How to Buy Gold In UAE
The largest importer of pure gold to Buy In UAE
The entire region of the UAE is considered the largest importer of pure gold (as of 2007 at least). You will find all kinds of styles in gold jewelry, Indian, Arabic and Italian to name a few. There is no tax on gold purchase. In addition, vendors do not have to pay the heavy trade taxes and tariffs, thereby passing on their savings to you (the customer).
Price depends on the concentration (carat) as well as the weight. These two components determine most jewelry pricing. The price will vary daily, but it should be the same from store to store. Check the gold price for the day before heading out for shopping. Price is measure in Dollars or Dirhams per gram.
See in the West, most jewelry is priced per piece and no breakdown is given to the customer. In Dubai, you can break out the cost of the actual gold versus the cost of the workmanship or design. This way you can truly negotiate.
So for example, you really like a gold necklace and you are quoted a price of $150. You find out the weight and concentration of gold and you do the math. You come to a calculation that the gold is worth $100. That means you are being charged $50 for the labor (the make of the necklace). That is where you can haggle and bring the price down.
Is Fake Gold a Concern? This is of most importance when learning how to buy gold. Abu Dhabi has a very high reputation to maintain. The Government has very strict laws on unfair business practices, including selling duplicates and fakes. There is a lot of monitoring and oversight that goes on, so you can be sure that you are getting a good product.
If you are looking at selling your old gold, some vendors will buy your old gold while others may not. Just be prepared to answer a lot of questions. Vendors are very careful in buying gold. They need to ensure they are getting the real thing just like you want to ensure you get real gold when you buy. Trust me; they know how to buy gold.
Shopping for gold is not an everyday occurrence. It is a luxurious experience so take time and enjoy every bit of.
- Always opt for a prominent jewelry brand with a trusting background.
- The gold rate fluctuates on a daily basis, so it is important to check the ongoing rate before making a purchase.
- Apart from yellow gold, rose gold and white gold are another two colors of gold. Intermix of metals is already creating a rage in the online market so, it is recommended to browse through the wide variety of products online before buying.
- Always look up for BIS hallmark / Kdm mark inscribed on the gold products to ensure the authenticity of the gold.
- Do try out the customization option available on almost all of the online jewelry sites as it gives the liberty to design a product according to the customer’s choice.
- When it comes to buying jewelry online, the size somehow tends to differ. It is advisable to go through the size guide provided by each site to avoid any sort of chaos.
- Each individual jewelry site offers unique policies including refund policy, exchange policy, return policy, cancellation policy and insurance policy so choose a prominent online jewelry site to enjoy all the facilities provided.
- Inspect the purity of gold by inquiring about the alloy or combination of other metals.
- If you want the best deals, dont go during shopping festivals. If you want variety, go during the shopping festivals. Gold shops are typically open around 10AM and close at 2PM. They then re-open at 5PM and stay open late till 10:30PM. Getting there early morning is the best time to beat the rush.