I bet if you are a female tourist, then you’ve already planned to visit gold souq or may be thinking to buy something from this world biggest gold market. Gold souq is nota largest gold market on the planet; it has the each single possible gold type. After all, UAE is known for gold, oil, and the desert safari. If you buy gold from gold souq Deira, I can personally assure you; there is very less chance of being it non-original gold. Because of stick rules and regular inspection of Dubai concerned authority, it’s next to impossible to sell fake gold in this market. However, there are some things that you must take into consideration before buying gold there. I’d discuss them one by one in next a few paragraphs. After reading this entire post, you will defiantly know how does gold trading works in gold souq and how you can buy your next gold items at a good discount price.
How Does Gold Price Work?
As you might know, gold trading works on base on the karat and weight. Maximum quality of Karat shows the highest PURITY of gold. So, that means 18KG Karat gold is less pure as compared to 24 KG karat. Please, note it down 24KG is the highest form of gold. So, if any vendor tells you, they are selling 25KG or any higher type of gold, they might be cheating you. So, now you know how does gold price works, now keep this in mind before buying gold.It will help you to do bargaining with the shopkeeper and in buying your right gold items.
How to Buy Gold at the Dubai Gold Market
Decide What You Need
Before you go to Dubai gold souq market decided what you need. Once you decided, research online about that times and compare that items price with your home country price.
It’s not a secret that gold price changes daily. You can view live gold price online by going here. Moreover, In gold souq, you will find price table almost outside of the majority of shops. Thus, you can compare them with the online price. It is a truth, most of the shops have the same price for gold. Depending on labor fee, design & items price might be different shop by shop. Each shop has its labor & design fee. This is the thing where you can ask for bargaining.
Know Physiology of Retailers
Status shows that gold souq has more than 300 merchants. That means, there is much competition and no retailer would want to ignore buyer request. It’s also on the record that most of the shopkeepers belong to Pakistan, India & Iran. So, if you belong to any of these nations, you already have enough understand of your nationality merchants. Generally, most retailers will try to charge 10-20% labors & production charges.
Ask for Bargaining
To be honest, technically, buyers are not able to get a discount on the gold price because rates are assigned by the Government. In spite of this fact, you can still ask for the discount. As I said earlier, every retailer charges something extra for labors and design. Try to find a retailer who charges less amount for making.
Pro tip: If you are a tourist or blogger and has the online presence like the blog and good followers at your social media channels, you can make a deal with the retailer. Show your properties to the retailer and ask them if you get a discount , you will write a short review and share its shop & contact number with your audience. If you fit the retailer requirements, you will surely get a good discount. Personally, I always have luck with this trick.
How to Get There?
It really depends on your accommodation. Since Gold Souq is located at near to naif police station at the naif road in Deira so the best & cheapest option to get there is DUBAI METRO. Binyas square, Palm Deira, and Al Rais are the nearest metro stations of the gold souq. Among of these three metro stations, Al Rais is very near to gold souq.
Please, do let me know in comments, do you have a plan to buy something from gold souk?. If so, what would be that?