In a Nutshell:
Dubai Gold Souk is easily the best-known gold souk in the Emirates and possibly the whole Middle-East, containing the region’s heaviest concentration of jewellers and bullion dealers in a single, densely packed area.
A hit with tourists and serious investors alike, Dubai Gold Souk is home to both some of the biggest name multi-billion dollar bullion dealers and gold refineries- and what seems like hundreds of smaller independent jewellers. Prices are keen, with premiums as low as 0.5% – 1% above spot available with negotiation.
Getting There
The Deira Gold Souk is near Baniyas Square, Sikkat al-Khali Street. Parking at the immediate location is very difficult so driving to the gold souk is not recommended. Taxis are plentiful.
Dubai Gold Souk can also be reached by taking the Dubai Metro to Al Ras, alternatively the gold souk can be approached from the Creek in Bur Dubai via water taxi (Abra) – a fun short crossing taking between 5-10 minutes.
The Dubai Gold Souk is (a hot) 5 minutes walk from the Old Souk marine station…
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Northeast Precious Metals
Birch Gold Group
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Lamin MK Sanyang – :
Nice place to be with business atmosphere.
Amer – :
the extension to the gold souk is very nice and spacious i hope it fills up with more shops soon it will be a beautiful place
Alison – :
Absolutely incredible place – I could sit here all day and just listen to the hubbub. Have your wits about you and you’ll pick up some real bargains whether it’s bullion bars and coins or 22k jewellery that’s very close to spot.
What I do is check the price per gram keep a note of it translated to AED and also pre-calculate 8g, 9g, 10g etc at 22k – and armed with this info you know spot and how big their mark-up / makers fee is.
Despite protestations otherwise, you can usually get jewellery to within a few percent of spot plus 5% VAT. Compared with the price you pay on almost worthless 9k gold in UK it’s a steal. The more plain a bangle you buy, the closer you’ll get it to spot due to far lower makers fee.
Bullion again, far lower premiums than in UK or USA. Have a good look around – despite it’s fame for gold, you can get some fantastic silver buys as it’s a much less popular metal here. I picked up a 1979 Credit Suisse 500g bar with incredible patina at a dollar over spot. I’ve seen these bars go for double spot in forums and auctions. They guy was delighted to see it go and it had sat on his floor covered in dust for years – but for me it’s true treasure!
Well worth a trip if you’re looking for near spot prices.