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The largest Gold market in the world happens to be in Dubai. The most surprising element of the market is that it is the only market in the whole wide world that has no security outside the shops. The beautiful walkways with glittering shops on either side are surely a breath-taking view. It’s a must-visit even if you are not buying anything from here. The largest gold necklace ever made is displayed right here in the Gold Souk. It is located in an area called Deira which comes under the old part of Dubai.
The variety of the gold in the market starts from the mixed 18 carats gold, going up to 21, 22 and then to the pure 24-carat gold. After you select the pieces of jewellery, the retailer weighs the piece and lets you know the price. The making charges are added as well with the product. Outside every shop, you will be able to see the market price of gold displayed outside the shops in Dirhams and it is constantly updated each time it changes. You can come here sitting in the frequently running abras (water taxis) in the creek.
In this Gold Souk, You will find a vast variety of intricate gold jewellery sometimes studded with precious stones like rubies, emeralds, and diamonds. Other than gold, you can also buy genuine and carefully inspected diamonds, pearls, and other precious metals from a few shops. The visitors do not have to worry about the quality and authenticity of gold here because of the regulation of prices by the Dubai government. But the price isn’t. Believe it or not, you have a scope to bargain for this precious metal as the shops sometimes set a high price for their products mostly for the reason that there is a high tourist turnover at the market. This Gold Souk is so fascinating that it makes it to the must-visit places in Dubai.
1. Knowledge of market price. Gold is like stocks; their price fluctuates daily. So you need to know how much it goes for in the open market. By knowing the market Rate you can bargain with the vendors easily.
2. Knowledge of types of Gold For buying Gold you should do your research. Gold is sold by its Karat and weight. The higher the number of Karat, the purer that gold is. 24 Karat gold is 100% pure gold. Pure gold is quite soft, but to make different ornaments harder different metals such as silver, zinc, copper and nickel is mixed in it.
3. Choose your jewellery. Once you decide what type of accessory you want, whether it’s a ring, bracelet, necklace, earring, gold chain, etc., ask about its Karat and weight. The attendants will weigh the pieces you choose.
4. Learn to Bargain. Bargaining or Haggling is an art and you will learn it after you go through different shops. Sellers also expect you to bargain so they also try to overprice everything. Try bargaining 25% off the quoted price, you might get lucky. In the same fashion, try to barter according to the price you can afford. But be prepared to walk away if you don’t agree to a compromise. Some sellers will ask you how much you can afford just to sell a piece. The bargaining is based on the RATE and the MAKE.
RATE – Before going to the Dubai souk always update yourself from the gold prices online from their official website or from the prices which are posted outside. These are real-time updates according to how much the price of the gold. It can be assured that shops are always in tune with the rate of gold. As they are regularly monitored and checked by Dubai Police. If a customer complains that they have been tricked, their shops will be at stake.
MAKE – this is the price of the labour of the jewellery that you are buying. The more intricate the design is, the pricier the MAKE charge is. The more pieces you buy, the more you can barter for. But know as well that the more intricate the design of the piece you choose, the harder it is to haggle for the lowest price you want.
5. Go around different shops. Before settling for a piece, shop around. Most of the stores have the same pieces, they only differ in the price based on your bartering skills. You have hundreds of retailers to choose from. The shops in nooks and corners, the ones not easily accessible have better price rates because not much foot traffic passes through these areas. So it’s good to go to narrower alleys in the souk to find better deals. Be sure to stick around the shops where the quality of gold being sold is closely checked by the government. It doesn’t hurt as well to ask about the quality of the gold from the shopkeepers.
6. Don’t be too stingy. Sometimes it pays if you don’t go into an argument to get the lowest rate you can get. If you’ve already chosen an accessory but could not haggle for the lowest price, then either step out of the shop or just agree. Besides, if it’s within your budget, that shouldn’t be much of a problem, right? Sometimes, the seller will slash off another dollar or so to show their appreciation that you are willing to purchase. We’ve tried that when we didn’t put up too much of a haggle when we bought some rings.
Timings are subject to change. You will be automatically booked into a time slot as part of the check out process. Please visit the official website to confirm the time slot before your visit.