- Market History
- Gold prices
- Assortment of goods
- Best time to visit
- Purchase safety
- How to buy
- Useful information
- Most popular stores
- Al Romaizan Gold and Jewelery
- ARY Jewelers
- ATLAS Jewelery
- Najmat Taiba
- Gold To Go
- Al Fardan Jewels & Precious Stones
- Arts and Gems
- Opening hours
- Getting there
- Market video
The Dubai Gold Souk is one of the visiting cards of the city. According to some estimates, up to 20% of the world's gold passes through the hands of local traders per year.
Numerous tourists from all over the world are attracted here not only by the brilliance of jewelry, but also by the opportunity to plunge into the authentic atmosphere of the oriental bazaar, to get into a real Arabian fairy tale against the backdrop of ultra-modern hotels, skyscrapers and megamalls.
History of the market
The Dubai Gold Souk has several points of reference in its history. The Deira area, where the bazaar is located, has been the commercial and business center of Dubai for a century and a half. At the beginning of the XX century. Sheikh from the Al Makmud dynasty allowed to trade in jewelry on the coast of the Persian Gulf.
The history of the market itself is surrounded by mysteries and legends. According to one of them, in 1958 an unknown Arab came to Dubai, originally from Damascus. This merchant, who went down in history under the name "Syrian", began with the trade in pearls. The enterprise turned out to be profitable, and after another return from his homeland, he already brought gold. He was joined by other merchants - his compatriots, and local residents.
Loyal government policy contributes to the development of trade. The Emir of Dubai, Rashid Al Makmood, abolished duties on trading operations in the 70s, so that the business of selling gold began to develop by leaps and bounds.
At the moment there are about 380 shops, shops, corners, where they sell a myriad of products made of gold and precious stones. Those who have been working here for more than 40 years can call themselves old-timers. New entrepreneurs come in almost daily, so the gold trade has not stopped for more than 60 years.
The modern gold market occupies an entire quarter of Nasser Square (“Nasser Square”) and has the shape of the letter “T” on the plan. Each "end" of this letter has its own entrance to provide convenience to customers. In addition, according to the Feng Shui tradition, this form ensures the free movement of Qi energy, which is conducive to trade.
The price of the metal in the Gold Market is not constant, and depends on many factors. However, it is very easy to find out the actual price. An electronic scoreboard hangs above the entrance to the market, and often above the doors to the store, on which the gold rate is broadcast in real time. The UAE Gold Miners Association holds sessions twice a day, so the rate may also change.
An interesting fact is that the Emirates do not mine their own gold, all metal raw materials are exported from abroad. A couple of years ago, the UAE did not apply VAT, so gold prices on the market could be lower than those for which it was sold on the London Stock Exchange. Now VAT has a minimum rate of 4%, which makes buying gold in Dubai all the same attractive.
The cost of a troy ounce is always quoted in dollars, and this also plays a role in pricing. The more stable the exchange rate of the US currency, the cheaper the Emirati gold. Conversely, the instability of the dollar leads to a jump in the price of the precious metal.
Assortment of goods
Above the entrance to the market there is an inscription in Arabic and English, which reads "Dubai - the city of gold." It is impossible to argue with this. The United Arab Emirates is the world leader in per capita gold consumption. If the average resident of the United States acquires 1.7 g of precious metal per year, then a resident of the UAE - 27.
Even the most modest and poor resident of the country should make rich gifts to his wife. And for a young bride, the Arab groom is obliged to give her family a dowry - at least 2 kg of gold items. It is believed that 10 tons of gold are located within the walls of the golden city at the same time, and this is not counting platinum products. Silver and weights of precious stones in them.
The fineness of gold in Dubai is measured in carats. The maximum content of the precious metal in the alloy, which can be - 24 carats. Accordingly, the price of such raw materials is the highest. 18 carat gold corresponds to the Russian 750 standard. Next come 19, 20 carats, and so on - up to 24. Also, the price is affected by the admixture of which additives are included in the alloy.
The now trending white gold is more expensive than the traditional yellow gold or the recently popular rose gold. Although products from any alloy can be found on the shelves of local merchants. Jewelery without complex decor - bracelets, chains - are sold at the price of raw gold of the corresponding standard. The owner simply plays the goods on the scales and gives the buyer.
The golden market in Dubai is able to hit by its assortment. Here you can find:
- Negroche decorations in the European style;
- Exclusive products of leading jewelry houses from around the world;
- massive oriental jewelry, closing hands and shoulders;
- Jewelry in the Magreb style;
- The unique wedding seats of the Arabian brides, which they put on one only time in life;
- Gold decorations and baubles: Cufflinks, pins for tie, key rings for keys;
- gold cast and wrought belts, hair decorations;
- interior items and decor: dishes, vases, cutlery;
- bottle for spirits and cosmetics;
- The replica of popular models presented by local craftsmen, presented in boutique windows: from Tiffany to de Birs;
- Even the nipples encrosted by gems for the heirs of the richest families.
For demanding customers, the wizard can make a piece product. Any desire and the opportunity to pay for it - and the person becomes the owner of the golden style of its own design. For those who wanted gold bars of different sizes: from a half-graph to a kilogram, coins, even cosmetics and cookies with gold particles.
Despite the abundance of tourists, the main buyers are indigenous dubes and the visitors of Muslims from neighboring or remote countries. Many representatives of the African continent who value the quality and low cost of Arab metal. Wealthy customers can hire a special porter who will accompany them with a tray with a mountain of luxury purchases.
Religion prohibits Muslims to portray living beings - from animals and birds to man. Therefore, Arabic ornaments are distinguished by an abundance of different ornaments. Also, they are very massive and wearing them in a special way, so they will not suit the usual way of life of Europeans. You can choose a small souvenir with a local symbolism, as a reminder of a successful visit
When it is better to come
, Dubai is sleeping in the morning, and there is nothing to do in the gold market. There are no big heat in 11 hours, and buyers are not so much. So you can come at this time.
However, the most gracious time for shopping - in the evening, shortly before the closure of the bazaar. About 19 o'clock the heat already falls, illumination turns on. Tourists can get straight into the Arab fairy tale and enjoy the gloss treasure of Alladina, not afraid to get into the hands of the robbers. Although at this time and the people most.
In general, the tourist season in the Emirates lasts from November to March. Accordingly, it is much more tasty, but it does not affect the price. Although, they say, in the offseason, you can dwell and the discount more, and rare things come across more often.
Eastern trade is very different from the one to which Russian tourists are accustomed. The glitter of gold on all sides, the loud cries of merchants and special named, the people who are watching something around, assessed, ascertaining, can be confused and push to rapid waste.
Make purchases, even the most impulsive, it is quite safe here. Each store has a certificate for all jewelry, which he offers for sale. The authenticity of gold, its alloys, other metals, precious stones are guaranteed.
Other business - street traders, here you can dig up on fraudsters. Then the guards of order can come to the rescue.
The safety of visitors themselves, however, as well as the merchants, provides the Dubai police. If the streets of the city meet people in the form - a big rarity, then it is here, on the market, patrols everywhere. However, their presence is almost unnoticed, they communicate, although in imperfect English, very politely. And all its solid species are announced on compliance with the law and order in the market walls.
How to buy
The Golden Market in Dubai may be distinguished, and even those tourists who come to simply look, want to buy any souvenir, reminder of the eastern fairy tale. The bazaar in the Emirates is always a bazaar, no matter what trades: spices, camels or decorations. The main principle of trade here is a bargaining. And not even for the sake of the trading itself, this is a kind of communication between people.
So, how the process of buying gold can occur in the market of the same name. The price tags that cost next to the products have nothing to do with reality. The digit can be excellent or just "beautiful." Often there is no price tag at all, and if the tourist dares to ask a question: "How much is it", then it can get in response: "How much will you give?"
Here the most interesting thing begins - for which people come to the eastern bazaar. The more lively the dialogue between the seller and the buyer, the more discount. If there is an insurmountable desire to purchase some thing, then it is worth talking to the seller, as a long-time friend, ask about the family, about children, chatting about the weather.
The performance with the climbing of hands, the promise to go to the adjacent shop to competitors, the demonstrative care can also be raised on the seller. Buy at the price that is named first - a bad tone, so it is not accepted here. In fact, the price of the average decoration is easy to calculate in order to understand what the final amount will be.
The cost consists of:
- the price of the metal (which can be viewed at the entrance, as already mentioned);
- prices of inclusions (elements from other metals, precious and ornamental stones), if any;
- the cost of the work of a master jeweler, as a rule, does not exceed one third of the cost of "raw materials".
If the product is a piece, exclusive, which in principle is a rarity in an ordinary store, then the price of the work is calculated differently. And the final cost can be much higher.
The work of the market, like many things in the Arab world, has its own specifics.
Tourists who want to make their holidays in the UAE unforgettable and safe should remember this.
- European tourists may not change the dress code for visiting the market, but women should still cover their shoulders and legs. It is strictly forbidden in public places to touch between persons of the opposite sex, even between husband and wife.
- If a tourist wants to pay by card, the price may rise by 1-2%. For shopping at the bazaar, it is worth having small local money - dirhams. Moreover, it is better to withdraw them at ATMs, for example, at hotels. Sellers can take both dollars and euros, but the exchange rate will differ significantly from the official one, as a result, there is a risk of significantly overpaying.
- Tourists should keep in mind that in the daytime some shops are closed for a break, from 13.00 to 16.00. In addition to the heat, which at this time makes the population hide at home, a prayer is performed - prayer. So all the faithful pray in mosques. If you can’t get into the mosque, you need to pray on a special rug. And Friday is a holy day for Muslims, who make up the vast majority of the population. On Fridays, a big ritual is held - juma prayer, so some points start trading only from 16.00. But since almost everything in the Emirates is designed for tourists, everyone will find where to go - there will be many open shops on Friday.
- If there are old, boring gold jewelry, they can be exchanged for new ones, almost worth a weight.
- Everything outside the stores and in shop windows can be photographed. If you want to take a photo of the owner or the product inside, you must ask permission.
The most popular stores
As already mentioned, the range of the market can satisfy any request. The market presents both local and imported handicrafts, which, by the way, are the vast majority, as well as almost all top jewelry brands.
Al Romaizan Gold and Jewelery
Famous what they make and sell elements of clothing accessories and even homemade slippers of gold.
The showcase is represented by the famous and in all senses a brilliant suit.
Indian brand from Calcutta. They are known outside and the homeland and the Arab world by pendants from multicolored gold. In their assortment, decorations for every taste - from traditional to avant-garde. Buying dowry with pearls, diamonds and precious stones in their stores is very prestigious.
Another representative of India. It is worth saying that there are quite a lot of Indians in the UAE, and their business is quite successful. This young jewelry brand offers products in the traditional Indian vein, but they are popular with the residents of Dubai and guests.
Among the stores a mansion is in the armored glass showcase "Star Taiba". It is impossible to buy it, although the price is known - 13 million US dollars. The weight of gold in it is almost 60 kg, and another 5 kg make up genuine Swarovski crystals.
internal diameter - 49 cm. Created this miracle of jewelry art of the Master of Taiba Gold & Jewelery from the neighboring Saudi Arabia in 2000 since the ring It takes an honorable place in the gold market in Dubai and in the Guinness Book of Records.
GOLD TO GO
An unusual ATM, which issues gold ingots of various nominal. Use the terminal simply, in multiple languages you can read detailed instructions. A gift box with all the necessary information is attached to each ingot. The ATM itself is made of 4 cm thick and covered with pure gold.
Al Fardan Jewels & Precious Stones
Proven Dubai Jewelry Mark. They offer their customers and tourists unique design handmade decoration design.
Their Italian style stand out even on the background of truly oriental luxury. Prices in brand boutiques as a whole can be significantly lower than European.
Mark pleases fans not only by traditional restrained decorations and accessories, but also accurate hours, many of which are made in a single instance.
Arts and Gems
are considered one of the most reliable manufacturers in the region.
Their goods combine eastern charm and the European approach to quality.
A small boutique offers a fabulous selection of samples of both local and traditional European jewelry art.
The Dubai Gold Souk is open from morning to evening, without breaks, weekends and holidays.
|Sat, Sun, holidays||10.00-22.00|
How to get there
The transport system in Dubai is excellent, so you can quickly get to the Gold Souk even from the most remote parts of the city. There are many options, you can choose according to your taste and budget.
The first way is to take a taxi. There may be a trick here. Oriental hospitality knows no limits, and a taxi driver, having heard the words "Gold Market", can break the price at exorbitant prices. In order not to overpay, you can ask the hotel how much the fare is.
Experienced tourists are not advised to drive in a rented car, because there are never empty places in the covered parking lot of the market, from Al Khaleej Street.
Buses No. 10, 13, 17, 25 will take you to the Gold Market. The stop will be called the Old Souk.
A river taxi, called an abra in the Emirates, for a few dirhams, will take tourists to the Deira Old Souk pier, a half-kilometer walk along the Deira Corniche, and the entrance to the bazaar will be visible.
The easiest and fastest way to get to the Gold Souk is on the Dubai Metro. Two stops on the green line - Al Ras and Gold Souq (formerly Palm Deira) - will lead to different entrances to the bazaar. From each, the walk will take no more than 10 minutes.
Video about the market
Video review of the gold market in Dubai: