Deira Gold Souk in Dubai – A Haven for Gold Lovers

Dubai Gold Souk in Deira is the oldest traditional market to buy gold. Home to over 300 shops, the gold souk offers a massive collection of gold jewelry in every style and design from around the globe. A trip to Dubai is incomplete without visiting the Deira Gold Souk. A stark contrast to modern-day Dubai, Deira Gold Souk is a haven for all gold lovers. The craftsmanship of the jewelers in the Deira gold souk is exquisite and unlike any other gold souk.

Thousands of people travel to Old Dubai only to visit the gold souk, either as tourists to admire the glittering jewelry displayed in the shop window or as serious gold buyers who come with the intention only to buy gold. One can find everything made in gold from delicate jewellery pieces to actual dresses and impossibly heavy statement necklaces.

Dubai’s Gold Souk: A Guide to the City’s Glittering Heart

Deira Gold Souk is like a labyrinth of retail stores constantly bustling with shoppers and tourists from around the globe. Dubai’s Gold Souk must be on your list of things to do when visiting Dubai. This traditional market is located in the heart of Dubai’s business district- Deira, consisting of more than 380 small and large retail stores. The Gold Souk is bordered by the Dubai Fish and Vegetable Market in the North and the Deira Corniche and Deria Bus Stand in the South.

The market attracts thousands of tourists and locals every year with its captivating necklaces, earrings, pendants, bracelets, and other jewelry options.  The market reflects on the fine craftsmanship of the nation and displays its cultural heritage. 

More Than Gold: A Glimpse into Dubai’s Souk History

The Dubai Gold Souk was initially established as a small gold market in the early 1900s, much like its neighboring localities. Local merchants often used the area to make small sales of all types of jewelry to the residents, even before the formation of the UAE.  After the change in Iranian trading policies, entrepreneurs moved to the area freely and started selling their own intricate designs.

This supply of gold increased further in the 1970s when Dubai’s revenue grew multifold. This was because the country started selling oil to Europe and other nations, and the inflow of wealth in Gold Souk grew exponentially. Dealers from far came to the market to invest in large quantities of gold and kids started to arrive in the market to learn the trade and set up roadside stalls of Gold. Soon, the district became a hub for gold lovers, and the market was surrounded by other retail outlets for food and clothing.

More Than Gold: Why the Gold Souk Matters to Dubai

Gold Souk is Dubai’s only dedicated gold market. It is extremely reliable and earns lots of money via sales and by attracting visitors from all over the world. The market’s pure quality of jewellery has certainly established a good reputation for the country all across the globe. It is a natural hub for jewellery designers who love the wide variety of options available in the marketplace.

Dubai’s Gold Souk: Beyond Glittering Riches, Lies Surprising Facts!

Here are some of the facts about Dubai’s Gold Souk that will make you go WOW!

• The Gold Souk of Dubai has ATM machines for gold bars and jewellery.

Any visitor can insert their credit card/ cash inside the vending machines of the Gold Souk and buy authentic quality jewellery! The machine cuts down the middleman and is used so much in the market, that it needs refilling twice weekly. 

• Finding Gold at Every Turn in Dubai’s Souk

The Gold Souk consists of anything and everything under the sun; the only change is that it’s made out of gold. This includes golden scarves, golden kafiyah, and golden sunglasses.

• The 22-Karat Gold Chain That Made Guinness History

In 1999, Siroya Jewellery did the impossible and made a 4.2 km long gold chain, which weighed 238 kg and had a supreme quality of 22 karat. The chain was showcased in the Dubai Shopping Center and was later cut short to multiple necklaces and bracelets for 9600 buyers. 

• Dubai Gold Souk is Home to the Biggest Gold Ring in the World

The world’s biggest gold ring, The Najmat Taiba or Star of Taiba, weighs almost 64 kilograms and is displayed in Deira Gold Souk. It has earned itself a place in the Guinness Book of World Records. 

• Trading 10 Tonnes of Gold Daily

Dubai Gold Souk has hundreds of gold stores and almost 20% of the world’s jewellery passes through the market daily. This means that at any given moment, almost 9,072 kgs of jewellery is being sold in the market.

Dubai Gold Souk – Opening Hours

The opening hours of the Dubai gold souk are from Saturday to Thursday from 10 am to 10 pm. Although, keep in mind that certain gold souk stores close from 1 pm to 4 pm. On Fridays, the Gold Souk opens from 4 pm to 10 pm post afternoon prayers.

Route to Dubai Gold Souk

The Dubai Gold Souk stores are enclosed by the Persian Gulf and the Dubai Creek. There are several ways to get there from the city centre.

• If traveling by bus, the nearest bus stations to the Deira Gold Souk are Al Sabkha and Gold Souq.
• The nearest metro stations within walking distance are Al Ras and Gold Souq Metro Station on the Greenline.
• The most popular and fastest way to reach Deira Dubai Gold Souk is by abra, a traditional boat that crosses between Bur Dubai and Old Dubai Creek. Most tourists and locals prefer to take the abra from the Bur Dubai Abra Station.

Dubai Gold Souk – Real and Legit

The Dubai Gold Souk in Deira offers stunning jewellery pieces at reasonable prices solely for their purity. There are a few reasons why you should buy gold from Dubai.

• Gold In Dubai is Pure

The quality and purity of gold in Dubai are top-class and each jewellery piece sold is regulated by the government, keeping a check on the authenticity of every gold item sold in the Emirate. Every gold store in Dubai must have a gold purity hallmark on items sold and legally have to provide it to customers on request.

The gold purity hallmark certificate provides details such as the weight of the actual gold and stones in the piece, karat specifications, and the labour cost. Each jewellery piece bought at the gold souk comes with authentication and is valued anywhere in the world. Due to this reason, the ex-pat community buys gold to take back to their home country.

• Gold In Dubai At A Reasonable Cost

Exemption from taxes in Dubai are a few reasons for migration to the city or the purchase of gold. However, with the introduction of VAT in 2018, there is now a 5% tax on all items purchased, including gold. But buying gold is significantly cheaper and more reasonable compared to other countries.

Moreover, tourists can avail of VAT refunds on every purchase they make in the UAE.

• From Delicate to Dazzling: Best Gold Shops at Dubai Gold Souk

Dubai, the city of gold, has a variety of gold stores to shop from. You are spoilt for choices with several famous gold stores, such as Damas, Joyalukkas, Malabar Gold, Damiani, Pure Gold Jewellers, Rosella and Kanz Jewels, to name a few. Some of these jewellers in the Deira gold souk have been in business for many decades.

Each gold store in Deira offers a plethora of designs and styles not in gold jewellery but diamonds, silver, platinum, and precious gemstones.

How to Buy Gold in Dubai Gold Souk in Deira?

If you are in Dubai and are planning to shop for gold, the Deira Gold Souk is the largest gold market to shop from. The gold souk has 18-karat and 22-karat gold pieces and jewellery for sale. Here are a few tips to understand the Deira gold souk Dubai market.

• Understand the Market Price

Dubai follows international gold prices to ensure uniformity of prices across all stores in the city. Like stocks, gold prices fluctuate daily, allowing gold buyers to buy gold at the lowest rate.  The information centres in Deira souk inform you of the value of gold and the best deals available. By knowing the market price of gold in the Deira gold souk, you can easily bargain with the vendors.

• Choose the Right Karat – Know the Right Gold Type

Gold is sold by karat and weight. The higher the karat, the purer the gold. Gold is mixed with other metals such as silver, copper, zinc and nickel to harden as it is soft and breakable in its purest form.

The purest form of gold is at 24-karat. Gold comes in different colours that describe the types and percentages of alloys mixed in. Thus, always inquire about the gold you purchase, not leaving any specifications out.

• Pick out the Right Jewellery

With plenty of gold around, one can easily get carried away with all the shine and glitter. However, once you know your type of jewellery, whether it’s earrings, bracelets, rings, necklaces or pendants, you want to buy, ask the representative to weigh it and give you the right price. Remember to ask for all the specifications such as weight, karat, value price and the making charges.

• Haggle for the Gold Price

When buying gold, go through different gold shops to compare the gold prices and varied jewellery styles and designs that the stores offer. Even though the gold price is fixed for the day, the making charges are flexible. The jewellers will expect you to bargain and have a price range ready on a buffer. Start the bargain by at least 25% to get a great deal on your gold item. This makes Deira gold souk cheaper than the rest of the city.

• Explore Different Gold Shops in Deira

Explore other gold stores for a better price before settling on a jewellery piece you like. Most jewellery stores have the same design and price, but it depends on your bargaining skills. Visit the stores where the quality of gold sold is monitored by the Dubai government. It is perfectly normal to ask the representatives at the store if the gold is an imitation or not.

Conclusion

Dubai Gold Souk in Deira has been famous for many decades now for selling the best and cheapest gold in Dubai compared to the other gold souks. It is known in history that Iranian or Indian traders set up their shops to sell gold in Deira and made profitable gains. Indian ex-pats and tourists especially purchase a variety of jewellery in gold for their families.

Complete your trip to Dubai by visiting the Gold Souk by considering the above tips when buying gold in the Deira Gold Souk.

Some more Useful articles for You :

Frequently Asked Questions