Gold Investment as an Investment in the UAE
Considerations of Buying Gold
Places to Buy Gold in the Emirates
FAQs about Investment in Gold
Thinking about the possibility of gold investment in the UAE? Confused if it would be the best bet? Well, before we say anything, we’d like you to know that you’ve landed on the right page. In this blog, we’ll attempt to answer all the questions asked about gold as an investment in the Emirates, and show you an insight into why it is such a big deal, where you can buy it, and what you should consider when investing.
So, let’s start!
Why Is Gold Investment in the UAE So Popular?
As the Emirates’ most-authentic information providers, we’ve covered investment-oriented topics such as property purchase rules for investors in the UAE.
Before we get into the details of what you need to keep in mind when buying gold in the Emirates, we’ll shed some light on why this metal is such a popular commodity in the UAE:
- Regulated Quality: Due to strictly enforced regulations by the UAE government, all good merchandise, including bullions, jewelleries, gold bars and more, are regularly monitored for purity and other quality standards.
- Lower Taxes: Thanks to the low VAT on purchases of gold [i.e. 5%], purchasing gold in an Emirate such as Dubai is considerably cheaper than anywhere else in the world. One of the many reasons why it is also termed as the City of Gold.
- Craftsman Charges: In the UAE, gold prices are inclusive of the craftsman’s charges. It is different from many places in the world where artisanal jewellery can cost extra due to the craftsmanship involved.
- Massive Variety: The UAE is filled with wonderful shops and markets for buyers looking for gold. From big brands such as Damas to traditional Dubai souks – the country has, arguably, the best variety in the world.
- Haggle Culture: Gold prices in the UAE are not set in stone, which means, in many shops across the Emirates, you’ll be free to bargain for the best price and get good deals on your purchases of gold products.
- Uniformed Rates: One of the main reasons why gold is so popular in the UAE is the fact that gold prices within the Emirates follow the international market rates of gold as well. This allows expatriates in particular to experience a seamless investment experience.
Pro Tip: If you’re struggling with your finances, here’s a great guide on how to check credit score in the UAE that will surely help you invest better.
What to Remember When Buying Gold?
Buying any precious commodity comes with certain considerations and challenges, gold investment in the UAE is no exception.
So, whether you’re out to buy gold in Dubai or just browsing around the internet for gold dealers in the UAE, these are some of the most vital things you need to keep in mind before buying gold in the Emirates:
- Gold Rate in the UAE: Before even thinking of investing in gold, search for gold rates in the UAE. The prices change regularly like the Nasdaq Dubai stock market, so if you plan your investment the right way you can end up making a handsome profit.
- Seller’s Market Reputation: Whether you’re buying gold in Dubai or anywhere else in the Emirates, always make sure to ask around and assess the seller’s market reputation. Always be vigilant and only purchase gold from reputable sellers.
- Seller’s Buyback Policy: Some known brands have more attractive buyback policies than other mass market sellers, make sure to always inquire about the buyback policy of the place you’re buying gold from.
- Premiums and Other Fees: Arguably the most important aspect when buying gold is checking the premiums and other such fees on the merchandise you’re buying. Gold and silver bullions in particular often carry with them premium fees.
Where to Buy Gold in the UAE?
Owing to the number of gold dealers in the UAE, gold investment in the UAE is lucrative. Hence, if you want to buy gold online or visit the seller in person, here are some of the major dealers across the Emirates:
- Malabar Gold & Diamonds
- National Bullion House
- Damas Jewellery UAE
- National Metal DMCC
- Dhab DMCC
- Emirates Gold
- Gold Standard DMCC
- Pure Gold
- Anjali Jewellers
- Kaloti Precious Metals
- Al Etihad Gold
- Al Bahrain Jewellers
Note: This list is not a ranked list, the names provided are not ranked in any particular order.
For one of the best gold souks in the UAE, you should head to the Gold Souk in Old Dubai, there you’ll find good deals on popular shops such as Joyalukkas and Bafleh Jewellery.
More FAQs About Gold Investment in the UAE?
What is the price of gold in the UAE?
The price of gold in the UAE is not static, it changes just like the stock market. So, you can search for the current price of gold in the UAE on the internet and find out the latest rates.
Is gold really cheap in the Emirates?
By many accounts gold prices are considerably more attractive in the UAE.
Can I bring gold from Dubai to another country?
You are legally allowed to carry a certain amount of gold on international flights. However, there are strict regulations concerning how much gold you can carry and how much you can wear during one trip.
Can I buy gold from the airport?
You can purchase gold from Dubai Airport, there are shops that deal in gold merchandise on Terminal 1 and 3 of the airport.
Is it safe to buy gold online in UAE?
Purchasing gold online is similar to buying other expensive items such as flagship smartphones, even after considerable research you can still run into trouble. So, we recommend that anyone buying gold online does so after extensive deliberation.
This concludes our guide on gold investment in the UAE, if you’re still confused you can contact us at firstname.lastname@example.org and we’ll get back to you in a flash.
For more informative posts, keep checking Propertify Blog and follow us on Facebook for all our regular updates.