We all know that Dubai is a home of the world’s best gold traders. However, with so many options available it is very easy for the buyers to get confused. Dubai has very strict laws which make Dubai the home of purest gold available in the world so there is no chance that any gold shopkeeper can scam you. But still, to make things easy for the buyers we have made a list of best places from where to buy gold in Dubai.
Also Read: 21 Things to do in Dubai in Lowest Budget
Why People Buy Gold from Dubai?
Before going any further we first need to understand the reasons why Dubai is the most popular destination for the gold buyers and why people buy gold from Dubai. There are so many factors that make Dubai the “City of Gold”. You can also check out our buying gold in Dubai tips article to buy gold in Dubai cheap.
1. Gold Quality and Purity
The quality and the purity of gold and jewellery in Dubai is unmatched in the whole world. Due to strict laws gold available in shops are in the purest form and over the years it has developed trust among the buyers. Also, every gold or jewellery shop in Dubai is regulated by the Dubai Municipality and all shops must have gold purity hallmark on products. Dubai Municipality conducts inspection on a regular basis to make sure the purity of gold.
2. Gold Variety
Gold in Dubai is available in 18k, 22k and in 24k where (k) stands for Karats. Karats is typically a measurement of gold purity. 24k is the purest form of gold which gives the jewellery a remarkable shine and unmatchable quality. The gold shops in Dubai are full of high quality of gold jewellery with unique designs. Variety of jewellery designs available in Dubai is one of the main reason buyers buy gold in Dubai.
3. Gold Prices
You will be amazed once look for gold in Dubai prices. They are indeed, way too less in price compared to back in your own country. The main reason for gold available in Dubai at cheap prices is that there is no import duty on gold for raw materials. Due to this gold in Dubai rates are less compared to the whole world.
However, there is a 5% import duty if gold traders import jewellery instead of raw gold. Also, From April 2018 there is a 5% VAT applied on every purchase of the jewellery in Dubai, however, VAT can be fully reclaimed at the airport when you leave the country.
Despite all this gold in Dubai rates and prices are still cheaper than anywhere else in the world.
Unlike most of the other countries in the world, You can do the bargaining on the purchase of jewellery in Dubai. If you are good in bargaining you can get discount even up to 50% depending on your bargaining skills. This happens because the jewellery prices include gold market rate plus the labour charges involved in the making of jewellery. As we all know that gold prices are fixed according to the international market rates so basically you are bargaining only on labour charges.
5. International Market Rates
To keep the uniformity in prices of gold in Dubai shops, gold prices change in Dubai just like stock markets. So it is highly advisable to keep track of gold prices on a regular basis if you are interested in buying jewellery. By keeping track of daily gold prices buyers can take advantage of lower prices easily.
Also Checkout: 25 Amazing Things in Dubai You Probably Don’t Know Yet
Best Places to Buy Gold in Dubai
Though Gold Souk is the best place to buy gold in Dubai still there are so many other places to buy gold in Dubai. So here we are with the list of best places to buy gold in Dubai and also we listed some best shops from where you can buy gold in Dubai.
1. Gold Souk Deira Dubai
Without any doubt, Gold Souk is the best place to buy gold in Dubai. Gold Souk is the largest gold market in the world and it is located in Deira, Dubai with more than 380 shops. The traditional Souk market was established in 1940 and since then it is the hub of gold and jewellery trading in the whole region
2. Meena Bazaar Bur Dubai
After the Gold Souk in Deira Dubai, Meena Bazaar is the 2nd most popular place to buy gold from. Meena Bazaar was established in 1970 and located in Bur Dubai, also known “Old Dubai”. 1982 some gold traders move to Meena Bazaar in search of cheap rental shops. Since then, Meena Bazaar has become the 2nd most popular places from where to buy gold in Dubai where most residents from sub-continent regions usually shop from. The Bazaar can also be named as the cheapest place to buy gold in Dubai.
3. Dubai Mall
Dubai Mall is a home of more than 120 Jewelers and many of them are big and international brands. Gold Souk in Dubai Mall is mostly visited by the tourists, young buyers or western residents who are more comfortable with air-conditional conditions. Because of the nature of buyers shops in Dubai Mall usually stock expensive jewellery. You will not find any 22k in the gold shops in the mall, However, 18k jewellery can be found in smaller items which are usually popular among young buyers and tourists.
5. City Centre Deira
City Centre Deira is located in older Dubai and is only 15mins drive away from Dubai International Airport (DXB). The mall is the original flagship mall of Majid Al Futtaim group and is the almost same size as The Mall of Emirates. City Centre Deira is the home of some of the big jewellery brands like Al Masroor Jewellers, Pure Gold Jewellers, ARY Jewellers, Malabar Gold and Diamonds, Damas Jewellery and Frey Wille etc.
6. The Mall of Emirates
The Mall of Emirates is another big project of Majid Al Futtaim Group and located at Interchange 4 on Sheikh Zayed Road. The Forbes ranked The Mall of Emirates as one of the top five shopping malls in Dubai. There are many flagship jewelleries and watches shops in the mall like Damas Jewellers, Tiffany & Co and Al Futtaim Jewellery etc.
7. Mirdif City Center
City Centre Mirdif was established in 2010 and located at a residential area of Mirdif, Sheikh Zayed Road. The shopping mall has more than 24 jewellery and watches shop with some big brands. Jewellers like Damas Jewellery, Ahmed Seddiqi & Sons, Farah Jewellery and Frey Willie etc.
Also Checkout: Shopping in Dubai: 7 Tips to shop wisely in Dubai
Best Shops to Buy Gold in Dubai
Like the best places in Dubai to buy gold, we have also listed some best shop to buy gold in Dubai.
Joyalukkas is the most popular jewellery brand in Dubai. The most popular jewellery brand is owned by group Alukkas and has their head offices in Thrissur, Kerala and in Dubai, UAE with 160 branches in 11 countries. Because of the quality and unique designs, they gain popularity over the years and now have become the biggest brand in the industry.
Joyalukkas has 15 outlets alone in Dubai. The brand had won the “Superbrands” award 7 times in a row from the Year 2010-2016 and in 2019 won the Best Indian Diamond Retailer of the year Award at the Retail Jeweller Middle East innovation Awards.
9. Damas Jewellery
With the history of more than 100 years, Damas Jewellery was established in 1907 in Dubai and is one of a few brands who have their own manufacturing units based in Dubai. Today Damas has become the largest brand in Dubai with more than 300 stores in the 7 Middle-East countries.
10. Pure Gold Jewellers
No list is completed without mentioning Pure Gold Jewellers. Famous Indian businessman Firoz Merchant established Pure Gold Jewellers in Dubai in 1989 and now they have more than 120 stores in different countries and have 200 stores alone in India. Pure Gold Jewellers are famous for their variety of products such as Pure Diamonds, Pure Platinum, Bridal, Pure 22k and Solitaire.
Pure Gold Jewellers won “Best Service Performance Brand” Award continuously for 5 years from 2007-2013 making it the only company to win the award for 5 times.
11. Malabar Gold & Diamonds
Malabar Gold & Diamonds is another Indian brand based from Kerala and established in 1993. And now they have more than 250 outlets located in 10 countries. There are 23 outlets alone in the city of gold.
The company is currently ranked among the top 5 jewellery brands globally.
12. Liali Jewellers
Liali Jewellery is a local Dubai based jewellery brand with 23 outlets in UAE, Oman and Bahrain. The company established in 1999 and since then they have marked their name in the market very high. The exotic brand specializes in handcrafted jewellery, certified diamonds, 18k gold and stones. Because of their trendy and modern looking designs, they have become very popular among the residents of gulf countries.
13. Sky Jewellery
When you talk about luxury jewellery, Sky Jewellery stands out from their league. Sky Jewellery established themselves in the market three decades ago and started from Doha, Qatar. Now they have headquartered in Dubai and have become a big name in Middle-East countries and in India. Currently, they have 20 stores in 4 countries (UAE, QATAR, OMAN, INDIA).
14. Atlas Jewellery
Atlas Jewellery opened their first shop in 1981 in Kuwait and now they have 41 stores in Middle-East with headquarter in Dubai. The brand was founded by famous Indian jeweller, film producer and actor M. M. Ramachandran also known as Atlas Ramachandran. He established Atlas Jewellery in Souk Al Watya, Kuwait with only two kilos of gold. He is very well known for introducing new marketing trends that made him very famous among the local community.
Damiani is a very well known Italian jewellery brand in the world and has three outlets in Dubai. The brand was established in 1924 by Enrico Grassi Damiani, in Valenza and since then because of their exotic designs and exclusive services has become a world-renown brand. Since 1974, the brand has won many awards.