Dubai is known for its luxury hotels, apartments, and resorts. This wealthy country is also known as the gold capital of the Middle East. For buyers of gold, it is the perfect place to make purchases of this precious metal. Here's what you should know when it comes to buying gold in Dubai.
When And Where To Buy
Dubai hosts a lot of festivals throughout the year, and if you're looking for a good deal, it's best to avoid shopping for gold during those times. Sellers know there will be an influx of tourists and often increase their asking prices. On the other hand, if it's variety you want like unusual pieces of jewelry, then festivals are a great choice. When going to festivals to buy gold, get there as early as you can to beat the rush of shoppers to find the best items. Sellers of gold in Dubai are known as souks. If you don't know where to find one, ask the locals, and they can point you to the sellers closest to you. Be aware that gold is prevalent here, and the inventory you'll find might seem overwhelming at times. Thinks carefully about what you're looking for, and set a budget so you don't go overboard.
Prices Of Gold
Gold is much less expensive in Dubai than other nations because there is no VAT, or Value Added Tax charged on gold sales. The VAT is factored into the overall price of gold in almost every other market, so buying here can result in some very significant savings. Vendors also do not have to pay trade tariffs, so they'll usually pass those savings on to their buyers. Just like any other market purchase you'd make, feel free to try and negotiate with vendors. Since gold is so plentiful here, you may be surprised at how much you can talk some sellers down on the asking price.
Types Of Gold
Just about every single thing you can imagine made of gold can be found for sale in Dubai. Anything from necklaces and rings to cufflinks and even jewelry boxes are sold here, all made of gold. Gold coins and bars are also found for sale in Dubai. Yellow gold is the most popular form, but white gold is also gaining in popularity in Dubai markets. Before you commit to a purchase, make sure the item is pure gold, and is sold by weight when possible. Bring along a small gold testing kit so you can test the items. If a seller objects to letting you test the gold, it's best to move on and find one that will allow you to test it so you know what you're purchasing is pure and authentic. Buying gold in Dubai can be a very profitable venture thanks to the wide array of items coupled with low prices. If you're on a mission to purchase high quality gold, be sure to add Dubai to your list of must see stops.
For more information about gold-buying before you take off, talk to a local professional, such as Rocky Mountain Coin Inc. They can answer any other questions you have about the gold market.