all you need to know about dubai gold market best place to buy gold in 2024

With countless existing communities and new ones emerging every day, humanity is more diverse now than it ever was, divided by ethnicity, religion, tribe, language, caste, belief, and so on, but united by one of many concepts: immortality. Immortality is something humans have always been fascinated by. Almost everyone wants to live forever, so much so that at one point, the search for immortality drove people out of their minds when they couldn't lay their hands on it. However, people today seem to know better than that.

Gold is a naturally occurring transition metal that, in its pure form, appears bright and slightly reddish-yellow. The use of this element in art, religion, medicine, and currency dates back centuries and touches nearly every known culture. One of the least reactive chemical elements, gold does not react with most acids and does not corrode either, which has led it to be rightfully symbolised for immortality and power in ancient cultures across the globe. So when we couldn't stand for immortality ourselves, we found something else that could. To date, gold has continued to be an integral part of most Asian and Middle Eastern traditions, especially matrimonial celebrations and childbirth, where it is considered a token of sanctity, luck, and light. It has become a family heirloom in countries in which gold is passed on from generation to generation in a bid to keep the family legacy alive.

Which properties of gold make it eligible to be used in making jewellery so much?

Moreover, out of culture and tradition, gold is a major name in jewellery owing to its properties of ductility and malleability.

What is gold also called? Why is gold so expensive?

Also known as aurum, gold is relatively a rare element and is classified in the group of 'precious' metals, mostly due to the process of its extraction being decently complex, resulting in high economic value and eventually high rates. Therefore, in a world where it is as prominent an asset as it seems to be, acquiring gold becomes more than just auspicious. It becomes profitable.

How does gold appear in its pure form? Why is it alloyed with other metals?

In its pure form, gold is soft, dense, and can easily change shape with the application of force. This makes it unsuitable for producing ornaments. Consequently, Gold is alloyed with copper or silver in order to turn it into a harder and stronger material whose brittleness is much reduced. Gold is thus stamped with Karat markings depending on the content of gold in an item.

What are the two main Gold Karat configurations?

For instance, 24K gold contains 99.9% of the same, followed by 22K, which contains 91% gold and 9% copper or silver, and so on.

In the global market, it is important to ensure that the quality of gold bought and sold is desirable for exploitation. This era is no stranger to us. This poses a problem because rising rates do not deter dedicated buyers from obtaining gold, and they might be deftly deceived.

About the Dubai Gold Souk

The Gold Souk is Dubai's, nay, the world's most popular gold market, where you can buy gold jewellery at the best gold rates. This 'L'-shaped alley covered with a wooden canopy is home to hundreds of retailers—380 to be specific—offering a wide range of jewellery made from gold, silver, platinum, diamonds, and other precious metals and stones. Accompanied by 'Dubai City of Gold' engraved in the bars of the wooden canopy, this labyrinth of shops on both sides of the walkway may look all the same, but on closer inspection, it becomes clear that each one has something unique to offer, either in terms of design or style. Some of the shops are as old as four decades, when in fact some are as new as a year. The latest market price of gold, which constantly changes value, is displayed on signs around this fascinating place as well as in individual shops. Also, prices are listed for

• 24K
• 22K
• 21K
• 18K

in AED per gramme, while pieces are sold by weight according to the current market price with an additional charge for workmanship, i.e., making a charge. This charge is somewhat negotiable and can be bartered on, whereas the weight element isn't. Credit cards are an acceptable mode of payment here; however, better discounts are usually obtained when payment is made in cash.

Security and Authenticity of Goods

What does the word 'Souk' mean?

The word 'Souk' originates from'sq'' meaning an Arab market or marketplace. True to its meaning, the ''Dubai Gold Souk'' is all about gold. One might be surprised to find that there is just about no proper security around the place or in the shops, taking into account the presence of tonnes of gold. Nevertheless, the market is absolutely safe. The Dubai Municipality sends out inspectors who assess the shops. Scales are checked for accuracy and samples of ornaments are taken to a laboratory for testing. The gold price in Dubai is about Rs. 3,600 cheaper than that in India.

Location and Timings

Where is the Dubai Gold Souk located?

This traditional market is located in Dubai's commercial business district, Deira, in the locality of Al Dhagaya, Old Dubai, UAE.

How many days a week does the Souk operate? When do working hours in the Souk begin?

The Deira Gold Souk remains open 7 days a week, starting from 10 a.m. in the morning to 10 p.m. at night from Saturday to Thursday and from 4 p.m. in the afternoon to 10 p.m. at night on Fridays.

The nearest Dubai Metro stations to the Souk, in particular order, are:

1. Al Ras
2. Al Ghubaiba

The Souk can be reached by taking the metro to Al Ghubaiba and then a regular Abra or boat for 1 AED.

The nearest bus stations to the Souk, in particular, comprise:

1. Al Sabkha
2. Gold Souq

Centre of Attraction

The highlight of this place that most tourists and buyers look out for is the Najmat Taiba or Star of Taiba, the gold ring that holds the Guinness World Record for the heaviest ring in the world, weighing a whopping 63kg.

Who owns the Najmat Taiba?

It is owned by a Dubai-based jewelry store called Taiba and sits in the shop window of Kanz Jewels.

All in all, everything about gold in the Dubai Gold Souk points in the direction of the same information. It is the best place to buy gold in Dubai.