the bank. Experts caution that the fluctuating prices of gold are dependent on several unpredictable indicators including sentiments, governments buying and selling gold reserves and volatile equity prices. Therefore, as an investment, it is advisable to include gold investment as part of a more diverse portfolio rather than investing all your money into this single asset. Since there are many options available to those wishing to buy gold in Dubai, the best advice would be to make sure that the shop you buy from is registered and that you check the current price of gold on the day of your planned purchase. Gold prices can be checked via the Precious Metal Calculator.
Tips When Buying Gold At The Deira Gold Souk
When in Dubai, it is almost impossible not to visit the gold markets. This is one of the popular tourist destinations of the emirate. After all, this city is known for its gold trade. With almost countless retailers around, you might wonder which areas you should check out to shop. You can never go wrong with the Deira Gold Souk in Old Dubai.
Tourist buses include this area as a regular stopover because of the many options of gold and how the structure of this place was set up. But even if youre not planning to buy gold, the Deira Gold Souk is a must-see when youre in Dubai. Gold lined up from aisle to aisle, who wouldnt get attracted just for the fun of it.
one of the entrance areas to the gold market
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Things To Know When Buying Bullion In Dubai
The prices of gold fluctuate so its best to invest in bars or coins when the prices are high
- Bullion is sold in ounces, grams and tola.
- Gram or ounces gold bars have solid corners, whilst tola gold bars have rounded edges.
- The weight of the gold bar is stamped on it.
- The bar must have a stamp of the supplier and an assay number.
- The gold bar must be at least a minimum of 99.5% gold. The purest form of gold bar falls in the 99.9% range.
Are There Any Risks In Buying Gold Online In Uae
When buying bullion in UAE, always watch out for counterfeit gold. Although the Emirates authorities identify fake bars and coins through a tough evaluation process, still some dealers manage to sell fake gold. No matter where you are buying gold from, always carry out the basic testing.
We say this because even the biggest dealers of gold bullion can be selling you counterfeit gold since this happened in December 2015 in the UAE Bullion Market. It also happened in the USA which is why Tulving and Merit Gold are out of business.
A gold dealer giant Gold AE was caught in a counterfeit and they owe alleged money of 25 million dollars to the victim. Even though the authorities are doing what they can to get the victim their refund and there are multiple civil suits against Gold AE too, but from what it appears, the money is lost.
So, whenever you are buying gold, for safe purchase, take delivery. If you have to build a large digital bullion account or an account for the bullion allocated in UAE, make sure you do so at multiple locations to spread the risk.
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Where To Buy Gold Bars In Dubai
Gold bars are sold by weight. You can buy slim investment bars weighing 1 gram, and you can purchase 1-kilogram gold bars. Gold is viewed by many as a secure investment, and it offers fast liquidity.
In Dubai, gold bars can be purchased direct from suppliers or at gold jewelry shops. There are gold suppliers in Dubai that refine and produce gold products themselves.
When looking to buy gold bars, stick to brand names that provide certification , attesting to the quality and purity of their bars. Smaller investment bars generally come in plastic packaging that prevents the gold, which is malleable, from being damaged.
The price of gold fluctuates according to world markets. Before buying gold bars, check the current price of gold in Dubai. This is the amount you should be paying.
Emirates Gold is a UAE company that provides gold and silver assaying , smelting, and production of gold products. Emirates Gold provides a range of gold bars of various weight and purity. They also sell gold pendants, coins, and medals.
The Rose of Dubai is a very popular design on the Emirates Gold investment gold bars. Consumers can choose from a range of custom products, and can purchase rectangular and standard gold bars. Those looking to convert more of their money to precious metal can invest in kilogram gold bars as well.