When planning to visit Dubai, shopping surely comes to your mind. Perhaps, it’s a haven for all those who want to splurge. From apparels and footwear to gadgets, chocolates and spices, the city has much to offer. But perhaps one of the biggest pulls to Dubai known for its shopping experiences is its gold jewelry. With countless numbers of retailers at the same place and the largest display of gold, Dubai gold market has become one of the most popular tourist destinations in the world. And of course, the best place to buy gold! Here are some tips to buy gold in Dubai that will ensure that you make the best, purchase and get the most value for your money.
Check Out the Gold Souk
With endless retailers all around, you might wonder which areas you should shop first. You can never go wrong with the Deira Gold Souk. Gold all lined up from aisle to aisle! Who wouldn’t get attracted just for the fun of it! Located in the heart of ‘old Dubai’ near the Creek, this is a jewelry lovers’ paradise bursting with everything from bars and bullion to bracelets and brooches. Assortments include imported designs of Indian and Arabic styles, as well as modern European and even Italian fashion. The place is filled with various shops that will offer you various designs and prices. There are other places as well such as the Madinat Zayed Shopping Centre or the shops on Hamdan Street. Damas and Marhaba are known to have the latest, most modern-style designs in jewelry while Joylukkas is known for traditional, Indian style designs.
Know the Gold Rates in Dubai
Like any other purchase, it is important to know the gold rate on that day before you go to buy. Like USA, Dubai has two rates for gold. While gold price is calculated on 1 gram of gold, the FTA levies 4% VAT on gold. This has resulted in the increase in the price of gold. Most of the stores have the prices per grams of gold displayed on a list somewhere in the shop. If not, you can ask for the exact rates per gram on that day, as it changes continually. Other than this, there is always a charge for workmanship that is included in the price. It is smart to calculate the exact amount that is being charged for the workmanship, as knowing this immensely helps in bargaining.
Know the Types of Gold
Prior to buying, doing some research pays a lot. Gold is sold by the karat and weight. Higher the karat, purer the gold; this means a 24 karat gold is 100% pure gold. As pure gold is soft, it is hardened by mixing it with different metals such as silver, zinc, copper and nickel. That is why gold is found in different colors which explain the type of alloys and the percentage of alloys mixed with it.
Check Out Gold Designs
Be sure of exactly what kind of product you wish to buy. The Souk has almost everything that you can imagine, from full jewelry set to separate earrings, necklaces and rings etc. Along with the yellow gold, you can find many varieties with white gold in chromium designs showing up a little more recently. While different items are also available such as chains, anklets, headbands, diamond rings and bangles are more popular. Apart from jewelry, you can also buy watches, cuff links and even money holders. Moreover, if you are a picky shopper or you want your jewelry customized, this is the place that offers that as well!
Check for Warranty
Gold is expensive and undoubtedly you would like your jewelry to last for a lifetime with its everlasting sheen and not breaking or getting damaged. Check for warranty with the seller. Some jewelers additionally offer free repair services for up to a year on the gold jewelry you purchase.
Check for Gold Purity Hallmark
Gold jewelry has Hallmark markings on them that determine their purity. So while buying gold in Dubai, check for these inscriptions. The purity of gold jewelry sold in Dubai is ensured by the Dubai Central Laboratories Department (DCLD) through Bareeq Certification.
Haggling is your Best Bet
Shopkeepers try to get as much money from you as possible, so it is of utmost importance that you try to pay as little as possible for what you are buying. Haggling is your best bet to do that! The first thing is to buy only as much as you’re comfortable with. After you have checked rates at all the shops, go back to the one with the lowest and bargain further. Try bartering 25% off the quoted price, you might get lucky. The haggling is based on the RATE and the MAKE.
Pay in Cash
For a flawless shopping experience at the gold souks, try to carry cash. Though shops at the Dubai gold souks have the option of paying by credit cards, they usually charge 1-2% extra for this convenience. Carrying cash can save you thousands or not more when you purchase gold.
Best Time to Buy Gold
For the best offers and great deals on jewelry, it is best to shop for gold during the Dubai Shopping Festival (December and January) or the Dubai Summer Surprises (June to August). If you can’t 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 won’t be traded on international exchanges until 2 am on Monday, so it is likely that you will get a good deal. If you’re 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.