Is It Cheaper to Buy Diamonds in Dubai?

By Alice Nichols

Are you planning to buy a diamond but worried about the cost? Dubai is known as the city of gold, but it’s also becoming a popular destination for buying diamonds.

The question is, is it really cheaper to buy diamonds in Dubai? Let’s find out.

The Diamond Industry in Dubai

Dubai has become a hub for the diamond trade in recent years. The city has attracted some of the biggest names in the industry and boasts one of the largest diamond exchanges in the world.

The Dubai Diamond Exchange (DDE) is a platform where traders can buy and sell diamonds at competitive prices. The exchange offers a transparent pricing system, which means that buyers can get a fair price for their diamonds.

Tax-Free Shopping

One of the reasons why buying diamonds in Dubai can be cheaper is because of its tax-free shopping policy. Unlike many other countries, there is no VAT or sales tax on goods sold in Dubai. This means that you can save up to 20% on your purchase.

Duty-Free Allowances

Another advantage of buying diamonds in Dubai is that you can take advantage of your duty-free allowances. If you are traveling from another country, you may be entitled to bring back a certain amount of goods without paying duty fees. This allowance varies from country to country, so it’s best to check with your local customs office before making your purchase.

Price Comparison

To determine whether buying diamonds in Dubai is cheaper than elsewhere, we compared prices between Dubai and other popular destinations like New York and London.

We found that while prices varied depending on the specific diamond and its quality, there were some instances where purchasing a diamond in Dubai was more affordable than buying it elsewhere.

For example, we found that a 1-carat round cut diamond with an excellent cut grade and VS1 clarity could cost around $8,000 in Dubai, compared to $10,000 in New York.

Conclusion

So, is it cheaper to buy diamonds in Dubai? The answer is yes and no. While there are certainly opportunities to save money due to tax-free shopping and duty-free allowances, it ultimately depends on the specific diamond you are looking for.

It’s always a good idea to do your research and compare prices before making any big purchase. And remember, buying a diamond is an investment, so it’s important to choose a trustworthy and reputable dealer.

In conclusion, if you’re planning on buying a diamond and happen to be in Dubai, it’s worth checking out the prices at the Dubai Diamond Exchange. Who knows? You may just find the perfect diamond at a great price.