Dubai is referred to as the City of Gold and not without reason. It has the world’s only dedicated Gold market, popularly called the Gold Souk. From very early on, Dubai realized the potential of Gold and, more importantly, its purity in its economy. Gold in Dubai is considered the purest and most reliable in all the categories, like 24K, 22K, and 18 K.
What is Gold Souk
The Gold Souk became famous because of this reason. The government of Dubai ensures regular verification of the Gold being sold, and retailers must keep all their metrological records for verification by the authorities.
Located in the Al Dhagaya area of Deira, Gold Souk is one of Dubai’s most popular tourist destinations. When it was established in the early sixties, this was the central part of the old city, and almost all the commercial activities took place here.
Slowly, it became very popular with everyone, and gold traders made a beeline. It became the largest Gold trading center in the Middle East and probably one of the world’s most enormous.
To further maintain its gold trading and retailing leadership, the Dubai Gold and Jewelry Group, in association with Dubai Economic Development, publishes gold retail prices on the London Metal Exchange. These prices are displayed in every Gold Souk shop. The uniformity of price, combined with tax-free shopping, ensures low retail prices of gold jewelry.
There are more than 900 gold shops in Dubai Gold Souk, all of which display a wide variety of gold jewelry openly. This allows anyone to see so much Gold kept in such low-invasive security. Tourists come in droves to buy gold jewelry and know that gold is not sold in security-heavy and restrictive entry shops, but it is sold openly.
Tips on Buying from Gold Souq Dubai
When you buy Gold from Gold Souk, you must remember that there are more than 400 outlets, and they all vie for your dollar. The designs are unlimited, and there is no need to rush. The purity is the same everywhere, as it is controlled by ESMA (Emirates Authority for Standardization and Metrology).
Follow these steps;
- Decide what to buy
- Check the availability of designs.
- Ask the price. Usually, they would give you gold retail price plus making charges.
- Bargain and bargain. Be always ready to check in other shops. Don’t worry; there are plenty of shops before you give up.
- Once the deal is struck, complete the transaction by taking the purchase receipt.
- Ask for any particular deal/ gift/ raffle, etc., and avail of the same.
- There is no tax for your Gold and diamond purchase, so smile and leave.
Attractions near Dubai Gold Souk
Gold Souk Dubai is famous for Gold and is well known for diamonds, precious gems, and exotic jewelry. It is also well known for high-end watches and retro-fitting watches. One can also get his gold purity verified in Gold Souk. The Gold Souk also houses one of the largest stores for furs.
Before the Gold Souk was the Spice Souk, where you would come across the best spices from all over Middle and Southeast Asia. These spices are available in retail as well as wholesale. Thanks to the spices, there is a unique aroma in the air. Carry home the most exotic spices you can use for cooking and remedial purposes.
The Perfume Souk is also an excellent place to buy traditional perfumes. You will find local oil-based Oudhs and fragrances in conventional bottles. Many perfumers sell the wood from which they make the perfumes. The perfumes stay longer on you.
Dubai Gold Souk also has some old history of how Indian, Pakistani, and Iranian jewelers came and settled here to start this business that complemented the local pearl business and thus forged brotherly relations amongst all these nationalities; the bond is still very apparent.
Activities in Dubai Gold Souk
- It would not be fair to say the Gold Souk is only for buying gold. There are plenty of other activities that are going on. You may come here before the souk opens and walk around the creek. There is a lovely promenade where you can go and watch the gulls making a racket.
- There are little traditional cafes where you can have breakfast or a meal. These cafes are everywhere. The local “Shwarma” and Sulaimani Tea (local tea without milk) are simply the best combos.
- There are plenty of souvenir shops and dry fruit shops run by Iranian vendors. Pick up a camel with the “I love Dubai” line for gifting. There are hundreds of options.
- Take a walk through the old souk made with traditional wood. Surprisingly, even in hot summer, it is never too hot here due to the design of these shops.
- If your wife is busy shopping, enjoy hundreds of nationalities passing by you, talking in their unique languages and dialects.
Souk Timings
The shop hours for the God Souk are 9.30 am to 9.30 am from Saturday to Thursday. On Fridays, the Gold timing starts at 4 pm.
How to get to Gold Souk
Dubai Gold Souk is generally on everybody’s list of “Things to do.” There are many ways to get to the Souk of Souks. The best way is to take a water taxi from the Dubai Museum and cross the channel in 20 minutes. This is how Dubai traveled before the Oil boom, and the tradition continues today. You may see many officegoers, shoppers, and tourists going to Deira from Bur Dubai through the little wooden boats called “bra.”
The Dubai Government has introduced the “Water Taxi,” an air-conditioned abra with better seats. Dubai Gold Souk can be reached by many other means, including buses, as one of the largest bus stations is located here and is aptly called the “Gold Souk Bus Stand.”
It is a part of all tour operators’ city and heritage tours. There would be more tourists on any given day than residents.