You must have overheard people suggesting to buy gold from Dubai. Undoubtedly, Dubai is very famous when it comes to buying gold. Specifically, the expats and the tourists have a special place in their hearts for the gold bought from Dubai.
Have you ever wondered what’s so special in Dubai’s gold that other cities of the world lack?
We, at ezEstate, have explored below the reasons why it’s preferred to buy gold from Dubai.
Reasons for buying gold from Dubai
Buying gold in Dubai is cheaper
One of the attractions of Dubai is the exemption of taxes. The exemption of taxes enables Dubai to maintain relatively cheaper gold price as compared to the rest of the world.
The buyer only has to pay the value of gold and its making. Other taxes such as Goods and Services Tax (GST) are not imposed in Dubai.
Though a 5% Value Added Tax (VAT) has been levied on the gold items purchased, gold in Dubai is still significantly cheaper than other cities of the worlds.
Gold in Dubai is pure
When you’re buying jewelry, the quality of the items is surely your top concern, particularly, if you’re purchasing gold. The gold in Dubai has a higher demand because it is of the highest quality.
The government keeps an eye on all the merchandise sold by the jewelers in Dubai. This maintains transparency and confirms the authenticity of the gold items sold.
In addition, it is compulsory for the jewelers in Dubai to carry a gold purity hallmark. It is a certificate that carries the details regarding weight and the karat of gold, stones, and the cost of labor.
If a customer requests to see the gold purity hallmark, the seller is obliged to show it to the customer.
Uniformity of gold price in Dubai
Another amazing reason for buying gold from Dubai is that Dubai follows the international market rates for gold. This makes sure that you’ll witness uniformity of gold price across the city.
Therefore, you can sell the gold bought from Dubai anywhere in the world at the same price without incurring a loss (if the international prices are the same).
Dedicated jewelry market gives you a wide variety
Already known as the shoppers’ paradise, Dubai also provides a dedicated jewelry market for gold buyers.
Apart from the international stores like Damas and Joy Alukas, you may head towards the Deira Gold Souk to have the best jewelry buying experience.
It’s one of the oldest souks in Dubai where you get a chain of jewelry shops offering you the designs from all around the world.
Option of bargaining the making charges of gold in Dubai
If you love to bargain the price of jewelry, then Dubai is the place for you!
Generally, making charges are the labor expertise costs that are added to the original value of jewelry when it is given the shape of a bracelet or necklace. These charges are applied worldwide but in Dubai, you get the option of a good bargain in the making.
You might not be able to bargain in the malls or international stores, but in the Deira Gold Souk, you can have the opportunity of bargaining the jewelry prices
Looking at the above reasons, Dubai seems to be the perfect place for buying gold. Whether you want to buy something casual for daily wear or something exquisite for any special occasion, the Dubai gold market has got a lot to offer.
Therefore, it is clear that Dubai’s popularity among the expats for buying gold has absolutely valid grounds.