Where to Buy Gold for Cheap in Dubai?
With a well-known souk for selling the precious metal, it’s no wonder Dubai is easily considered the ‘City of Gold’. Gold items and jewellery are popular gifts among expats and tourists visiting the city.
Places like the Deira Gold Souk and the Dubai Gold and Diamond Park are well-known for selling gold jewellery. On the other hand, it’s also worth checking out some branded stores for their unique collections.
Deira Gold Souk
Located in ‘Old Dubai’, the Deira Gold Souk is one of the most visited marketplaces for precious metals and other jewellery. It’s a well-known stop for visitors looking to buy gold at competitive prices.
The Gold Souk offers a lot of gold accessories done in Indian, European, and Arabic styles. It’s also a good market to buy gold bars at an affordable budget.
Visitors used to buying their pieces from the Gold Souk like it because you can negotiate the prices of some items. Bargain hunters are able to negotiate the making price of the piece, bringing them down to a slightly more affordable level.
However, do remember that the weight element of the price is non-negotiable. Also, credit cards are accepted as payment but you might have better luck negotiating with cash.
Prices of the gold sold also fluctuate on a daily basis. Try keeping up to date on current prices, placing you in a better position to bargain with the sellers.
When shopping at the Gold Souk, it’s recommended for new visitors to stick to the stores. Inspectors from the municipality frequently carry out inspections and testing, ensuring the authenticity of the items.
Located in the Gold Centre in Deira, the Joyalukkas Group has sold gold to over ten million customers across 11 countries. It is one of the largest gold sellers, known for delivering exceptional service and authentic products.
They offer chains, necklaces, rings, and other gifts and accessories from top brands like Eleganza, Pride, Veda, and Zenina.
Customers looking to purchase from the Joyalukkas Group can get some good perks. For one, the Easy Gold Purchase Scheme helps customers plan their payments via monthly instalments over a 10-month period.
On the other hand, customers can also earn Joyalukkas rewards for their purchases. These can be converted into Etihad Guest Miles which can be useful for travelling to over 116 destinations in the world.
Malabar Gold & Diamonds
Gold wares sold by the Malabar Group have the 916 purity inscription, meaning they all meet international standards. As such, it is a popular brand to buy gold items from for the wary shopper.
The brand is also known for their online shopping process, allowing buyers to purchase from the comfort of their home.
Of course, it’s understandable to be wary of an online service. To help assuage these concerns, Malabar sends all hallmark certifications with the piece as well as giving buyers a period of 15 days to exchange the jewellery if they want.
They also have a buyback policy based on international standards. This means you’re still able to get a decent price on jewellery you wish to let go of.
Taiba is well-known for their 21-carat gold rings and pendants. They are also a popular shop for getting handmade Islamic pendants for around AED 2,000 to AED 4,000.
Sets and collections bought from Taiba are a little more competitive than other shops. Most of their collections start at AED 2,500 up to AED 15,000.
The shop can also craft other gold accessories for you like designer belts, crowns, and even clothing.
The Dubai Mall
If you’re looking for a more ‘Westernised’ shopping experience, then the Dubai Mall is also good. It offers air-conditioned stores as well as high-end jewellery storefronts.
Shopping at Dubai Mall can be more convenient for tourists, given its proximity to institutions like banks and hotels. They also have a number of restaurants and cafes nearby in case you get hungry after shopping.
In the Dubai Mall, you can get gold in two types: jewellery, or bars. These different types are offered in different places and stores.
Buying gold bars is a lot more straightforward. You can actually get them from so-called ‘Gold-to-Go’ automated machines, based on current market rates.
Here, you can buy everything from 2.5 gram pieces, a 24-karat gold coin, up to a full gold bar. It accepts both cash and credit card as payment options as well.
Damas Jewellery comes up among the top branded stores to buy gold jewellery in Dubai. They have served customers for over 100 years now, setting up more than 300 retail outlets in the Middle East.
Their Dubai Mall branch is located on the first floor. They sell a lot of gold jewellery and collections from international brands like Graff, Roberto Coin, and Fope.
Ordering pieces online from Damas also comes with complimentary free shipping and a 30 days exchange option for wary buyers. They also give amazing bonus gifts and promos for the pieces they sell from time to time.
For those looking for luxury gold jewellery, they may want to check out Damiani. The store is well-known as one of the best shops to buy luxury gold items in Dubai.
They generally deal with rings, bracelets, cufflinks, and earrings from brands like Eden, Animalia, Flori d’Aranico, Mimosa, and other high-end brands. Most of their offerings are also geared towards bridal collections, making them a good pick for weddings.
In addition to selling exquisite diamond jewellery and rings, Cartier also carries a wide range of gold items like watches, wedding bands, earrings, and necklaces.
This makes them a top jewellery store to visit and buy jewellery from. It also constantly buys back vintage pieces once bought for them as these pieces can command a high price worldwide.
Their private room is also well-known among buyers as a good spot to check out the pieces while having a cup of coffee. It helps buyers see the jewellery piece up close under neutral light in order to see how it will look outside the showroom lights.
Dubai Gold & Diamond Park
Lastly, Dubai Gold and Diamond Park is not only a great place to find gold pieces at an affordable rate, it is also a well-regarded place for getting custom jewellery made.
They have over 80 different jewellery retailers under one roof, giving customers a lot of choices. They also have other facilities like dining establishments in case you get tired after browsing.
Buying Gold in Dubai as a Tourist
For tourists looking to take the gold they bought out of the country, there are a few restrictions you need to be aware of.
First, individual tourists are only allowed to take up to 10 kg of gold through customs. Most people stick to just below 1 kg though as there is a significant cost attached to anything above that weight.
Tourists also need to provide proof of purchase as well as other paperwork you got from the purchase. You need to declare the gold and show these documents as you pass.
Lastly, customs fees are paid in convertible foreign currency. Always check the current rates before departing so as to not be surprised when you get to the airport.
Buying gold jewellery in Dubai can be quite affordable provided you know where to look and how to haggle. You can bring home a fine memento of your Dubai trip at a reasonable price.
Just remember to bring the required documentation as well as the other rules when it comes to taking your jewellery out of the country.