Dubai is known as the City of Gold for many different reasons. Gold buying has always been popular in Dubai, where there is a full souk dedicated to the sale of the metal, and it is popular with both foreign and local tourists. Let’s look at how international buyers of gold in Dubai do it.
Reasons for Expats to Buy Gold in Dubai
When it comes to gold jewellery, Dubai offers several choices, whether one is searching for something basic to wear every day or something more ornate. There are seven other reasons why foreigners buy gold in Dubai.
Dubai Gold is Pure
When purchasing gold in Dubai, you won’t have to worry about the purity or calibre of the jewellery. The government controls all goods sold by jewellers, ensuring the legality of each gold product marketed in Dubai. Furthermore, all jewellery stores in the city must put the gold purity hallmark on each product they sell and to give it to customers upon request.
Gold in Dubai is Cheaper
I’m often asked if gold is inexpensive in Dubai. The Golden City has long been favoured due to its tax exemption. It is among the main reasons for moving to the city and purchasing gold. Since buyers would just have to pay for the actual worth of the gold jewellery, prices for gold in Dubai have always been lower because taxes are excluded in the emirate.
Despite the Value Added charge (VAT) that applies a 5% charge to all purchases, purchasing gold in Dubai is still far less expensive than in other countries. Furthermore, visitors to the UAE are eligible for VAT refunds on any goods that they make there. For a decent deal, you can also negotiate and set prices for gold in Dubai!
The Price for Gold in Dubai Follows International Market Rates
Dubai’s gold price is determined by observing global gold rates, ensuring that all of the city’s retailers provide the same prices. Gold buyers in Dubai can take advantage of declining prices and gain gold at the best price because global gold prices change in line with stock market values. Therefore, prior to a purchase, always be sure to verify the current gold rate in Dubai.
You can negotiate for making charges for gold in Dubai, which further contributes to its affordability (the charges applied for manufacturing the decoration). The type of gold jewellery you purchase and the merchant you choose will determine the making charges.
Larger jewellery retailers in shopping centres may have set prices. You can still haggle fiercely at the stores in the Dubai Gold Souk. You can reduce the producing costs by quite a bit, depending on the price of gold in Dubai and the amount that you are buying.
Safe and Secure Transactions
Dubai is renowned for its safe economy. International business norms are usually followed and transparency is maintained in gold transactions.
Customisation
The emirate’s gold market gives customers the ability to tailor jewellery to their tastes, making each piece unique and one-of-a-kind. There’s more reason why foreigners purchase gold in Dubai.
