While in Dubai, it is almost impossible to go to the gold market hardly. It is the most popular tourist destinations in the UAE. After all, the city is known for its gold trading. With almost countless retailers around, you may be wondering which areas to check for shopping. The Deira gold market in old Dubai can never go wrong.
Due to the multiple choices of gold and how the structure of this place is arranged, sightseeing buses (please book a bus tour here) use the area as a regular stopover. However, even if you don’t plan on buying any gold, the Dila Gold Market is a must-see in Dubai. Gold is lined up in the aisle, and they won’t be attracted just because it’s fun.
Tips to buy gold at the Dubai Gold Market?
If you are planning to buy gold, here are some tips to help you understand how gold works. Check out the guide below.
1- Know the market price:
Gold is like stock, and their price fluctuates every day. Therefore, it is prudent to know what the price is on the open market. Beyond knowing gold, this is probably the most crucial factor you must know before you start buying gold at Deira Gold Souk. By understanding market prices, you can bargain with suppliers. Dubai retail gold rates are an excellent place to start. AED price quotes are released on the market.
2- Know the type of gold:
Just like anything you want to buy, research comes at a price. Gold is sold by carat and weight. The higher the Karat, the higher the purity of the gold. This means that 24-carat gold is 100% pure gold. Because pure gold is soft, it can be hardened by mixing it with different metals such as silver, zinc, copper, and nickel. Gold also has different colors that explain the type of alloy and the percentage of alloys that are mixed with it.
3- Choose your jewelry:
Once you know which type of accessory you want, whether it’s a ring, bracelet, necklace, earrings, gold chain, etc., you can ask about its Karat and weight. The waiter will weigh the items you choose.
Once you know which type of accessory you want, whether it’s a ring, bracelet, necklace, earrings, gold chain, etc., you can ask about its Karat and weight. The waiter will weigh the items you choose.
4- Bargain:
Bargaining is an art, and can be learned when you visit different shops. Sellers want you to negotiate, so they have a cushion on the price. You might be lucky to try bartering at 25%.
different shops. Sellers want you to negotiate, so they have a cushion on the price. You might be lucky to try bartering at 25%.
In the same way, try bartering at an affordable price. However, if you don’t agree with the compromise, be prepared to walk away. Some sellers will ask you how much can you afford if you sell one?
Bargaining is based on RATE and MAKE. Exchange Rate-Check the gold exchange rate per carat from published prices. These are updated in real-time, depending on the gold price of each Karat. To be sure, the store is strict and consistent with the amount of gold. Because the Dubai police regularly monitor them. If customers complain that they have been scammed, their store will be threatened. Therefore, the gold rate is expected to be consistent across all stores. Manufacturing-This is the labor price of the jewelry you are buying. The more complicated the design, the higher the MAKE charge. But usually, this is your annoyance, because different stores typically have the same parts/designs, so you can try to ask for an economical and cheaper MAKE fee.
The more items you buy, the more things you exchange. But also know that the more complex the work you choose, the harder it is to bargain. Karat and weights sell gold, so you can only bargain for jewelry.
5- Walk around different stores:
Before settling down, shop around. Most stores have the same items, but the prices are different, depending on your bartering skills. You have hundreds of retailers to choose from. Another tip here is that corners and corner stores (stores that are not easily accessible) are more expensive because there is no flow of people through these areas. Therefore, it is best to look for better deals in the narrow alleys of the souks. Be sure to stick around stores that have strict control over the quality of gold sold by the government. It hurts no one to ask the owner about the quality of the gold. “Is this a fake gold coin or imitation?” This is a common question they often ask, so please don’t be shy. Anyway, their usual answer is “no.”
6- Don’t be too stingy:
Sometimes, it’s okay if you don’t argue about getting the lowest price. If you have already selected an accessory but cannot bargain at the lowest price, you can exit the store or agree. Also, if the budget is within your budget, that shouldn’t be a big deal. Sometimes, the seller cuts off about a dollar in appreciation of your willingness to buy.
Historically, in the past, Indian and Iranian merchants opened stores in the Dara area. The area is now a large area of Dubai. Today, it is well known that Deira Gold Souk sells cheap gold compared to the surrounding area, which is one of the major reasons why people visit Dubai. When buying gold, we hope the above tips will help you bargain and get the best price and value.