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Updated by Joanna James on Aug 13, 2018
Headline for 5 Tips to Know before Buying Gold in Deira – Buy Gold like a Pro at the Dubai Market
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Joanna James Joanna James
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5 Tips to Know before Buying Gold in Deira – Buy Gold like a Pro at the Dubai Market

Dubai is a land of opulence, and is renowned for having the finest in modern-day emporiums. The Gold Souk of Dubai is just as magnificent as the city's shopping malls, and requires a bit of skill.

1

Know the Market Price

Gold is very similar to stocks, and much like stocks, the value of gold is subject to fluctuation on a daily basis. This means that it is best you're aware of the value of gold in an open-market setting in order to make the most of your experience. When it comes to the Deira Gold Souk, this is probably the single most important factor, and will help you greatly with the next part.

2

Learn the Art of Haggling

This really is an art form, and especially at this souk, sellers will expect you to do so, and will therefore have a buffer of approximately 25% already in place. Therefore, the rule of thumb is to haggle for 25% less than the cited price, or to the price you can afford. Be mindful of rate of Gold per karat, which you can discover from lists posted throughout the souq, and make, which relates to the intricacies and craftsmanship associated with the jewellery. The price can change greatly where the design is concerned, so be sure to ask for different designs until you find one that fits your budget.

3

Know the Types of Gold

Just like how there are many different hotels in Dubai Deira to choose from, such as the AVANI Deira Dubai Hotel, the same can be said about gold. Doing your research can help you save a lot, and enable you to find exactly what you're looking for. The value of gold is determined by its karat, which refers to purity. 24 karat gold is pure gold, and as a result is quite soft. There are also various colours of gold, and these are determined by the different types of minerals that have been incorporated into it.

4

Peruse the Various Shops

From the get-go you might find something that seems like exactly what you were looking for and feel an irresistible urge to purchase it, but in this case patience will definitely be beneficial. A lot of the places in the souk will have identical pieces, with the difference being the price, especially where your haggling skills are concerned. Some places will bring the price down to a very attractive number while others will refuse to budge. It's also good to identify stores that are closely monitored by the government.

5

Don't be too Stingy

If the price is around what you intended to spend, why haggle? You will often find that many sellers will simply slash off prices when customers are courteous and are willing to buy the price that has been listed. Although haggling is commonplace, the current value of gold is universally known in the souq, and prices are usually very competitive, especially since police also regularly monitor the souq for any suspicious business practices.

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