In Dubai, it is nearly difficult to miss the gold markets. The emirate's most popular tourist attraction. This city is famous for its gold trade after all. As there are so many stores to choose from, you may question where to start. A visit to Old Dubai's Deira Gold Souk will never disappoint.
Tourist buses frequently stop in this location because of the abundance of gold and the unique construction of the area. The Deira Gold Souk in Dubai is a must-see even if you don't plan to buy any gold. Who wouldn't be drawn to the gold that lined the aisles just for the joy of it?
How to Buy Gold at the Dubai Gold Market
If you're thinking about investing in gold, here are a few things to keep in mind. Below, you will find a list of resources.
1. Know the market price.
The price of gold swings everyday, just like the price of equities. So knowing how much it sells for on the open market is essential. Before you buy gold at Deira Gold Souk, you need to be aware of this one thing: your gold expertise. You can get a better deal by knowing the market pricing.
A decent place to begin is the Dubai Retail Gold Rate. At the market, the going price in AED is displayed.
2. Know the types of Gold. Choose your Karat.
Investing the time to conduct your homework before making a purchase is always a good idea. In the gold market, Karat is used to measure purity and weight. The greater the Karat number, the more pure the gold is. In other words, a 24-Karat gold piece is all gold. When pure gold is mixed with other metals like silver, zinc, copper, and nickel, it hardens.
Alloys are also available in a variety of colors, which help to indicate the type and amount of alloys used in the gold.
3. Choose your jewellery.
As soon as you've narrowed down what kind of accessory you're looking for, inquire about the item's Karat and weight. Each piece you select will be weighed by the attendants.
At the Deira Gold Souk, you'll find the World's Largest Ring. The Guinness Book of World Records is on display in one of the shops in the area. Gate 1 of the Dubai Gold Souk is where you'll discover it.
The Deira Gold Souk has a wide variety of items to pick from, including a gold scarf, a gold bag, a gold crown, and even a gold outfit!
4. Learn to Haggle
You'll get better at haggling as you shop around, so don't be afraid to ask for a discount. It's a given that sellers anticipate you to negotiate over the price, which gives them room to maneuver. If you're lucky, you could get a discount of 25% off the original price. In the same way, attempt to negotiate a price that is within your means. Prepare to leave if you can't come to an agreement. To sell a piece, some sellers will inquire how much you can afford. The price and the quality of the product are the main factors in the negotiation process.
Check the price of gold per karat by looking at the prices outside the shop. According to how much gold costs per karat, these are real-time pricing changes. It is safe to assume that stores adhere to stringent regulations and are always aware of the gold market's current price. Because the Dubai Police keep a close eye on them. If a customer complains that they were deceived, their businesses will be at risk. This means you can expect the gold price to be the same in all stores.
The cost of making the jewelry you're purchasing is included in this pricing. The MAKE fee rises in direct proportion to the complexity of the design. If you're able to haggle, you may be able to get a lower MAKE fee, since most shops carry the identical items.
The more you buy, the more money you can get from the seller. Know that if you choose a piece with an extremely detailed design, it will be tougher to get a good deal on it. Only the amount of time and effort required to manufacture the piece can be bargained for in the gold market.
5. Go around in different shops.
Shop around before making a final decision. The only way to get a better deal is to haggle with the salespeople at the various shops. There are a large number of merchants from which to pick.
As a final piece of advice, don't be afraid to shop around in the nooks and crannies because they tend to have lower prices because there is less foot activity. As a result, the souk's smaller alleyways tend to provide better bargains.
Keep an eye out for establishments where the grade of the gold offered is strictly regulated by the authorities. Asking the shops about the gold's quality isn't a bad idea either. The question "Is this gold fake or an imitation?" is frequently asked, so don't be afraid to put it to the dealer. Regardless, the most common answer they provide is "no" (of course). They'll tell you that if they're caught selling fraudulent goods, they'll be forced out of business.
6. Don’t be too stingy
When negotiating for a lower fee, it can be advantageous to avoid getting into a fight. It's either leave the store or just agree to the price if you previously selected an accessory but couldn't haggle for a lower one. Furthermore, if you can afford it, that shouldn't be an issue, right?
It's fairly uncommon for the seller to deduct extra dirham or two as a sign of gratitude for your willingness to acquire the item at the listed price. When it came time for us to purchase our wedding bands, we had a similar experience. When the personnel saw we were no longer bargaining, they immediately reduced the price of our item.
Deira used to be a hub for Indian and Iranian traders, according to legend. Now, this region has become one of Dubai's most populous areas. As a result, the Deira Gold Souk in Dubai has become a popular destination for tourists because of its reputation for selling gold at low prices. These pointers should assist you in negotiating a better deal on gold when you go to buy it.
Gold Souk Opening Hours and Nearest Metro
Weekend hours for the Deira Gold Souk are 10 AM-10 PM on Saturday and Friday, and 4 PM-10 PM on Thursdays (except holidays).
How to Get There
In order to get there, you can take the Dubai Metro train and get out at the Al Ras Metro Station (Green Line). If you want to learn more about the gold market, you can simply leave and talk to others. As a well-known tourist destination, it's impossible to overlook.