Dubai is famous for its skyscrapers, luxurious lifestyle, and shopping malls. But did you know that Dubai is also known as the City of Gold? Yes, that’s right!
Dubai is one of the best places in the world to buy gold. But can tourists buy gold in Dubai? Let’s find out.
Is it Legal for Tourists to Buy Gold in Dubai?
Yes, it is absolutely legal for tourists to buy gold in Dubai. In fact, buying gold in Dubai is a popular activity among tourists. The government of Dubai strictly regulates the quality of gold sold in the city, so you can be assured that you are getting genuine and pure gold.
Where Can You Buy Gold in Dubai?
There are several places where you can buy gold in Dubai. The most popular are:
- Gold Souk: Located in Deira, the Gold Souk is a traditional market that has been around for decades. It has over 300 retailers selling a wide range of gold jewelry and other precious metals.
- The Dubai Mall: The largest mall in the world has plenty of high-end jewelry stores that sell a variety of gold pieces.
- Mall of the Emirates: This mall has over 80 jewelry stores selling all kinds of precious metals and stones.
What Types of Gold Can You Buy?
You can buy various types of gold in Dubai, including:
- Jewelry: Gold jewelry is the most common type of gold bought by tourists. You can find a wide range of designs and styles to suit your taste and budget.
- Bullion: Bullion refers to pure gold bars or coins.
They are a good investment option and can be bought from authorized dealers.
- Gold ETFs: Gold Exchange Traded Funds (ETFs) are another investment option. They are traded on the stock exchange and provide exposure to the price of gold.
Things to Keep in Mind When Buying Gold in Dubai
Here are some things you should keep in mind when buying gold in Dubai:
- Check the Purity: Make sure to check the purity of the gold before making a purchase. The purity is measured in karats, with 24 karat being pure gold.
- Bargain: Bargaining is a common practice in Dubai, especially at markets like the Gold Souk. Don’t be afraid to negotiate the price.
- Tax-Free: The UAE has no value-added tax (VAT), which means you can buy gold tax-free.
In Conclusion
Dubai is definitely a great place for tourists to buy gold. With strict regulations on the quality of gold sold and tax-free shopping, it’s no wonder that buying gold is such a popular activity among tourists. Whether you’re looking for jewelry or an investment opportunity, Dubai has it all!