When you are in Dubai, it is hard not to visit the gold market. It is the most popular tourist destination. Dubai is known as the city of gold. $74 billion worth gold is sold every year in the Dubai gold market. Most of the tourists prefer to buy gold from Dubai because of the affordable gold rate in Dubai.
The reason for lower gold rates in Dubai is that there is no tax on gold. There are countless shops in Dubai and you might get confused that which one would be the best. Visit the Gold Souk in old Dubai. If you are planning to buy gold, here are some tips to help you out.
The gold rate in Dubai fluctuates on daily basis. It depends on the stocks market around the world. The gold rate might increase or decrease, and you will be able to select the right product only when you know the rates of gold in the market. It is important that you check the news before you enter the market. Gold rates are mentioned outside the shop but there might be some changes done by the shopkeepers. So, it would be better if you could do some of your own research.
There are different types of gold available in the market and you should know all the types. The type of gold depends on the purity and the element that is mixed with gold. It has been found that 24 karat gold is the purest type of gold, which means that higher the karat, purer the gold. Naturally gold is soft in nature. It is hardened by adding different impurities including.
If you cannot afford to buy the higher karats, assure that you know the percentage of gold in the jewelry that you are buying. It will help you determine the accurate price of the product.
One of the most important things that need your attention is the jewelry that you are going to buy in the market. Remember that when you will enter the market you will notice that there is everything available in gold. That is why selection often gets tough. There are so many attractive items that you would like to buy all of them. So it would be better if you could make a list of items that you are going to buy according to the budget you have. In this way, you can avoid distractions.
In Dubai, it is a rule that all jewelry items should have the hallmark of purity with the percentage of gold mentioned on it. There are chances that you might not be able to see the hallmark. So it is better that you ask the expert to show you the mark of purity. Do not make the mistake of buying the product without checking the hallmark of purity. If there is no mark, the product might not be high-quality or pure.
If you want to buy the gold at the exact gold rate in Dubai, you should learn to haggle. Most of the shopkeepers will increase the rates of the items because they are aware that you will haggle. However, you should be able to calculate the actual price of the jewelry by considering the gold rate in Dubai and price of make. When you will add both prices it will be easier for you to find the best products. Ask the shopkeeper to decrease the rate of the product by at least 25% of what he is saying. In this way, the jewelry item will become affordable.
Do not settle at the same shop. When you will enter the gold market you will come across several shops, so assure that you visit all of them. You will find the same products and almost same rates at all the gold shops in Dubai. However, when you haggle there are chances that the shopkeeper at another store might agree to the price that you want. In this way, you will get a chance to buy gold jewelry at the most affordable rate.
In case it hard for you to haggle and you are getting angry because you cannot get the rate that you want, it is better that you give in. if you really want the jewelry product just pay the price and do not fight. Even after failing at haggling, if you still order the product there are chances that the shopkeeper might reduce the rate a little more. So, assure that you do not get into a fight and stay calm. In the Gold Souk, you will get the cheapest rates as compared to surrounding areas. So, assure that you shop around and find the best jewelry pieces at the lowest gold rate in Dubai.