dubai gold market best place to buy gold
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With countless existing communities and new ones emerging every day, humanity is more diverse now than it ever was, divided by ethnicity, religion, tribe, language, caste, belief, and so on but united by one among many concepts: Immortality. Immortality is something humans have always been fascinated by. Almost everyone wants to live forever, so much so that at one point, the search for immortality drove people out of their minds when they couldn't lay their hands on it. However, people today seem to know better than that.
Gold is a naturally occurring transition metal that in its pure form, appears bright and slightly reddish-yellow. The use of this element - in art, religion, medicine, and currency dates back to centuries and touches nearly every known culture. One of the least reactive chemical elements, Gold does not react with most acids and does not corrode either which has led it to be rightfully symbolized for immortality and power in ancient cultures across the globe: so when we couldn't stand for immortality ourselves, we found something else that could. Till date, Gold continues to be an integral part of most Asian and Middle-Eastern traditions especially matrimonial celebrations and childbirth where it is considered a token of sanctity, luck, and light. It has become a family heirloom in such countries in which Gold is passed on from generation to generation in a bid to keep the family legacy alive.
Which properties of Gold make it eligible to be used in making jewelry so much?
Moreover, out of culture and tradition, Gold is a major name in jewelry owing to its properties of ductility and malleability.
What is Gold also called? Why is Gold so expensive?
Also known as Aurum, Gold is relatively a rare element and is classified in to the group of 'precious' metals mostly due to the process of its extraction being decently complex resulting in high economic value and eventually high rates. Therefore, in a world where it is as much a prominent asset as it seems to be, acquiring Gold becomes more than just auspicious. It becomes profitable.
How does Gold appear in its pure form? Why is it alloyed with other metals?
In its pure form, gold is soft, dense and can easily change shape on the application of force. This makes it unsuitable for producing ornaments. Consequently, Gold is alloyed with copper or silver in order to turn it into a harder and stronger material whose brittleness is much reduced. Gold is thus stamped with Karat markings depending on the content of gold in an item.
What are the two main Gold Karat configurations?
For instance, 24K Gold contains 99.9% of the same, followed by 22K that contains 91% Gold and 9% Copper or Silver, and so on.
In the global market, it is important to ensure that the quality of Gold bought and sold is desirable for exploitation in this era is no stranger to us. This poses a problem because rising rates do not deter dedicated buyers from obtaining Gold and they might be deftly deceived.
About the Dubai Gold Souk
The Gold Souk is Dubai's, nay the world's most popular Gold market. This 'L' shaped alley covered with wooden canopy is home to hundreds of retailers, 380 to be specific, offering a wide range of jewelry made from Gold, Silver, Platinum, Diamonds and other precious metals and stones. Accompanied by 'Dubai City of Gold' engraved in the bars of the wooden canopy, this labyrinth of shops on both sides of the walkway may look all the same, but on closer inspection, it becomes clear that each one has something unique to offer either in terms of design or style. Some of the shops are as old as four decades, when in fact some are as new as a year. The latest market price of Gold that constantly changes value, is displayed on signs around this fascinating place as well as in individual shops. Also, prices are listed for
in AED per gram while pieces are sold by weight according to current market price with an additional charge for workmanship i.e., making a charge. This charge is somewhat negotiable and can be bartered on whereas, the weight element isn't. Credit cards are an acceptable mode of payment here, however, better discounts are usually obtained when payment is made in cash.
Security and Authenticity of Goods
What does the word 'Souk' mean?
The word 'Souk' originates from 'sūq' meaning an Arab market or marketplace. True to its meaning, the Dubai Gold Souk is all about Gold. One might be surprised to find that there is just about no proper security around the place or in the shops, taking into account the presence of tons of gold. Nevertheless, the market is absolutely safe. The Dubai Municipality sends out inspectors who assess the shops. Scales are checked for accuracy and samples of ornaments are taken to a laboratory for testing. The gold price in Dubai is about Rs. 3,600 cheaper than that in India.
Location and Timings
Where is the Dubai Gold Souk located?
This traditional market is located in Dubai's commercial business district, Deira, in the locality of Al Dhagaya, Old Dubai, UAE.
How many days in a week does the Souk operate? When do working hours in the Souk begin?
The Gold Souk remains open 7 days a week starting from 10 am in the morning to 10 pm at night from Saturday to Thursday and 4 pm in the afternoon to 10 pm at night on Fridays.
Nearest Dubai Metro Stations to the Souk in a particular order are:
- Al Ras
- Al Ghubaiba
The Souk can be reached by taking the metro to Al Ghubaiba and then a regular Abra or boat for 1 AED.
Nearest bus stations to the Souk in particular order comprise of:
- Al Sabkha
- Gold Souq
Center of Attraction
The highlight of this place that most tourists and buyers look out for is the Najmat Taiba or Star of Taiba, the gold ring that holds the Guinness World Record for the heaviest ring in the world, weighing a whopping 63kg.
Who owns the Najmat Taiba?
It is owned by a Dubai-based jewelry store called Taiba and sits in the shop window of Kanz Jewels.
All in all, everything about Gold in the Dubai Gold Souk points in the direction of the same information. it is the best place to buy Gold.
Frequently Asked Questions
Q. Is the Dubai Gold Souk currently into the online investment?
Ans: There is no such website where you can invest online and trade.
Q. How much gold is allowed on a visiting visa?
Ans: Up to 5 grams. However, it is preferable to check with the local shopkeepers. Also, they provide a certificate.
Q. Apart from buying jewelry, can they be sold as well, here?
Ans: Yes. Some shops here are willing to buy jewelry too.
Q. Can one order from the souk online?
Ans: Yes, shops do have websites you can order online from.
Q. Could you get custom jewelry done here?
Ans: Yes. Requests for custom made ornaments are welcome here.
Q. Is it possible to pay with a debit or credit card?
Ans: Yes, it is. Cash payments can generate better discounts, though.
Q. What is the nearest metro station to Gold Souk?
Ans: Al Ras, on the green line, is the nearest metro station to the Souk.
Q. Are there any shops or people who can keep gold as a mortgage?
Ans: Not as of yet. There are buyers who would buy gold and provide money in return, instead.
Q. What is the price range of 24k gold here?
Ans: Price range varies from day-to-day, even hourly. So, no fixed price.
Q. Does the Souk remain open on Sundays?
Ans: The Souk is open 7 days a week. However, timings vary.