Discovering Hidden Treasures: Unveiling Secrets Of Dubai's Gold Souk

When you think of Dubai, you think of towering skyscrapers, pricey supercars on the streets, and dazzling retail districts. However, Dubai offers many more surprising attractions, such as a market that specializes in selling gold in tons. What does Dubai mean? What does the Gold Souk Dubai feature that every visitor to Dubai wants to see at least once? Is it true that only gold is sold in this shop? What additional well-known markets can you find in Dubai? Join us as we learn more in the article below.

Discover the opulence of Gold Souk Dubai Market

Gold Souk is a well-known gold market in Dubai that is 1km long and located on Deira Street. This entire market has up to 500 stalls containing about 10 tons of gold, each stall is about a few dozen square meters wide and has from 5 to 10 salespeople in 1 stall. Security in this market is always guaranteed by surveillance cameras placed everywhere. The police patrol regularly and will handle everything as quickly as possible. This market is open to visitors from 10:00 - 22:00 from Saturday to Thursday and from 16:00 - 22:00 on Friday.

The quality of gold at the Gold Souk market is always guaranteed to be of good quality under the management and supervision of the Dubai government. However, they will not be responsible if Dubai tourists buy gold from street vendors, so you should be cautious. In addition to gold, this market also sells many types of precious stones such as platinum, diamonds,... or silver.

Gold Souk located on Deira Street

When venturing to the illustrious Gold Souk in Dubai, opting for public transportation is highly recommended due to limited parking options. Here's a detailed guide to reaching this iconic destination:

• Utilize the Dubai Metro for a convenient journey. Al Ras station is a mere 10-minute walk from the Gold Souk. Alternatively, Baniyas Square Station is also in proximity.
• Routes C07, C09, and C28 have stops in the vicinity of the Gold Souk. Check the RTA website for specific details on bus schedules and stops.
• Embrace the charm of a traditional abra ride. From Bur Dubai, take an abra to Deira Old Souk Abra station, a scenic journey across Dubai's creeks.
• If you're nearby, exploring the area on foot is a delightful option. Simply follow directions to the Gold Souk, and the bustling market will unveil itself by Deira Old Souk Abra station.

You can take public transit such as metro, bus, or cab to get to Gold Souk

Unlocking the secrets of Dubai's Gold Souk

Gold Souk in Dubai is a captivating marketplace where centuries-old traditions meet contemporary luxury. 

Gold Souk - The world's most affordable gold market

Because Dubai does not have to tax imports, gold prices in Dubai are always roughly 20% lower than the global average. Gold at the Gold Souk market ranges from 21 to 24 carats, with the lowest being 18 carats. Gold prices are determined by longevity and weight. Most businesses in the market feature electronic boards that display the price of gold in carats as well as the conversion rate from US Dollar to Dirham, so Dubai visitors can exchange money here as well. Dubai hosts a shopping festival in January, during which tourists can get discounts on gold jewelry and attractive gifts.

The salespeople in the Gold Souk market typically speak English fairly well, and they are generally quite excited and eager to show you the items you are interested in. Before making a purchase, inquire about the longevity of gold in karats, the weight of gold in grams, and the price. Remember to compare the pricing of various retailers because similar things have somewhat varied prices.

Gold Souk in Dubai is a luxury meets affordability place

Considerations for purchasing gold in Dubai

Embarking on a gold shopping spree at the Gold Souk in Dubai? Maximize your experience with these savvy tips:

• The art of bargaining is a key player in the Gold Souk experience. Exercise your negotiation skills to secure the best deals on your golden acquisitions.
• Stay informed by checking the current gold prices online before venturing to the Gold Souk. Prices in Dubai are influenced by international market values and can fluctuate daily, allowing you to capitalize on potential discounts.
• In Dubai, gold is sold based on Karat and weight. Higher Karat levels correspond to higher prices. Opt for 24 Karat gold if you seek purity, but note that it is often combined with other metals for durability.
• Take your time to explore various stores before making a final decision. Some retailers may charge a premium due to their prime location in the Gold Souk. Search in the less crowded corners to discover your desired piece at the best possible price.

When buying purchases, use your bargaining skills

After you have looked to your heart's content and chosen an item you like, you should skillfully bargain to get the cheapest price. Store owners often assume that customers will pay the price, so they often offer a higher price than the actual selling price. The more elaborate the item, the less you will be able to bargain for, in return, the more items you buy, the easier it will be to bargain. People who have shopped at Gold Souk said that you can buy gold for only 30% of the original price.

Gold shopping in Dubai: Unpacking VAT charges

In the earlier days, Dubai and the UAE lured gold enthusiasts with tax-free purchases based on the prevailing gold rate, fostering the growth of vibrant gold souks and stores. However, the landscape transformed in January 2018 with the introduction of Value Added Tax (VAT) in the UAE. The VAT rate for gold purchases in Dubai stands at a modest 5%, positioning it among the most favorable rates globally. 

Tourists buying gold in Dubai can capitalize on a unique advantage. Through the tax refund tourist scheme, tourists can reclaim approximately 85% of the total VAT back, particularly at strategic locations like Dubai International Airport.

Dubai is considered as a premier gold shopping destination

The information provided above is essential before visiting the Gold Souk Dubai market, as well as advice for purchasing the item you desire at the most inexpensive price. If you require any additional information regarding the Dubai tour, please contact us right away.