Dubai is a shopper’s paradise, with its numerous malls and souks offering everything from gold to electronics. One product that has caught the attention of many shoppers is diamonds.
But are diamonds really cheaper in Dubai compared to other countries Let’s find out.
Diamonds in Dubai
Dubai has become a hub for diamond trade over the years. The city boasts of some of the largest diamond markets in the world, including the Dubai Diamond Exchange (DDE). The DDE was established in 2004 and has since then become one of the leading diamond trading platforms globally.
One reason why diamonds are relatively cheaper in Dubai is due to the lack of VAT (Value Added Tax). In most countries, VAT can add up to 20% to the cost of a diamond. However, in Dubai, there is no VAT on diamonds or any precious metals.
Factors Affecting Diamond Prices
The price of a diamond depends on various factors such as cut, color, clarity, and carat weight. These factors are collectively known as the “Four Cs” and determine the overall quality and value of a diamond.
Cut
The cut refers to how well a diamond has been cut and polished from its raw form. A well-cut diamond reflects light better than poorly cut ones resulting in more sparkle and brilliance. A well-cut diamond can be more expensive than a poorly cut one due to the skill required for cutting it.
Color
Diamonds come in different colors ranging from colorless to yellow or brownish hues. The most valuable diamonds are colorless or have a slight yellow tint. Diamonds with intense colors such as blue or pink can be extremely rare and command high prices.
Clarity
The clarity of a diamond refers to the presence or absence of internal and external blemishes or inclusions. A diamond with fewer inclusions is more valuable than one with numerous blemishes.
Carat Weight
The carat weight of a diamond is the most apparent indicator of its size. A larger diamond typically costs more than a smaller one, all other factors being equal.
Where to buy Diamonds in Dubai
Dubai has no shortage of places to buy diamonds. The Gold Souk in Deira is one of the most popular destinations for shoppers looking for diamonds.
It features over 300 retailers selling gold and diamond jewelry. Another popular spot is the Mall of Emirates, which houses several high-end jewelry brands such as Tiffany & Co., Cartier, and Van Cleef & Arpels.
Conclusion
So, are diamonds cheaper in Dubai The answer is yes; they can be cheaper due to the lack of VAT on diamonds and precious metals.
However, it’s essential to consider other factors such as quality, cut, color, clarity, and carat weight before making any purchase decisions. As with any significant purchase, it’s always wise to do your research and shop around before finalizing your purchase.