Dubai is known for being a destination of extravagance and luxury, the drawcard for many tourists. People from all over the world make their way to the city to experience the opulence for themselves, spending their hard-earned cash on luxury accommodations and high-end shopping.
So, can tourists buy gold in Dubai? Yes, tourists can buy gold in Dubai. With entire souks dedicated to the gold trade, tourists will easily be able to find a place to purchase gold. It is worth noting that there are customs requirements and some restrictions. Tourists should understand these rules when seeking to buy gold in Dubai.
This article takes a look at the gold market in Dubai, exploring the restrictions and guidelines for tourists wishing to make a purchase when they are in the UAE. It will also answer the following questions:
- Can tourists buy gold in Dubai?
- Are there any restrictions for tourists buying gold in Dubai?
- What do tourists need to do to get gold through customs?
- Why would tourists buy gold in Dubai?
- Where can tourists buy gold in Dubai?
- What else do tourists need to know about buying gold in Dubai?
Can tourists buy gold in Dubai?
Dubai has a thriving gold market, and tourists are encouraged to get involved when they are visiting the city.
Dubai’s gold market is part of global world trading, so it’s a safe place to buy gold as long as you adhere to the restrictions and regulations. Tourists can buy gold in the form of bullions, bars, or jewelry.
Are there any restrictions for tourists buying gold in Dubai?
Some restrictions apply to the purchase of gold, and these are mainly to do with customs. There are import and export regulations on gold trade that impact tourists and the amount of gold they can leave the UAE with.
Each tourist leaving Dubai is allowed to clear customs with up to 10kg of gold. However, there are significant charges for taking more than 1kg per person of gold out of the UAE; therefore, most people stick to this limit. There is a hefty charge should you decide to purchase more than 1kg and take it through customs, with the fee currently sitting at 36.05% for coins and bars.
Why would tourists buy gold in Dubai?
There are many reasons why tourists purchase gold in Dubai.
First, the gold is of very high quality. Regulated by the UAE government, tourists can be confident that the gold they purchase will be pure.
Jewelry stores are required by law to keep a gold purity certificate on their products, and this can be viewed by customers if requested. This certificate outlines details about the product, such as karat and weight, so that you can be fully informed about the gold you are purchasing.
Another reason is that gold is cheaper in Dubai than in other places. The purchase of gold does include a 5% Value Add Tax (VAT), and tourists will need to factor in the customs fee if they are purchasing large amounts. However, overall it is still more cost-effective to purchase gold and gold products in Dubai.
Where can tourists buy gold in Dubai?
Dubai has a thriving gold market, and gold can be purchased in a range of places. The city has malls with different stores selling gold and jewelry. If you are traveling to Dubai, keep an eye out for Damas and Joyalukkus. These are two larger stores that you can find in malls throughout different locations in Dubai and will offer you good variety if you are in the market for gold.
Dubai is also famous for its traditional souks. One of these, the Deira Gold Souk, has an extensive range of gold products. If you are looking to purchase gold in Dubai, this is a must-visit. Also, the souk also makes a good tourist destination just for the experience!