Can Tourists Buy Gold in Dubai?


Can Tourists Buy Gold in Dubai?


Gold can be bought online. It’s almost an ostentatious Amazon purchase but check the price of this uncirculated Dragon Series Gold Bar.

The gold isn’t as heavy here, but it’s a prime collector’s piece. Check this uncirculated Two Dollar Bill layered with gold.


Dubai is known for being a destination of extravagance and luxury, the drawcard for many tourists. People from all over the world make their way to the city to experience the opulence for themselves, spending their hard-earned cash on luxury accommodations and high-end shopping.

So, can tourists buy gold in Dubai? Yes, tourists can buy gold in Dubai. With entire souks dedicated to the gold trade, tourists will easily be able to find a place to purchase gold. It is worth noting that there are customs requirements and some restrictions. Tourists should understand these rules when seeking to buy gold in Dubai.

This article takes a look at the gold market in Dubai, exploring the restrictions and guidelines for tourists wishing to make a purchase when they are in the UAE. It will also answer the following questions:

  • Can tourists buy gold in Dubai?
  • Are there any restrictions for tourists buying gold in Dubai?
  • What do tourists need to do to get gold through customs?
  • Why would tourists buy gold in Dubai?
  • Where can tourists buy gold in Dubai?
  • What else do tourists need to know about buying gold in Dubai?

Can tourists buy gold in Dubai?

Dubai has a thriving gold market, and tourists are encouraged to get involved when they are visiting the city. 

Dubai’s gold market is part of global world trading, so it’s a safe place to buy gold as long as you adhere to the restrictions and regulations. Tourists can buy gold in the form of bullions, bars, or jewelry.

Are there any restrictions for tourists buying gold in Dubai?

Some restrictions apply to the purchase of gold, and these are mainly to do with customs. There are import and export regulations on gold trade that impact tourists and the amount of gold they can leave the UAE with.

Each tourist leaving Dubai is allowed to clear customs with up to 10kg of gold. However, there are significant charges for taking more than 1kg per person of gold out of the UAE; therefore, most people stick to this limit. There is a hefty charge should you decide to purchase more than 1kg and take it through customs, with the fee currently sitting at 36.05% for coins and bars.

What do tourists need to do to get gold through customs?

To get gold through customs, you will need to ensure that you have proof of purchase and other formal documentation. If you don’t have the necessary paperwork, your gold may be seized at customs. 

Do not try to sneak your gold through customs. All items should be declared; otherwise, you may face severe consequences if caught. These consequences may include confiscation of your gold, detention, or prosecution.

All customs fees will need to be paid. The custom duty applies for gold over 1kg and should be paid in convertible foreign currency. Due to the high rate of over 1 kg of gold, many tourists do not purchase more than this amount.

Why would tourists buy gold in Dubai?

There are many reasons why tourists purchase gold in Dubai. 

First, the gold is of very high quality. Regulated by the UAE government, tourists can be confident that the gold they purchase will be pure. 

Jewelry stores are required by law to keep a gold purity certificate on their products, and this can be viewed by customers if requested. This certificate outlines details about the product, such as karat and weight, so that you can be fully informed about the gold you are purchasing.

Another reason is that gold is cheaper in Dubai than in other places. The purchase of gold does include a 5% Value Add Tax (VAT), and tourists will need to factor in the customs fee if they are purchasing large amounts. However, overall it is still more cost-effective to purchase gold and gold products in Dubai.

Where can tourists buy gold in Dubai?

Dubai has a thriving gold market, and gold can be purchased in a range of places. The city has malls with different stores selling gold and jewelry. If you are traveling to Dubai, keep an eye out for Damas and Joyalukkus. These are two larger stores that you can find in malls throughout different locations in Dubai and will offer you good variety if you are in the market for gold.

Dubai is also famous for its traditional souks. One of these, the Deira Gold Souk, has an extensive range of gold products. If you are looking to purchase gold in Dubai, this is a must-visit. Also, the souk also makes a good tourist destination just for the experience!

What else do tourists need to know about buying gold in Dubai? 

If you want to make sure you are getting the best deal when you purchase gold in Dubai, there are several things you should know:

The current market price

Dubai is not the only place where tourists are overcharged. Make sure you don’t get cheated out of your hard-earned cash by doing a bit of research before you begin shopping in Dubai. 

Take a look at the Dubai Retail Gold Rate to get an idea of how much gold should be costing at the time of your visit. This is especially important if you are headed to the Deira Gold Souk, where you will need to haggle to agree on a price.

Understand different types of gold

The price of gold varies depending on weight and Karat. Karat is a gold measurement that tells the buyer how pure it is, with 24 Karat representing the purest gold you can get. 

Gold is often mixed with other metals such as copper or silver to harden it. Make sure you understand the difference between types of gold and know what you are in the market for.

Always check different stores

When buying gold in Dubai, you will have to haggle. Make sure that you quote prices that you are comfortable with while taking into account the rate and make of the product. 

For instance, you must know of the rate of gold used to make the product, as well as the cost of the labor. 

Take the time to look around at different stores to see what products are out there and the prices that are available. Be prepared to walk away from a negotiation if you cannot reach an agreed price.

Summary

Here are some key points you should take away from this article:

  • It is completely legal for tourists to buy gold in Dubai. However, there are regulations and restrictions around the gold trade. Tourists can pass through customs with up to 10kg of gold, but there will be a fee if the amount of gold is more than 1kg per person.
  • There are many benefits to buying gold in Dubai. The gold trade in Dubai is booming, given that the gold on offer is of extremely high quality and very pure. It is also quite inexpensive in comparison to other countries.
  • Tourists can find gold at a range of locations throughout Dubai. If you are traveling to Dubai and in the market for gold, there is no shortage of sale locations. Try shopping malls or visit the Deira Gold Souk, one of the oldest souks in Dubai.
  • All tourists should do their research. To get the best deal for gold in Dubai, do a little research beforehand. Make sure you know the current rate for gold and the difference between different types of gold.

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