Dubai’s reputation as a gold hub holds true when you know where to look. By bypassing airport purchases, exploring the central souq in Sharjah, and making informed choices regarding brands and payment methods, you can secure gold bars and coins at favorable prices. Whether you’re a seasoned investor or a first-time buyer, Dubai’s gold markets offer a wealth of opportunities for those willing to explore and negotiate.
Introduction: Dubai, often hailed as a global hub for gold trading, offers a plethora of options for those seeking to invest in precious metals. However, navigating the bustling markets requires savvy choices to ensure you get the best value for your money. In this guide, we’ll explore the do’s and don’ts of purchasing gold bars and coins in Dubai, steering you away from the pitfalls of airport purchases and guiding you towards hidden gems in the city’s vibrant markets.
Here’s a clear summary of the Gold Souk Dubai opening hours for the week. considering that many stores close for a break between 1 PM and 4 PM:
- Monday: 12 AM – 12 PM
- Tuesday: 10 AM – 10 PM
- Wednesday: 10 AM – 10 PM
- Thursday: 10 AM – 10 PM
- Friday: 4 PM – 10 PM
- Saturday: 10 AM – 10 PM
- Sunday: 10 AM – 10 PM
- Avoid the Airport Trap:
One common mistake many gold buyers make is purchasing from the airport, where convenience often comes at a hefty price. Airport shops tend to overcharge, taking advantage of unsuspecting travelers. To secure the best deal, it’s advisable to explore alternative options within the city. - Navigate the Central Souq in Sharjah:
For an authentic and economical gold-buying experience, head to the central souq in Sharjah, specifically the Buhairah area. Take the stairs and look for a shop named “Al Khaimah” distinguished by its red shop sign. This establishment operates as a wholesaler, providing buyers with competitive prices that defy the typical premium associated with gold in the UAE.In Dubai’s Gold Souk in Deira, Classic Gold is a reputable bullion shop worth considering. They offer 24-carat 999 gold, which is exempt from VAT. You can also inquire about TT bars, which are 116.64 grams of 999% pure gold. These bars don’t require certification since they are minted in the UAE, making them similar to holding paper money. Unless you plan to permanently move your gold outside the UAE, TT bars are a cost-effective choice as you only pay for the pure gold price. - Emirates Bars: A Hidden Treasure:
While renowned brands like PAMP and Valcambi are available, consider opting for the Emirates bars, identifiable by their distinctive red plastic. These bars offer the most value for your money, as Al Khaimah prices them based on the US spot price, rather than the slightly inflated UAE spot price. - Comparison Shopping for Smart Purchases:
To truly appreciate the exceptional deals at Al Khaimah, take the time to compare prices with other vendors in the souq. The contrast will reveal the significant savings and fair pricing that this particular shop provides, debunking the notion that all gold in Dubai comes with an exorbitant price tag. - Gold Souk Exploration:
Venture beyond Sharjah to the old gold souk in Dubai. Stores like Mashoom offer a diverse selection of gold, with 1oz PAMP bars priced close to the spot price. Whether you prefer an assayed sealed bar or a naked bar at spot price, Mashoom ensures a transparent and reasonable transaction. - Dubai vs. US Bullion Prices:
Contrary to popular belief, bullion prices in Dubai can be more favorable than those in the US. Recent observations in January 2024 revealed that 1oz PAMP bars in the Dubai gold souk were priced at $2076.00, a more economical option compared to US rates exceeding $2120.00. - Cash is King:
When buying bullion in Dubai, cash is the preferred currency. Many vendors, including Al Khaimah and Mashoom, do not accept card payments for such transactions. To secure the best exchange rates, convert your greenbacks to AED at Al Ansari Exchange, where $1 USD is equivalent to 3.65 AED. Note that carrying new $100 bills is advisable to avoid a lower exchange rate. - Exchange Tips:
Exchange your currency at Al Ansari Exchange, where the flat fee is 3.75 AED, approximately $1 regardless of the amount being exchanged. Ensure you have the new $100 bills to enjoy the optimal exchange rate, as older bills incur a slightly lower rate due to the cost of shipping them back to the Federal Reserve.
When it comes to purchasing gold bars, I’ve scoured Dubai for the best deals and found some reliable options. One go-to spot is Damas or Malabar, established gold chains where you can pick up Swiss mint gold bars. Another option is Cara in the Gold and Diamond Mart, my preferred choice for the last several purchases. Cara offers a good variety and typically sells for around 180 dirhams over the international spot price of gold, which can fluctuate throughout the day. There’s another store I frequent, though the name escapes me at the moment. Located near the rear exit, this shop sells gold at Dubai retail prices, generally ranging from 3-6% over the international rates. You’ll recognize it by the large selection of bars and coins in the window.
For those looking for more direct options, Lakhoos and Anjali Jewellers in the Gold Souq Deira are worth considering. Additionally, purchasing directly from Emirates Gold, though requiring a minimum purchase, offers the cheapest rates since it’s straight from the mint. When buying from shops, keep in mind they’ll charge the ongoing market rate along with an additional fee for the gold certificate. Fortunately, 24-carat bars are not subject to VAT. Shopping around in the Gold Souk can yield good deals, especially for bars packaged like PAMP bars, where certificate fees can vary from 50 to 100 dirhams. Mashoom Jewellers, for instance, offered the best deal when I purchased a 1oz PAMP gold bar after comparing prices extensively.
If buying online is preferred, APMEX offers competitive prices, though with a higher premium. Bullion Now from Australia can also be a cheaper option, although delivery to the UAE may take longer.
Where yo get gold bars and coins in Dubai from various reputable sources. Here are some options:
- Royal Dubai Jewellers: They offer 24K pure gold bars and coins for purchase both in-store and online. Gold coins and bar are private minted.
- GoldTrade.ae: This online gold store allows you to buy gold bars and coins at the international spot price with a minimal premium. The products are certified with respective brands or authorized agencies. PAMP Suisse Gold Bar American Gold Coin Etihad Gold & Silver Bars Valcambi Gold Bar Emirates Bars. Very few review in Google and some negative
- Dubai Gold Souk: This is a famous traditional market in Dubai, known for housing some of the biggest name multi-billion dollar bullion dealers and gold refineries. It’s a popular destination for both tourists and serious investors. There is some shop who dyslplay gold ingots for sale.
- APM Intl DMCC (Address: 601, Saba 1 Tower, Cluster I – Sheikh Zayed Rd). 100 Gm Gold Bar – 10 Tola Suisse Gold bar, 250 Gm Minted Bar, Suisse 1 Ounce, 5 Gm Suisse Gold bar, Al Etihad Gold Bar 1 Kg. NO review in Google.
- MG GLOBAL BULLION LLC (Address: 21, 4th Floor, Al Shamsi Building – Al Khor St – above Mignas Jewellers). Very few review in Google
- IBV Gold DMCC (Address: Almas Tower – Unit G-37, Ground Floor).
- Honor Bullion: They specialize in the business of jewelry and home delivery of certified gold bars, silver kilo bars, tola bars, and coins.
- Kanak House Bullion LLC (Address: Al Manara Tower Office – 2903 6 Marasi Drive Street)[8].
- Kuber Jewellery LLC (Address: Dubai – United Arab Emirates).
- iGold.ae: This platform offers the opportunity to acquire certified gold, platinum, silver, and palladium bullion products.
- Emirates Gold DMCC (Address: 34FW+584).
- Bank of Bullion – Dubai (Address: Gold Land Building – Gold Souq – Office 134).
- Swiss Gold DMCC (Address: Almas Tower – 56th floor).
Royal Dubai Jewellers:
Royal Dubai Jewellers offers a variety of 22k solid gold and diamond jewelry, including custom pieces such as chains, earrings, rings, and bands. The products are available for purchase on their website, which features a wide range of jewelry items from Dubai, Singapore, India, and Pakistan. The store’s offerings include unique pieces such as nose rings, gold baby bangles, and other custom-made jewelry. Royal Dubai Jewellers is known for its high-quality gold and diamond jewelry, and it has a strong reputation, with a rating of 4.9 based on 8860 reviews. For more details and to explore their collections, you can visit their official website at Royal Dubai Jewellers.
GoldTrade.ae
GoldTrade.ae is an online platform operated by RKV Gold Trade LLC, based in Dubai, United Arab Emirates. The company facilitates the buying, selling, and trading of gold, offering services such as the purchase of gold bars and coins from their online store, as well as live trading in gold. The platform provides a convenient way for individuals and businesses to engage in gold-related transactions. For more information, you can visit their official website at GoldTrade.ae.
APM Intl DMCC is a company based in Dubai, United Arab Emirates, that is well-known for its expertise in global trade, particularly in buying and selling gold bars. The company is registered under commercial license No. DMCC-596064 issued by the Dubai Multi Commodities Centre (DMCC) in Dubai. APM Intl DMCC operates as a gold bullion supplier and trader in the region, with a focus on providing services related to gold trading. The company’s contact information is as follows: 601, Saba 1 Tower, Cluster E, Jumeirah Lake Towers, Sheikh Zayed Road, Dubai, United Arab Emirates. Phone: +971 (0)4 450 8188, Email: info@apmintldmcc.com. For more information, you can visit their official website at APM Intl DMCC.
MG GLOBAL BULLION LLC
MG GLOBAL BULLION LLC is a company based in Dubai, United Arab Emirates, with its office located on the 4th Floor, Office No. 21, Al Shamsi Building, above Mignas Jewellers, Gold Souk Deira. The company is involved in the bullion business and is known for its export-import activities, with a focus on gold trading. Not ot confund with MG GLOBAL BULLION UK LTD, which is a separate entity based in the UK.
Since 2010, MG GLOBAL BULLION LLC has been actively involved in the gold industry, specializing in the procurement of dore/scrap gold bars from African countries for subsequent sale in Dubai’s local market. Recognizing a growing customer base, the company made a significant move into the local Dubai market in 2014, establishing its headquarters at the Hakim Building in Deira’s famed gold souk.
With a primary focus on retail and wholesale bullion trading, MG GLOBAL BULLION LLC quickly forged direct transactions with major local bullion traders and manufacturers. Their reputation as reliable retailers and wholesalers allowed them to garner the trust of both customers and suppliers, positioning trust as a central asset to their operations.
In 2016, the company expanded its operations and relocated to the Al Shamsi Building, providing a more spacious and organized environment. This move facilitated additional business ties with manufacturers, enabling the purchase of KGS BARS / TTB at varying prices for resale in the local Dubai market. Today, MG GLOBAL BULLION LLC engages in the buying and selling of various pure gold bars, including 995 kilo bars, 9999 kilo bars, TTbars, coins, and more. Additionally, they offer customers the flexibility to exchange scrap gold for either pure gold kilogram bars or cash, providing independent assayor purity tests for scrap gold clients.
MG GLOBAL BULLION LLC,
4th Floor, Office No. 21,
Al Shamsi Building,
Above Mignas Jewellers,
Gold Souk Deira,
DUBAI U.A.E.
Are there any restrictions on buying gold bars/coins in dubai? In Dubai, there are no value-added tax (VAT) or sales tax imposed on gold bullion purchases, including gold bars and coins. This means that when you buy gold bullion in Dubai, you won’t have to pay any additional taxes or duties on your purchase. However, it’s important to note that while Dubai does not impose any taxes on gold bullion purchases, you may still be subject to taxes or duties in your home country when you bring the bullion back. Additionally, when purchasing gold bullion in Dubai, it’s crucial to choose reputable dealers and ensure the authenticity and quality of the bullion. It is also a legal requirement to declare all gold, including gold jewellery, bars, and coins, at Dubai or UAE customs when bringing them into or out of the country.
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