The souk is an Arabic word that translates to market in English. The thing that makes the gold souk unique besides the quality, is the option to bargain for the price. No wonder today it is considered as the Mecca for gold trading.
Located in the heart of Dubai’s commercial business district Deira, there are approx. 300 retailers trading different jewellery items. From Damas to Shyam Jewellery or any other top brands, the souk has everything for men and women. However, you need certain skills to bargain at the souk to get the best deal. In fact, the gold souk is a place where you can bargain at your best. Apart from the important gold souk market, it is also available in Gold and Diamond Park and Souk Dubai Mall, where one can shop and buy them after placing a good bargain rate.
There are certain things that one should know before buying jewellery from the gold souk market:
Two Different Markets:
There are two different gold souks in Dubai – Old Gold Souk and the New One. Both are in the same place and offer almost similar gold items. There are different gold shops in Dubai and this is the prime location to visit. To buy at the Dubai gold souk, one should know that they are based on weight. The price of gold item you purchase depends on the bargaining skills as well as its quality. The rate of the gold is determined twice a day, so the buyer has options to choose the right buying price.
Buy During Festival:
If you’re shopping in Dubai, especially at the Dubai Shopping Festival, then this is the right time to shop. During this time, shoppers have enough inventories and buyers have multiple shopping options to look for. Moreover, it also helps in bargaining at different stores available in the area.
Setting up the Budget:
While shopping in Dubai, especially at the gold souk, it is important to set a budget. You must also be aware that the price is regulated by the government. Before heading to the souk, read the current gold rate, research on the internet and ask the shopkeepers about the prices. It is advised to stay away from the street vendors who may sell inferior quality of gold pieces. So setting up the budget after the research work will certainly help in getting the best return on investment.
Use of Cash:
It is recommended to pay through cash for the purchase in Dubai gold souk. Though you can use a credit card, you could get benefit from using US Dollar or Dirhams for the payment. This is essential to gain the power to bargain. If the merchant finds that the payment will be done in foreign currency, he will not mind in giving a good discount.
Take your Time:
There should be no rush when it comes to shopping at the Dubai gold souk. Of course, you’re spending money on gold, which will stay with you for the lifetime. Jue6 step in any shop and enquire about you needs. Use your judgment when purchasing, and look for the merchant who will make you feel comfortable to purchase.
Know the Types of Gold:
Gold is sold on the basis of a carat and weight, and the price that is set by the government. The higher the gold is in carat, its purity is guaranteed, but then it also cost more. Pure gold is soft, and gets hard if mixed with different metals such as copper, zinc and other metals. So if you’re confused on what to buy in Dubai, especially at the souk, learn about the yellow substance first.