Where to Buy Gold Bars 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, also known as the City of Gold, is a prosperous city that is on the bucket lists of travelers from all over the globe. While it serves as an entertaining tourist destination, its thriving gold market means that people are visiting for more than just a holiday. If you’re in the market for some gold, Dubai is the perfect place to invest in some pure, high-quality pieces.
So, where should you buy gold bars in Dubai? There are a variety of locations in Dubai where you can purchase gold bars. Here are the most popular options:
- The Dubai Gold Souk
- Emirates Gold
- Etihad Gold
- Gold and Diamond Park
- Kaloti Precious Metals
- Various vending machines
- National Bullion House
The rest of this article will provide information on the booming gold trade in Dubai, and will answer the following questions:
- Where can you buy gold bars in Dubai?
- Can gold bars be purchased online?
- What do I need to know before purchasing gold bars in Dubai?
- Can tourists purchase gold bars in Dubai?
Where can you buy gold bars in Dubai?
Typically, gold bars are purchased from suppliers directly or jewelry shops that specialize in gold pieces and also stock bars. It is also possible to buy gold bars through the automated machines that are stationed around the city, such as in the Dubai Mall.
Dubai Gold Souk
The Dubai Gold Souk offers a local shopping experience where you can interact with the bustling crowd and try out your haggling skills. Located near the Al Ras Metro Station, it is primarily made up of little jewelry shops that sell mostly gold pieces.
Some stores offer items made out of other precious metals, and most also offer gold bars. Two renowned jewelry shops at Dubai Gold Souk are Joyalukkas and Damas. Both are worth a visit, and gold bars can be purchased at both of these stores.
Emirates Gold is the governing body that regulates gold quality in the UAE. It does assaying (quality control) for gold and silver and also produces a range of products made from gold.
One of these products is gold bars, which come in a variety of purities and weights. Other products such as coins, medals, and pendants are also available for purchase. The most popular item for tourists is the Rose of Dubai, which is a specific pattern available on gold bars.
Al Etihad Gold
A UAE company, Al Etihad Gold produces and sells gold bars. It is an accredited organization, with Dubai Good Delivery (a global gold accreditation body) having assessed their 1-kilogram gold bars.
Gold bars purchased from Etihad Gold come with different icons that represent the UAE. This includes things like Islamic symbols, palm trees, or the dhow, making them a popular choice by tourists.
Gold and Diamond Park
Located in ‘new Dubai’ on Sheikh Zayed Road, the Gold and Diamond Park is an expansive market for all of your gold and diamond needs. Numerous gold suppliers come together in one place, making it easy to find exactly what you are looking for. Many suppliers sell gold bars, so it is worth a visit.
Kaloti Precious Metals
Kaloti Precious Metals is quickly establishing its brand across the middle east and further abroad, but its headquarters remain in Dubai. Kaloti Precious Metal was one of the parties that founded the Shanghai International Gold Exchange, and they offer minted gold bars and cast gold bars.
It is possible to buy gold from an automated machine in Dubai. These machines are called “Gold to Go” and can be found in various places around the city. They are typically found around locations that tourists frequent, such as the Dubai Mall and Souk Madinat Jumeirah.
Can gold bars be purchased online?
Yes, gold bars can be purchased online. The National Bullion House is a popular option that has an intuitive online store. Investors can browse items, select a brand, and even choose the weight of gold they would like to purchase, all from the comfort of their own homes. This company also offers free delivery to any address in the UAE.
What do I need to know before purchasing gold bars in Dubai?
To ensure you get decent value for your money with gold investments, its best to do some research before you start shopping. Here are several things that you must consider before purchasing gold bars.
Gold bars can be sold using different units
Gold is sold according to weight; the heavier the gold, the more expensive the bar. It is worth noting that the weight may be listed using different measures. For example, gold bars are typically sold in grams but are also available in ounces and tola. One unit of tola (a South Asian measure of weight) is equivalent to 11.6 grams. Each bar should have a stamp that lists its weight.
The purity of gold is important
The purity of gold also affects its price. Minimum standards in the UAE dictate that gold bars must have a purity of at least 99.5%. “Four nines” is the name given to the purest gold available, which stands for 99.99%.
Always purchase gold with a hallmark
Gold bars come stamped with a range of things to demonstrate their authenticity. Make sure it has a hallmark that indicates the supplier of the bar. Other things that are good to look for include weight, purity, and assay number stamps.
Poured gold bars are just as valuable as minted bars
Gold bars come in two types: poured or minted. As the name suggests, poured bars are simply poured into a mold, and therefore, no two bars are the same. Minted bars are produced differently, being cut from a gold sheet rather than being poured.
Minted gold bars look more polished, while poured bars can have rougher edges. However, you won’t be paying for extensive production costs with the poured version. There is no difference in value between the finished products; for instance, a 1-kilogram poured bar will be worth the same amount as a 1-kilogram minted bar.
Check that the store has the Bareeq Excellence Award
Gold and jewelry shops in Dubai are evaluated by the Dubai Central Laboratory Department (DCLD). DCLD essentially conducts audits to make sure that the gold being sold meets national standards. A shop that passes the inspection can apply for the Bareeq Excellence Award. If you see this award in a store, you can be confident that the gold they are selling is pure and of high quality.
Can tourists purchase gold bars in Dubai?
Tourists can purchase gold in Dubai, although there is a 10-kilogram limit per person when passing through customs. For gold over 1 kilogram per person, there is a high fee to pay, so many tourists stick to 1 kilogram of gold. Gold needs to be declared at customs, and you will be required to show proof of purchase.
To recap, here are the key points you should take away from this article:
- Gold bars are available for purchase in Dubai from jewelry stores, gold producers and automated machines. It is easy to find places to purchase gold bars, with the Dubai Gold Souk, Dubai Mall, and the Gold and Diamond Park being popular choices.
- Gold bars can also be purchased online with free shipping to the UAE. The National Bullion House is a reliable supplier should you choose to make your purchases online.
- When purchasing gold, make sure that you know its weight and purity. It should have a hallmark that indicates the supplier stamped on it.