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Dubai is recognized as one of the best places to buy gold, because it is safe and the prices are more reasonable. Currently, Dubai possesses one of the world’s largest gold vaults, Jewelry-making facilities, and refineries. It only makes sense since exporting gold is the most lucrative right after oil. Not only is this item considered a wise investment for your money, but it would also make an excellent gift to a loved one. But how much is one gram of Gold in Dubai? Is the price the same for 18K, 22K, and 24K gold? If you’re interested in uncovering the answer to these questions, continue reading the article to learn more about the shining jewels of Dubai.
What makes Dubai an important city to buy gold
It is simply magnificent to think how a city transformed itself from a humble fishing village to an advanced metropolis. From a Geographical point of view, Dubai has always had a golden spot for trading as it is located at the crossroads of Europe, Africa, and Asia. ٍEverything started in the 1960s when the city showed early signs of success in trading. That small, growing success turned into a huge success over time, mainly due to the forward-thinking of Dubai leaders. Today, Dubai is not only a global destination but also an important trading center in the Middle East region.
Now, let’s talk about gold. If you take a look at some of the jewelry designs, you can easily detect the traces of culture and craftsmanship mixed with modern designs. It’s like each piece has a story to tell. Whether you want an intricate or simple design, you can easily find what you’re looking for in gold markets. There’s something for everyone here, regardless of the budget. Dubai’s gold markets are famous for variety and quality, competitive pricing, and authenticity, making them stand out among other global markets.
Can tourists buy gold in Dubai
Dubai is an excellent place for tourists to buy gold, offering them competitive pricing and unique designs. Whether for investments or souvenirs, buying gold is a smart decision while visiting this glamorous city. Just keep in mind that every country that you’re bringing the gold to might consider weight limitations. The rule of thumb, which is mostly acceptable, is a maximum of 20 grams of gold for male travelers and a maximum of 40 grams of gold for female travelers. In case of exceeding the declared amount, you are required to pay customs duty upon arrival in your country. Also, consider that a 5% VAT applies to your gold purchase.
Is it safe to bring gold from Dubai
It should be fine traveling with the gold you purchased. Dubai is considered one of the safest countries in the world as it is seriously strict toward rule breakers and thieves. Upon arrival in your country, you are only required to pay a customs fee if the amount of gold you purchased exceeds a specific number, which is 1kg in most countries.
Gold Rate in Dubai
Here’s the gold rate in Dubai as of 1st May 2024:
| 22 Caret Gold Price per Gram in Dubai (AED) | |
| 1 gram | 259.50 |
| 8 gram | 2,076 |
| 10 gram | 2,595 |
| 100 gram | 25,950 |
| 24 Caret Gold Price per Gram in Dubai (AED) | |
| 1 gram | 280.25 |
| 8 gram | 2,242 |
| 10 gram | 2,802.50 |
| 100 gram | 28,025 |
| 18 Caret Gold Price per Gram in Dubai (AED) | |
| 1 gram | 215,25 |
| 8 gram | 1,722 |
| 10 gram | 2,152.50 |
| 100 gram | 21,525 |
Cheapest place to buy gold in Dubai
The UAE is considered one of the countries where you can buy gold at a reasonable price. With Dubai being one of the most recognized cities to buy gold from, it’s no surprise that the country holds that record. Dubai Gold Souk and its newly built extensions are the best places to buy gold in Dubai. These are where you can find the best designs with the best prices. Bear in mind that you can only haggle the marketing price while shopping, not the fixed-to-weight gold price. The more intricate a piece is, the more marketing price is added to the fixed amount. Many shops aim for 25 percent of the fixed gold price. It is advised to haggle as much as possible by negotiating with the shopkeeper.
When is the best time to buy gold in Dubai
According to estimated data, the gold price has a tendency to drop in March. Besides that, it is advisable to shop for gold during the shopping festival in December and January. Summer surprises occur from June to August, which is also an excellent time.
Learn everything to know about Dubai with DoJoin
Did you find this article useful? There are many other articles on DoJoin’s blog page that you can read and learn more about Dubai and traveling options. DoJoin is an excellent platform for helping you generate a fun and exhilarating itinerary for your vacation. Access the highest-rated restaurants, one-of-a-kind attractions, and adrenaline-rising activities with DoJoin.
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