Gold in Dubai: prices, how to bargain correctly, risks

To get into the spirit of the East and plunge into the real flavor of an Arab country, you cannot ignore the main component of the local culture - traditional markets and bazaars. Here everything that is felt and in the air is materialized and, in the end, it becomes possible to see, hear and touch. For many experienced tourists, it has long been no secret - if you want to truly get to know the city and its inhabitants, do not run to the sights and beauties, but first take a walk along the market streets, listen to the dialogues, soak in the atmosphere and feel the real atmosphere of life here.

One of the main types of fishing, which was characteristic of all the United Arab Emirates, was pearl fishing. This complex and dangerous craft has served as a source of livelihood for the local population for many centuries, and largely thanks to this, as well as its favorable geographical location at the crossroads of major trade routes, Dubai acquired the status of a major trading hub. Thus, the trade in pearls, and subsequently jewelry, has acquired strategic importance in the life of the UAE. This became the prerequisite for the emergence of one of the largest and most popular markets for gold and jewelry in the entire Arabian Peninsula.

Today, the Dubai Gold Souk (Dubai Gold Souk ) is more than 300 shops and stores selling jewelry and products for every taste. Pilgrimages here by tens of millions of people every year have acquired the status of a tourist excursion to one of the main cultural milestones of the emirate. Here you can meet tourists from a wide variety of countries from all parts of the world. Although for many guests of the country, as before, the only goal is shopping in this place. Even if it's just a small trinket or a tiny pearl. But even if you are not going to buy anything here, you will still find this place very interesting and worthy of attention, at least for getting acquainted.

Here you will find everything you want - gold, other precious metals, precious stones, pearls... Along with traditional rings, bracelets, earrings and chains, you can also find completely unimaginable necklaces, tiaras, crowns, patterns and ornaments made of precious stones, pearls or intricacies all possible variations of precious metals. You can meet both world-famous fashion brands and manufacturers whose names won’t say anything, but their products will truly delight you. In this place there is also the world's largest gold ring, listed in the Guinness Book of Records, which quietly flaunts on the window of one of the boutiques right in the middle of the main street of the bazaar. It is known that the total weight of products on the market is about 80 tons.

What's it like when buying diamonds in Dubai?

According to UAE law, all jewelry dealers must provide certificates for every purchase of a diamond product. Although the creation of this law was done with the good intentions of protecting consumers, therein lies the problem.

You see, there is no consensus on the type of grading report or standards that should be used to evaluate the quality of a diamond. This opens the door to abuse and misrepresentation of products.

To be very clear on this; When jewelers sell diamonds without a reliable GIA/AGS report, they are inflating the quality of the diamond and ripping off customers who unknowingly pay more for poor quality.

Another practice that is somewhat unique to diamonds in Dubai is that they are usually sold separately in sealed bags. This means you won't be able to see the diamond up close or examine it for lightness until you've paid down the deposit or made payment in full.

There's a reason for this, and it's because no one in the industry trusts anyone (that should already be alarming). Isn't it ironic that dealers don't trust each other and expect you to trust them when making a purchase?

When diamonds change hands between wholesalers and retailers, they usually do so using intact, sealed bags. At the consumer level, a loose diamond remains sealed, which is why you often see them sold in stores this way.

And let me say this.

Even as a professional, I wouldn't buy opaque diamonds. This is because critical analytical assessments require data extracted from the unsealed diamond.

With poor consumer protection and poor sales policies (no money back guarantee), why should you expose yourself to undue risk and suffering in Dubai when there are much better places to shop.

Location No. 1 – Gold Market

A visit to the Gold Souk is almost always included in the itinerary of every tourist heading to Dubai. The hotel is located in the heart of Deira's old commercial district. There are many vendors here selling trinkets, bangles, bars, diamonds and other types of gold jewelry.

Although this place is best known for its gold jewelry, there are shops that sell individual diamonds and engagement rings. However, be very careful as advertised prices are often prohibitive.

Shopping districts


Shopping district in Dubai
The most famous shopping area is Nesser Square. This is where the largest number of retail outlets with different categories of goods are concentrated. You can safely buy clothes, shoes, jewelry, toilet water, and household appliances.

With gold jewelry, precious stones and expensive electronics, you need to be careful not to buy a fake.

The prices for the products presented here are much lower than in the shopping center, but for this you need to be able to bargain well.

Al Faheidi Street is the place to go for quality electronics and household appliances. Good shoes can be bought at Al-Diyafa.

If you want to have branded items, but do not want to spend a large amount of money, then in the Al-Karama area they will offer high-quality fakes.

Most of the famous shopping centers were built in the central part of the city and near the beaches.

Location #2 – Gold and Diamond Park (GDP)

Unlike a traditional bazaar, Gold and Diamond Park is a modern shopping mall with air conditioning and bright lighting.

The mall, located on Sheikh Zayed Road, next to the First Gulf Bank MRT station, houses approximately 90 jewelry stores and more than 110 manufacturing centers.

Touted as the best place to buy diamonds and engagement rings, Gold and Diamond Park has busloads of tourists traveling to it daily and is often crowded.

Opening hours and how to get there

There is no clear schedule for the gold market in Dubai. It’s exactly there: every day from 10:00 to 22:00. But some shops open at 9 or even 8 in the morning. From one to four, most shops close for lunch, prayer and other business - there are few visitors, as it is too hot. And on Fridays, almost all of them open only at 16:00.

The market is located in the old Deira district, which has recently become notorious for its traffic jams and lack of parking. Arriving in a rented car is sheer madness. Maximum you can order a taxi UBER or RTA.

They know the local roads, and they don’t enjoy being stuck in traffic jams (they don’t have to pay for the time they travel and stand at traffic lights and traffic jams in a Dubai taxi), and therefore they have a better chance of getting there quickly and without incident.


A few more products for Arabic tastes. Local women buy bags of this jewelry!

The best ways to get to the gold souk in Dubai are by metro and Big Bus Tour or Sightseeing Dubai. The second method will be expensive, but they will bring you, take you away, tell you everything and show you everything. The metro is much cheaper.

The closest metro station to the gold market is Al Ras. It is located on the green metro line. You can change from the red metro line to the green line at Bur Juman and Union stations.

When you leave the metro station, go to the bus stop (closed with air conditioning, you will see right away). It is located right between a metro station and sand-colored low-rise buildings with many shops on the ground floor.

Cross the road at the pedestrian crossing and walk along the shops in the direction of traffic on the road. Literally after 100 meters the road will turn into one-way against the direction of your movement.

Walk another two hundred meters until you come across Al Salem Carpet or ASC - a white and red carpet store with huge panoramic windows. A narrow lane (Old Baladiya Street) with one-way traffic leads to the right side of it. Walk along it for 5 meters and you will see several shopping streets.

You can shop here already, but if your goal is still the gold market, then we go further along a very narrow one-way road against the direction (!) of the car. If you follow the path, you will return to where you started. Literally after 10 meters you will see a wooden roof with golden letters Dubai City of Gold - the entrance to the gold market.


One of the entrances to the gold market in Dubai.

There is another entrance, but it is located even further. To get to the second entrance, you do not need to turn off at Al Salem Carpet, but go further than metro 200. At the Damas jewelry store, a narrow pedestrian street leads to the right, which after 10 meters ends at the entrance to the market.

Location No. 3 – Dubai Shopping Center

If you're like me and absolutely hate haggling and getting ripped off by street vendors, the Dubai Mall is where international brands like Cartier, Tiffany & Co and De Beers congregate.

Obviously, in such establishments there is no room for bargaining, since prices are fixed. This is not necessarily a bad thing, since bazaar and GDP prices are often quoted HIGHER than prices in branded stores.

But here's the thing. If you have shopped at branded stores, are there any special reasons to do so in Dubai?

These companies have a presence all over the world, and you can easily buy something from your local Tiffany or Cartier. Does it make sense to shop in Dubai with the same prices?

Before you get excited about buying jewelry in the UAE, I'm going to burst your bubble and go on record as saying that these places are ALL tourist traps .

I mean, seriously, do you really think you can make deals in places swarming with gullible tourists and foreigners? Think about it. Does your soda cost more at Costco or 10 times as much at a Disney theme park?

Sellers are trying to attract customers to their shops on the street.

From personal experience, I can say that stores in the Gold Market and GDP distort the quality of their products and have exorbitant prices. You get the usual problems, scams and shenanigans that you find in the diamond districts.

Even for non-diamond jewelry, the layperson is expected to haggle and haggle at extremely high starting prices. Do you think the average tourist doesn't have equal opportunity or proper knowledge and has no chance of not being robbed?

And this brings us to the next part of the article.

If you want to get really high quality diamond engagement rings at competitive prices, I recommend suppliers such as James Allen, White Flash and Blue Nile. These are consumer-facing businesses offering risk-free shopping experiences.

What can you buy


Souvenirs from Dubai
Every tourist of any age, gender and with different interests will be able to buy something special for themselves and their loved ones. Here are the goods waiting:

  • from famous world brands;
  • incredibly delicious coffee;
  • high-quality oriental carpets;
  • Appliances;
  • jewelry;
  • cosmetics, etc.

Each product category is worth considering in more detail.

Jewelry


Jewelry
This is the most common product that almost every second traveler buys. People from all over the world come here to buy jewelry. Why is local gold so attractive?

  • Firstly, it is distinguished by high quality.
  • Secondly, it has an attractive appearance.
  • And most importantly - reasonable prices.

Few people know that gold produced in Dubai is just a material that imitates a precious metal. But such products are no different from original gold jewelry.

They do not change under the influence of sea water and do not corrode or oxidize. They can be purchased at specialized outlets or at retail counters.

The presented products can be divided into 3 groups:

  • traditional;
  • modern;
  • eastern.

Jewelry is made not only by local jewelers, but also by the best craftsmen in the world. Such jewelry is definitely worth the money spent. There is a good selection at Duty-free and The Dubai Mall. Here everyone can find a piece of jewelry to suit their taste.

The Gold Market is home to hundreds of luxury shops, where the eye is attracted not only by jewelry, but also by precious stones, the mining of which is one of the main hobbies of the local population. The most popular are pearl, emerald and diamond.

Perfumery


Perfumery
No woman can resist local perfumes. Pleasant aromas of musk, jasmine and incense drive everyone crazy. Since the 13th century, they have won the love of residents not only of the UAE, but also of other countries of the world. Eastern perfumery differs from the usual European perfumes. The composition contains aromatic oils and no alcohol.

It's best to apply them directly to your skin, as the oils can leave stains on your clothes.

Flowers and plants in their natural form are used to create a pleasant aroma. Since fragrant herbs are used in large quantities, perfume is consumed in a couple of drops.

A good service is common in the Emirates - individual toilet water. This means that you can come to one of the perfumers, express your wishes, on the basis of which he will create a special scent that no one else will have. This service is common in market stores.

In specialized departments you can find familiar and well-known world brands:

  • Lacoste;
  • Dior;
  • Chanel;
  • Versace.

The popular Arabian Oud store attracts with its service. Here you can sit on a soft sofa and have a nice chat with a consultant while he selects the scent you like. Inexpensive fragrance options can be found in Al Ghurair City. The cheapest eau de toilette is in Nasser Square, but the quality will be appropriate.

Cosmetics

Representatives of the fair sex will appreciate stores specializing in cosmetics.

th products. There is a good selection of decorative and skincare cosmetics of European and Eastern production.

Local cosmetics will make an excellent gift. You should definitely pay attention to natural oils for skin and hair, creams.

Dagger


Souvenir daggers
An ideal gift that every man will definitely appreciate. An oriental dagger with a carved handle costs from 5 dirhams. It can only be transported across the border if it is declared. In addition, you should only purchase souvenir models, since a real dagger is a bladed weapon.

Alcohol products

For Muslims, drinking alcoholic beverages is considered a sinful act. But emirates such as Abu Dhabi and Dubai, popular among Russian travelers, have relaxed the rules a little. Alcohol can be consumed on the hotel premises in your room and in some entertainment venues. If you drink alcohol in the wrong place, you face a large fine.

Tourists can request a license to purchase unlimited quantities of drinks free of charge. This permit is issued in supermarkets in the emirate. The main limitation: not to be a Muslim.

Also, alcohol is sold only to persons over 21 years of age. To obtain a license you must adhere to the following instructions:

  1. Go to the African Eastern or MMI chain store. They can be found in shopping centers.
  2. Provide the working staff with a foreign passport so they can make a copy.
  3. After this, you will be given a form in which you need to enter data and familiarize yourself with the existing rules for purchasing, transporting and drinking alcoholic beverages.
  4. Get permission. Its validity period is 1 month.

Many people are interested in the question of the possibility of exporting alcohol from the UAE. If you follow the law, there will be no problems with export. There are no restrictions on the amount of alcohol exported, but no more than 5 liters can be transported into Russia, 3 of which are not subject to duty. For each subsequent liter you pay 10 euros.

Carpets and pillows


Carpet shop
Locally produced carpets are famous for their excellent quality. They are sewn not only in factories, but also by hand. A wide variety of textiles are used, characterized by good density, durability and different colors. The pillows look very original. They can have different shapes and fillers, for example, it can be sand.

Coffee

Common coffee in eastern countries is called “kahwa”. Since it contains cardamom, the drink has a slightly bitter taste. It also contains nutrients and antioxidants, which is why it is considered healthy, while coffee is considered harmful in many other countries. Local coffee helps to cope with various problems:

  • insomnia;
  • headache;
  • normalizes blood sugar levels;
  • improves endurance;
  • charges with positive energy.

And this is only part of the beneficial properties.

There are many places where you can buy coffee. For example, Nasser Square. There are several retail outlets where you can buy a coffee maker, beans of different roasts, and ready-made coffee. Add as much cardamom as you need. If you purchase it as a souvenir, the seller will wrap it in beautiful packaging.

There is also a large selection of interesting coffee accessories, such as Turks, thermoses and other utensils. Such products will not only be useful to use, but can also become an interior decoration.

Sweets


Sweets
Tourists especially like to buy marshmallows, dates, and halva here. This is just a small part of the goodies that await on the shelves. Each sweet is unique in its own way.

On every corner you can find shops and stores where you can buy various goodies.

If you intend to do some serious shopping, then you should go to the huge specialty store Candylicious. An area of ​​1 thousand square meters is allocated for it. m. The choice presented makes my eyes widen. When you come here, you can’t resist buying various goodies.

Hookahs and pipes

The country has developed a tolerant attitude towards smokers. Cigarettes, pipes and hookahs are sold at attractive prices. The choice is quite huge. Hookahs differ in height, appearance, and can be used for their intended purpose or act as decoration.

Fabrics


Fabric Store
Travelers will never miss a store selling quality fabrics. A natural cashmere shawl costs approximately 250 dirhams. Beautiful wool and cotton scarves cost just 70 dirhams. They can be plain, bright, with drawings and patterns.

You can purchase such products for yourself or as a gift to loved ones. Dubai Spice Souk has a good selection.

People go to the Naif Souk market to buy national clothes. You can buy things for home or everyday wear. Some stores offer a custom-tailored clothing service based on individual measurements and personal preferences.

Cloth

For branded clothing, you should go to shopping centers. You can find anything you want here:

  • dresses;
  • blouses, shirts;
  • costumes;
  • jeans, trousers;
  • shoes;
  • underwear.

For goods from global manufacturers you need to pay a decent amount. For example, high-quality shoes from Gucci or an elite bag from Dolce-Gabbana will cost 1.5 times more than in their home country.

But this does not stop tourists, for whom shopping has become a pleasant habit and an integral part of their vacation. Some people deliberately go to Dubai to buy branded items, spending more money on it, but having incredible fun.

Fur coats


Fur products
In a country where it is summer all year round, women do not feel the need for a fur coat and other warm things. But this does not prevent stores from selling high-quality fur coats, which are in great demand among tourists. If we talk about the price, it will depend on the length, size, model and fur used.

Compared to Russian stores, prices in Dubai will be much lower. A beautiful mink coat can cost about 3 thousand dollars. If you know how to bargain, you can also get a 10-20% discount.

Fur products can be found in Nasser Square, where shopaholics feel like they are in heaven.

It is best to buy a fur coat in the summer or in the second half of winter - at this time good sales begin, allowing you to save 25-40%.

Souvenir products


Souvenirs
In the UAE, a camel is not just an animal, but a sacred creature. Here he can be seen calmly walking through the streets. Where else can you see “camel caution” signs?

If you accidentally run over it, the offender will be fined 5 thousand dirhams.

His image can be found on almost any thing: clothes, packaging, figurines, dishes. Quite often such products are bought as souvenirs.

It is impossible not to say about camel milk. It contains a lot of protein and virtually no cholesterol. According to these indicators, it is healthier than cow's milk. It can only be exported outside the country in pasteurized form. You can buy milk at any grocery store.

Another unusual but original gift is sand paintings under glass. Sand from each emirate is poured there, which symbolizes the unity of the huge state.

Are diamonds cheaper in Dubai than in other countries?

Short answer: no.

For what?

Well, just because the UAE is the third largest trading hub in the world doesn't mean it's a jack. This simply means that the flow of diamonds passes through more hands in Dubai.

And every time a diamond changes hands, you can expect prices to rise as traders take their cut. The fact is that Dubai does not mine diamonds and does not engage in mining.

Every diamond and the vast majority of jewelry that comes into Dubai is actually manufactured elsewhere and imported into the city. This increases costs. In addition, overhead costs and retail markups are significantly reflected in overpriced items.

In fact, I did a like-for-like comparison of prices on similar items between sellers at Gold & Diamond Park with Blue Nile and James Allen. I found that the shops in Dubai were at least 20-30% more expensive!

You can easily make your own price comparison. This guide contains more detailed information...

Now there is one more aspect that you need to think about when buying jewelry in Dubai. As of this writing, sales tax on items such as gold and diamonds is subject to a 5% sales tax.

This means you may have to factor in additional costs.

Of course, this 5% tax may be more favorable compared to other countries such as the UK or EU, where VAT can cost a further 25% more. If you are a tourist, sales tax in Dubai may not apply, but you are still required to declare VAT or import duty when you return home.

So, you're back to square one again.

Note. I have read that there are UK/EU citizens who game the system and knowingly commit tax evasion crimes. They do this without declaring what they bought abroad when going through customs. This is illegal in many countries and if you are thinking of doing the same, don't do it. You shouldn't get into trouble just to "save" money.

Retailers such as Blue Nile, James Allen and White Flash offer a safe diamond shopping environment. In fact, you can scrutinize every detail with their upscaled high-definition videos.

Sales


Sales in Dubai
The best time to go shopping in the Emirate is during the festivals that take place every year. At this time, you can get maximum pleasure from shopping and purchase things at a low cost. Dubai hosts several such grandiose and memorable festivals.

Dubai Summer Surprises

The main and most anticipated event not only for local residents, but also for tourists. The shopping and entertainment event takes place every year and lasts throughout the month of Ramadan. During this period, the largest number of visitors gather in the emirate.

About 3,500 stores and more than 800 brands take part in the festival. The main goal of the event is to attract as many foreigners as possible during the warm season.

Each week corresponds to a specific thematic program. In addition, there are many competitions and lotteries in which everyone can take part and win prizes for free. Considerable attention is paid to the entertainment program:

  • concert performances to which not only local but also world stars are invited;
  • Exhibitions;
  • costume parades;
  • children attractions.

While heading to Dubai for shopping during the festival, tourists will also be able to take time for sightseeing and excursions.

Dubai Shopping Festival


Dubai Shopping Festival
Another famous festival, which is organized with the aim of luring a large number of tourists.

Almost all shopping and entertainment centers take part in this event, offering quality goods at incredible discounts. It is on the very first day that huge sales are held. In addition, guests will enjoy a variety of entertainment.

Cafes, bars, nightclubs and other entertainment venues host competitive programs and world-famous stars perform. There are also many interesting events for adults and children in the park areas and on the beaches.

Most often, tourists purchase the following categories of goods:

  • fur;
  • Jewelry;
  • Appliances;
  • cosmetic and perfumery products.

Other festivals

Those who are not indifferent to jewelry and precious stones should visit Dubai in late November and early December. At this time, Jewelry Week is held. At this time, representatives of famous jewelry brands and talented craftsmen come to the Emirate to organize exhibitions and sales of their unique products.

Question to the expert

How can I return VAT?

To get a tax refund, you need to keep receipts from stores, which are provided at the airport before departure.

Is it worth going to Dubai to buy a diamond?

Let me make this clear.

If you are taking a special trip to Dubai just to buy a diamond ring with the mistaken mindset of saving money, you are completely wrong. For starters, there is NO savings that will help offset the travel costs or justify your time doing it.

If you are traveling as a tourist or visiting Dubai for other purposes, buying a diamond in Dubai puts you at risk. Unlike US retailers, there are no money back guarantees or any protection if problems arise.

For the unwary first-time buyer, it's a minefield of scams in bazaars and shopping malls. Tourists are often harassed and taken advantage of because they find it difficult to find any way out when they return to their country.

Summary: Don't be fooled by "cheap" prices and don't be fooled

Dubai is a great travel destination and boasts some of the best architecture in the world. It has many attractions and a rich cultural heritage.

But when it comes to buying a diamond or engagement ring, don't be fooled into thinking this is the best place to get your deals. Apart from the glitzy appearance of shopping malls and bazaars, it is a big shark tank where many sleazy businesses prey on uneducated consumers.

If you visit tourist markets, take in the atmosphere and enjoy the sights, but avoid shopping for anything. If you must buy jewelry, avoid diamonds and only use gold jewelry as it is less subject to price manipulation.

I recommend Blue Nile, James Allen and White Flash for engagement ring shopping. All 3 offer a large selection of diamonds and hundreds of beautiful ring designs to choose from.

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