Gold Souk is a world-renowned gold market, located on Deira Street in Dubai. Spanning a length of 1km, this market caters to a diverse range of customers, primarily from India, China, and local Emiratis.
Gold Souk: A Global Destination for Gold Enthusiasts
With a history spanning hundreds of years, Gold Souk is renowned as the city’s largest jewelry hub. It is the prime location for purchasing gold in the UAE (United Arab Emirates).
The market boasts a spacious interior with over 300 shops housing approximately 10 tons of gold. Some establishments have been in business for over 40 years, each occupying a space of several dozen square meters and employing 5 to 10 staff members.
A Sprawling Marketplace: Over 300 Shops Under One Roof
Gold Souk welcomes visitors from Saturday to Thursday, 10 am to 10 pm, and on Fridays from 4 pm to 10 pm. According to seasoned shoppers, the best time to visit is around noon, when the market is bustling with activity. Apart from gold, the market also offers a range of precious stones such as platinum and diamonds, as well as silver.
Security at Gold Souk is of utmost importance, with surveillance cameras monitoring every corner. The police maintain a constant presence, ensuring the swift resolution of any issues that may arise.
Tight Security Measures Ensure a Safe Shopping Experience
Customers can rest assured that the quality of gold on offer is of the highest standard, backed by the governance and supervision of the Dubai authorities. However, it is important to exercise caution when purchasing gold from street vendors, as the authenticity of the gold cannot be guaranteed.
According to the UAE’s National website, gold prices in Dubai are, on average, 20% lower than the global average. This is due to the city’s tax-free import policy. The gold available at Gold Souk ranges from 18 to 24 carats, with prices determined by age and weight.
Dubai: A Tax-Free Haven for Gold Enthusiasts
While electronic boards in shops display gold prices by carat, customers are encouraged to haggle and negotiate for the best deals.
Additionally, Dubai hosts a shopping festival every January, offering discounts and attractive gifts with purchases of gold jewelry.
One of the highlights of Gold Souk is the display of the Najmat Taiba ring, weighing 57kg and adorned with 5.17kg of Swarovski crystals. Valued at approximately $3 million, this stunning piece attracts tourists who flock to capture photographs with it.
The Najmat Taiba Ring: A Dazzling Display of Craftsmanship
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