The Gold Souk is Dubai’s most famous and visited souk (market). A labyrinth of covered walkways is home to hundreds of retailers offering a huge selection of jewellery made from gold, silver, diamonds and other precious metals and stones.
It’s a fascinating place that should be on every tourist’s itinerary, even those with no intention of making a purchase. Many organised tours stop here.
Prices and Jewellery
The market price of gold is displayed on signs around the souk and in individual stores. Prices are listed for 24K, 22K, 21K, and 18K in AED per gram. The current gold rates in Dubai can be found here. Pieces are sold by weight according to the current market price, with an additional charge for workmanship (making charge).
Always barter on the price of anything you wish to purchase. Sellers will initially set a high price. The weight element of the price is non-negotiable but the making charge is. Significant reductions are possible. Similar items can be found in many of the stores so take your time to shop around. Credit cards are accepted, but better discounts can usually be obtained if you pay in cash.
To be on the safe side ensure you purchase from the stores and not from street vendors. Strict regulations ensure items on sale in the stores are genuine and accurately described. Inspectors from Dubai Municipality carry out inspections of the shops here. Scales are checked for accuracy and samples of gold and jewellery are sent to a laboratory for testing.
A VAT charge of 5 percent is levied on jewellery sold here and throughout Dubai. However tourists can claim 85 percent of the VAT back at the airport under the Tax Refunds for Tourists Scheme. Goods must be purchased from a participating retailer (look for Tax Free stickers in shop windows) and shoppers will need to present a sales receipt with a tax refund tag.
Much of the gold and jewellery on sale here are elaborate pieces catering to the Indian market. Indians are the largest group of expatriates living in Dubai and the UAE. They also visit Dubai as tourists in large numbers.
One piece of jewellery to look out for is the Najmat Taiba (Star of Taiba). The gold ring holds the Guinness World Record for the heaviest gold ring in the world. It weighs just over 63 kg and is displayed in the shop window of Kanz Jewels.
Location
The souk is located in Deira, an area of ‘Old Dubai’. The nearest Dubai Metro station is Al Ras (on the Green Line). Gold Souq Metro Station, also on the Green Line, is also close.
Bus stations nearby are Al Sabkha and Gold Souq.
Buses going near the Gold Souk include bus service 8 (Ibn Battuta Bus Station to Gold Souq Bus station via Dubai Marina/Jumeirah Beach Residence, Al Sufouh (Madinat Jumeirah), Umm Suqeim (Burj Al Arab), and Jumeirah.
It’s also possible to take an abra across the creek from Bur Dubai. Deira Old Souk Abra Station is nearby.
Timings
The Gold Souk is open 7 days a week. Opening hours are 10 am to 10 pm Saturday to Thursday (but many stores close between 1 pm and 4 pm). Timings on Fridays are 4 pm to 10 pm.
Other Markets
The Gold Souk is the best known but by no means the only place to buy gold in Dubai. If you don’t want the souk experience there are many other (air-conditioned) places to shop. One of the best alternatives is the Gold & Diamond Park (close to Umm Al Sheif Metro Station).
Other markets in Dubai include the Spice Souk and Textile Souk. All are great places to experience the culture of ‘Old Dubai’.
How I can buy gold? I’m in the USA.
Do they have BIS hallmark for 22k gold? Is there any possibility of a low gold price in the month of January 2020?
Is it possible to pay with debit card?
I have over 50kg of powered gold for sale. Please contact me if you are interested.
Hello
I’m really interested and I would like to have little chat .
How can i buy gold here? I am in the Philippines.
Renz,
No they don’t operate online. You have to find a resident or a courtier operating online to do it for you.
Thanks
Can I bring gold products like bangles, bracelets, chains etc to Dubai Gold Souq to sell? What are the terms and conditions if I want to trade gold products in Dubai?
Hi, I need to buy a 24 carat gold ring for my wedding. It is for myself and my wife. Kindly advice if could do this transaction online?
Hi,
No , they not trading online.
You need to find an intermediary or courtiers to do that for you.
Thanks
Can you buy gold online from the stores?
I have a gold bracelet but i want to make it into an engagement ring. Is there anywhere I can do it in the Gold Souk?
Does any shop in the Gold Souk accept Indian rupees?
How much gold can I carry from Dubai to Mumbai?
What is the gold rate today?
What are the currencies they accept? Do they accept USD?
Yes, they love US currency.
What are the opening and closing timings of gold souk? What is the best time to go there and how much time can easily be spent there?
The opening and closing times of the Gold Souk are stated in the text above. Once again, from Saturday to Thursday most shops will be open by 10 am and will shut around 10 pm. On a Friday they open around 4 pm and finish around 10 pm.
The best time to visit is at night. The displays look a lot better when it is dark. It is also cooler so you’ll be more comfortable walking round.
How much time could you spend there? Well it really depends if you are just browsing or actually looking to buy something. If you are just going for sightseeing purposes then I’d say a couple of hours at most. It’s a pretty big market but it isn’t huge. It’s interesting but I think you’ll have seen enough gold and jewellery after a few hours.
Do you know if the opening/ closing times are the same during Ramadan?
I need to know the price of gold per gram. Can you tell me the price please?
The price of gold varies by the day, and even hour. So telling you the price now is fairly pointless since by the time you get to Dubai it will have changed.
For what it is worth, gold was trading today at 153 AED per gram for 24 carat, 145 AED per gram for 22 carat, 139 AED per gram for 21 carat, and 120 AED per gram for 120 carat.
How much is a gram for 18k today?
The Khaleej Times are reporting that gold sales in Dubai are skyrocketing due to a drop in the price of gold. At the time of writing, 22 carat gold is currently trading at 137.5 AED per gram (24 carat – 145 AED per gram, 21 carat – 131.75 AED per gram, 18 carat – 114 AED per gram).
The price drop has been caused by speculation that the US is about to raise interest rates, making gold a less attractive investment.
I enjoyed it here but would actually recommend the Gold and Diamond Park for buying jewellery. It was air-conditioned and although not as big as the Gold Souk still had a lot of choice. The staff were less pushy and there were also some cafes there. The Gold Souk is the place to come for an experience but the Gold and Diamond Park is better for buying.