Golden market in Dubai
The Golden Market of Dubai is the most famous and tourist-visited market not only in the Emirate of Dubai, but in all the Arab Emirates. Even if you do not want to buy jewelry, it’s worth come here and look at the record holder bracelet, golden dresses and much more. In this article, we will tell you everything interesting about the golden market – what to watch here and how to shop here.
As of February 2021 Golden market Dubai works in normal mode (opened after Lokdauna May 15). But do not forget about the strict safety rules from coronavirus in Dubai, the details in the article on the link above.
Where is and how to get
The golden market is located in Deira, in the Al-Dagaya Quarter. We really do not recommend riding here on a rented car, as free parking spaces around almost never happens. Better to go on the subway or taxi.
Drive from the hotel to the taxi will cost from 12 to 60 Dirhams. Dubai is a big city, the hotel can be in Deiray in a pair of kilometers, and then you will come for 12 dirhams, and maybe in the Dubai Marina area or on the island of Palm Jumeira, and then about 60 dirhams will have to pay for a taxi. About the tariffs, read on our "Taxi in the UAE" page, are looking for an actual course on the "Dirham UAE" page.
The cheapest way, and he is often the fastest – this is Dubai metro. Go out at Al Ras Stations (Al Ras) on the second (green) branch. Look at the Metro Schema in Russian and Prices on our page "Dubai Metro".
After exiting the metro station, go along the Embankment to the right (if you look at the sea), jewelry stores will begin in 500 meters on my right hand, this is the golden market.
Or the second option. Drive the Gold Souq station (until May 2020 was called Palm Deira) on the same green branch. Then after the exit you need to pass 500 meters along the waterfront, but to the left.
The market works daily from 10:00 to 22:00.
Only on Friday, most shops open at 16:00. Why? Read in our article "Friday in the UAE".
Part of the stores makes a break from 13:00 to 16:00. Just at this hottest time on the market there are almost no visitors, it is more convenient to close for lunch, rest, dining and afternoon prayer.
What is a golden market
This is not a separate building, but a trading quarter – the weave of the streets where more than 300 stores are located. Size of this quarter – approximately 200×170 meters.
Even at the beginning of the 20th century, local jewelers worked here. Sheikh Maktum liberated foreign merchants from taxes and made Dubai one of the main shopping centers of the Persian Gulf, we wrote about this in the article "History of the UAE". In Dubai, began to move gold merchants and jewelers from Iran and India. The oil boom made Dubai is even richer, and the golden market has grown to modern sizes.
It is believed that there are 10 tons of gold on sale here, and this is a completely realistic figure. Some guidebooks and Internet sites even write that through the golden market, Dubai passes 20% of world gold turnover, which is already explicit exaggeration. In the world, about 3,000 tons are produced per year, 600 tons per year can pass through Dubai.
When it is better to come
On the one hand, it is better to come around 11:00, when there are very few visitors on the market, it is not very pleasant to enjoy the work of jewelers.
On the other hand, it is convenient to arrive after sunset, around 19:00, when not so hot. But people on the market at this time most.
Tourists recommend come from Sunday to Thursday, these are weekdays in the Arab Emirates.
What to see
Home Local Landmark is a record in the world in the world Gold bracelet. It is called "Click Taiba" ("Star Taiba"). The record is included in the Guinness Book of Records.
Weight – 58.7 kilograms, gold 21 carats (875 sample), decorated with 5.17 kilograms of precious stones, price – 2.2 million UAE Dirhams. This is the work of Taiba Gold and Jewelery from Saudi Arabia. Watch photo on the right, click on the photo to enlarge.
There are no prohibitions in the photo on the Golden Market, you can take pictures and bracelet Click Taiba, and shop windows, and yourself against the background of subsided decorations. Only inside stores owners can be against the photo, but these are their right.
The second local attraction is the store "Al Romaizan Gold and Jewelery", which has become famous for selling dresses and costumes of gold, bracelets and necklaces of incredible sizes, and earrings here sell such big things that they doubt whether their ears will pass. This store is more like a museum.
The whole golden market is almost a museum in which every store has something remarkable. Here is a giant assortment of jewelry – rings, earrings, bracelets, necklaces, many author’s work of local masters, there are no other copies in the world. But besides jewelry, there are all sorts of household goods from gold – door handles, hangers, lamps and night lights, telephones and covers for smartphones, even ladies.
Watch, look, enjoy. Maybe decide something to buy.
How to buy
The first rule! Buy only in stores ready to give a certificate. In the market there are traders from hand and names selling fake watches expensive brands and fake decorations. Do not contact them under no circumstances.
Second rule! On the gold market, Dubai always need to bargain. If you do not like or do not want to bargain, you can not even try to buy something, pay Stridor, no FIX stores here and there will be no.
In Dubai really cheap gold. The reason for this is the VAT tax. If you buy a gold jewelry in Russia, then pay VAT tax in the amount of 20%. In the UAE, the tax of VAT was not at all, prices were even lower. Since 2018, VAT was introduced, the rate – 5%, we talked about this in the article "Shopping in the UAE". By the way, after the introduction of tax sales of gold in the UAE decreased by 2 times, which hurts in the economy of the country. Authorities think how to solve this problem.
At the entrance to the Golden Market and in some stores, informational boards are hanging, which show current stock prices for gold. Watch photo on the left, click on the photo to enlarge.
Recall that global gold prices are determined on commodity stock exchanges. The price of gold is the same all over the world. For example, on the day of updating this article (February 4, 2021), gold costs 1,803.5 US dollars for the Troyan ounce (31.1 grams).
The stands show prices per gram of gold in Dirhama UAE. Four prices: for gold 18 carat (750 sample), 21 carats (875 sample), 22 carats (916 sample) and 24 carats (999 sample). Be sure to take a picture of this stand, prices will be needed to communicate with merchants.
If you read the reviews of the tourists, you will find a statement: "I won a bracelet for 300 dollars, although the seller wanted 800" or "bought earrings for 1000 dirhams, although the initial price was 1500". In fact, it does not matter how much the seller asks, and how many percent someone has worked. All this is subjective. You can strike 200% and still buy a decoration of Schitrogoga.
Need to know the real price of the Golden Product! Calculate it easy. It is necessary to take the weight of gold in the product and multiply the price, which was seen on the information table. Consider the gold trial to select the desired number. It turns out the price of gold in the product.
Next to the price of gold you need to add the cost of the work of the jeweler and the profit of the seller. Of course, it is difficult to say the accurate percentage here, depends on the complexity of the decoration. Usually 32% should be added. Get the price of the product. That is before this price and you need to bargain.
For example. Ring weighs 1.5 grams, sample 750, current price of gold 18 carat (750 sample) – 114 Dirhams. We believe: 114 x 1,5 = 171 dirham, this is the price of gold. 171 + 30% = 222.3 Dirhama. This is the price of a ring, which is quite realistic to spin from the seller.
Pay on the gold market is better in cash, in this case you can count on a discount. Credit cards are accepted, but may arise. The fact is that the bank can block the operation, as the amount is large, and the money is transferred to another country. Cash is reliable.
Pay better by dirhams, change dollars and euro in advance for local currency. Most merchants take dollars and euros, but at unprofitable courses. Dollars will take 3,5 dirham at the dollar and cheaper. Read our article "How to change money in the UAE".
And worth Lie?
Dubai authorities declare that there is strictly controlling the golden market, and there are no fakes in official stores.
But even if it is a pure truth. You will receive a product with a stamp of samples in carats, and most likely, without a manufacturer stamp. Sell such a product if such a need arises, may be problematic. Not every jeweler buy. Perhaps the expertise will be required, which is now from 3000 rubles and above.
And if you still bought a fake? Where you will handle complaints? Go to the UAE? After all, the "push" the fake is the easiest of all the tourist, who will fly away far in a week, and then it is unlikely to come back.
Think whether low risks cost?
Good to know
– In the UAE in each emirate there is your Gold Souq (Golden Market). However, in such markets in other emirates there is nothing to look at. Only Dubai can be recognized as a real landmark;
– for the golden market, the perfume market begins deep into the quarter. Here you can cheap to buy another Arabic treasure – butter and perfume from it. Read our article "UD and Bahur in the UAE".
Successful purchases in Dubai, and read our articles about the UAE (Links below).