Dubai is the largest and most populous city of the United Arab Emirates. This global city is located on the Southeast coast of the Persian Gulf.
Dubai is the major hub of trade, real estate and aviation of the Middle East. Since the last century, Dubai has emerged as a prominent tourist attraction in the world.
If you don’t know about Dubai then visit here Dubai Facts
Dubai is not only famous for being a magnet for tourists and traders, but also for having great financial benefits and reliable gold rates.
1 Ounce = 28.3495 Grams
You may be interested in Gold Rates in Qatar
Regardless of what culture you belong to, gold jewel sets and gold adornments are preferred next to none. Gold is considered not only a precious metal but also a safe-haven asset. Many people buy gold as part of expanding their property and selling it in the selling for a nice profit.
You should know the different forms of gold before you fly over to Dubai to buy a beautiful set of gold earrings. The various of purity in gold most commonly used in Dubai are:
- 24 Karat pure gold is called “999” due to its 99.9% purity level
- 22 Karat gold is called “916” due to its 91.6% purity level
- 21 Karat gold is called “875” due to its 97.5% purity level
- 18 Karat gold is called “75” due to its 75% purity level
Gold Rates in Dubai
Although gold prices fluctuate every day, the markets of Dubai selling gold are thriving day by day. The rate of gold in Dubai is displayed on the tolling boards outside the Department of Economic Development of Dubai and in front of the various gold markets.
The gold price in Dubai is estimated in Arab Emirates Dirhams (AED). The rate of the gold price is set Internationally due to its being regular trading stock.
In 2018, the government of Dubai added a 5% Value Added Tax (VAT) on buying and selling of gold. Interestingly, this is the lowest VAT in the world, which makes the rate and the buying of gold cheaper in Dubai.
Gold is sold at the rate of the weight of all the grams of gold piece multiplied with the current price of one gram of gold. Along with this fixed price, the making charges are added by the merchant for making the item.
International Gold Rate – LBMA Gold Price
The London Bullion Market Association (LBMA) is an international trade association based in London that sets the standard for the gold and silver price in the global market.
Twice every business day, the price of gold is set. Once at 10:30 a.m., and 3 p.m. (GST) in US Dollars. Then the price of gold from US Dollars is converted into the respective currencies of each country.
The standard US Dollar price of gold is set in a troy ounce of pure gold (24K), which is equivalent to 31.1034768 grams. In Dubai, gold is bought and sold at the calculated price of one gram of gold.
The Dubai gold price may slightly differ from the benchmark of LBMA due to the time difference between London and Dubai (Dubai is four hours ahead of London) and the labour costs of retailers.
Reasons to Buy Gold from Dubai:
All the retailers in Dubai are required to present a “gold purity hallmark” certificate regarding the authenticity of the price and labour cost of each gold item. The gold sold in Dubai is of pure form as the government of Dubai itself regulates the sale of gold.
Due to the lower VAT percentage of gold purchase and the bargaining advantages of gold labour, the rate of gold in Dubai is very cheap and economical as compared to other countries.
Variety of Shops
Dubai is loaded with uncountable jewellery shops in the high-end malls and the distinguished gold bazaars. In every shop, you can glance at the different intricate and delicate designs of gold jewellery. Dubai offers a variety of gold markets and designs that makes your shopping experience quite memorable.
Bargaining Power of Gold Markets
You can haggle your way in when purchasing gold from the local markets of Dubai. The costs of labour of making a gold article can be negotiated with ease. The retailers are up for compromising on the end price of the item in the gold bazaars of Dubai when they sense a solid deal happening.
Gold Markets in Dubai
Dubai has given birth to a myriad of shopping centres and markets which sell gold merchandise. People from around the world come to buy gold from Dubai due to its reasonable rates.
Famous Dubai Gold Market: Dubai Gold Souk is a traditional gold market situated in the business sector of Al Dhagaya, Deira. Gold is not only the primary stock sold at this conventional market, but there are over 380 retailers who dabble in the trade of diamonds, silver, platinum, and other precious stones.
Gold and Diamond Park: Located at the Sheikh Zayed Road in Dubai, the Gold and Diamond Park sells high-end gold and other valuable metals in the form of refined and elegant jewellery. Famous for its variety of massive jewel collection makes this park a dominant hub of local and tourist attraction.
The gold rate in Dubai is way cheaper and affordable in comparison with other nations. The gold sale is a significant contributor to attracting tourists from all over the world in Dubai.