Originally posted 2017-09-14 11:38:32.
It is likely that you have already planned to visit the gold souq or may be considering purchasing something at this world’s largest gold market if you are a female tourist. Gold souq is not the largest gold market on the planet; it has each gold type. There is no doubt that Dubai is known for gold, oil, and desert safari. If you buy gold from gold souq Deira, I can personally assure you that there is very little chance that the gold you buy will be non-original gold. Because of the stick rules and regular inspection of Dubai concerned authorities, it’s impossible to sell fake gold in this market However, there are some things to consider before buying gold there. I’ll discuss them one by one in the next few paragraphs. After reading this entire post, you will know how gold trading works in the gold souq. You will also know how you can buy your next gold item at a very reasonable discount price.
Table of Contents
How Does Gold Price Work?
Generally speaking, gold trading operates on the basis of the karat and weight of the gold. The highest quality of Karat shows the utmost PURITY of gold. This means that 18K Karat gold is less pure than 24K gold. So, if any vendor tells you they are selling 25KG or any higher type of gold, they might cheat you. I hope you have now gained a deeper understanding of the gold price, so before you decide to purchase any gold, it is important for you to keep this in mind. It will help you bargain with the shopkeeper and get the right gold items.
How to Buy?
Decide What You Need
The first thing that you need to decide before going to the Dubai gold souq market is what you need. Once you have decided, research online about those times and compare the prices of those items with those in your home country.
There’s no denying that gold’s price changes daily. If you are interested in knowing the current gold rate, Go to this page and check out the live gold price online. Moreover, in the gold souq, you will find a price table almost outside of most shops. You can compare them with the online price. It is a truth, most shops have the same gold price. Prices may vary from shop to shop depending on the labor fee, design, and items. Each shop has its labour & design fee. This is the thing where you can ask for bargaining.
Know the 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% labours & production charges.
Ask for Bargaining
Since the rates are set by the government, buyers cannot get a discount on gold prices. You might still be able to get a discount, as I mentioned earlier, every retailer will charge you extra for design services and labour charges, so look for one that will charge you less.
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 where you are staying. Since Gold Souq is located near Naif police station in Deira, it would be most convenient for you to take the Dubai Metro to get there, as it is the most affordable and convenient option. The nearest metro stations to the gold souq are Banyas square, Palm Deira, and Al Rais. Among these three metro stations, Al Rais is very near to the gold souq.
Do please let me know if you have a plan to buy something from the gold souk in the comments section.
Updated on 9 Sept 2023.