Gold Rate in Dubai : All You Need to Know

Dubai has always been a paradise for gold buyers as gold rate in Dubai remains lower in comparison to other parts of the world. Nevertheless, gold rates are never stable. So, to keep one updated with the constantly changing rates of gold in Dubai, various reported dailies display today gold price in Dubai. But before digging there, let’s know why is gold cheap in Dubai.

Why Cheap Gold Rate in Dubai

Living up to its nick name ‘The City of Gold,’ Dubai offers simple opportunities for gold trading. Buying and selling of gold here have always been popular among the residents and visiting tourists, as the Gulf Tiger is famous for lower gold rates. The zero-tax regime on gold bar imports, only 5% tax is applied for making gold jewellery, and the VAT refund for tourists visiting at the Dubai airport are being some of the reasons. For example, a 1 gram 22 carat gold price in Dubai is 189.8 AED.

On the other hand, the gold rate today in India, for instance, is Rs 48,930 per Tola. Also, gold price in Dubai is adherent to the global prices of gold, ensuring greater uniformity in pricing of the precious yellow metal throughout the city.

Here are some of the reasons why the cost of gold is considerably cheaper in Dubai :

• • No import duty tax is charged on raw materials like TT bars and gold bars in Dubai. Therefore, gold traders from around the world import gold to Dubai in a tax-free manner. But a 5% import duty charges are applicable on importing jewellery to Dubai.
  • Some of the leading jewellery retail chains have aroused from UAE that has been marked as Global brands like Joyalukkas, Malabar gold and diamonds etc. One can get live gold price of these stores and compare before buying.
  • The gold rates are priced according to the Department of Consumer Protection at the Dubai Economic Department. Therefore, the retail price ensures uniformity and transparency. The making charge per gram is also fixed by the retailers and is lower in comparison to other parts of the world. This makes it worth looking closely at gold rate in Dubai for 10 grams and more.
  • Another fact for people purchasing gold from Dubai is the cheaper insurance cost for holding gold stock.

Last 10 Days Gold Price in Dubai

As mentioned above, gold rate in Dubai keeps fluctuating. The below table shows the change in the gold price for the last 10 days.

Gold Rate in Dubai : Basic Buying Aspects

Dubai has the largest amount of gold unearthed on the planet. Therefore is the best place to purchase pure gold. Also, buying gold in Dubai is tax-free, which means you don’t have to pay sales tax or VAT for buying gold in Dubai.  If you are visiting Dubai during the Dubai shopping festival in the months of December and January or during the Dubai summer surprises in the months of June to August, you can find the lowest 24 carat gold price in Dubai. Also, on Saturdays and Sundays, the gold consumers of Dubai get the best offers and great deals on gold. But no gold is traded on international exchanges during the weekends. On Monday, the trading starts after 2 a.m. The gold rate in Dubai 22k is AED 210 per gram.

Gold Rate in Dubai : A Comparison

Now, let us compare the gold rate in Dubai versus gold rate in India till 10 March 2022.

If we consider 10 gm of 24K gold price in Dubai, it will be 2045.7 AED, which Indian value is Rs 41,326.90. While the value of 10 grams of 24K gold in India today is Rs 48,215 (Delhi). Therefore, the price difference is approximately Rs 6,890. The difference in gold rate in Dubai is not limited only to India, but to the rest of the subcontinent. So, if you are a gold lover and want to explore its huge market, do consider to check gold price in Dubai today.

Why Should You Purchase Gold in Dubai?

As mentioned above, Dubai comes with a range of options when it comes to buy or sell gold. There are good jewellery shops available at every nook & cranny of Dubai’s local street, where you can compare the prices.

Remember that gold prices keep fluctuating. 1 gram gold price today in Dubai may not be the same as yesterday. These rates keep changing depending on the international gold market. Nevertheless, buying gold from Dubai is always preferred. Here are the reasons:

• • Pure and Quality Gold – Gold sold at retail counters are regulated by the government. This ensures the purity and quality of the jewellery items. Also, the gold purity is checked in terms of Hallmark certification.
  • Gold is Cheaper – Gold in Dubai is free from tax exemption. The buyers need to pay the value of the gold jewellery and the making charges only. A minimum of 5% VAT is charged on these items, which are considerably cheaper in comparison to other countries. No other taxes such as goods and service tax, excise duty etc. are applied on gold purchases in Dubai.
  • Variety of Designs – Gold stores in Dubai have an amazing range of jewellery collections with unique and attractive designs, starting from traditional to contemporary style.
  • Uniform Price and Transparency – The gold price in Dubai follows international market rates. This means the price remains uniform across any gold store in the city. Also, the prices are transparent, as they are displayed outside the gold counters. As gold prices are not steady, it is advised to have proper knowledge about today’s gold rate in Dubai.
  • Wide Range of Options – There are hundreds of retail counters and popular gold stores in Dubai that provide greater opportunities for gold lovers to find awesome collections of gold jewellery.
  • Bargaining is the Key – As the price of gold is uniform in the city, consumers can bargain on the making charges. Some of the counters provide a greater price quotation after including the making charges. Better the bargaining quality of the consumer, more discounts can be availed on the making charges.
  • Basic Security Check – Gold is a precious metal and is an item that lasts for a lifetime. Therefore it becomes necessary to check for a warranty whenever you are purchasing gold. Ask the seller about the warranty services before making a purchase. Certain jewellers in the market offer free repairing services for a year on the jewellery you are purchasing.

How to Buy Gold in Dubai?

Before purchasing gold in Dubai, make sure that you look out for two things. These are the Hallmark and KTD standards. Every country has their official Assaying and Hallmarking Centres, so does Dubai. These centres test the quality and purity of gold and gold jewellery and certify its standard. Any gold ornament that has a Hallmark certificate is pure gold. This certification ensures the consumers that they are not being cheated by the seller. Old Gold jewellery with a Hallmark certificate is easy to sell in the market and can be trusted by the buyer. Also, while purchasing gold ornaments make sure the jeweller has a Bareeq certificate.

What does a Hallmark Certificate Contain

This certification verifies the jeweller’s mark, fineness number, assaying and hallmarking mark, and the year of marking as decided by the authority that does the QC. In Dubai, the purity of gold jewellery before being sold in the market is ensured by Dubai Central Laboratories Department through Bareeq Certification. Once you have this, you can be sure about the gold purchase.

Gold in Dubai : Buying Tips

Here are some tips for you to keep in mind while you are purchasing in the City of Gold.

• • Keep a Track of the Market Price : Gold rate fluctuates daily, which makes the knowledge of market price important while purchasing gold. You can search on various websites for the current gold price in Dubai or have special attention to newspapers. These days, the gold store owners have installed displays at the entrance of their stores to let the customers know the rate of gold. This gives you the confidence to haggle with the vendors to reduce the making charges.
  • Know the Gold Types : Gold is traded based on carat and weight. Pure gold is soft, therefore, to harden it the gold makers mix different metals such as silver, copper, zinc, and nickel. Higher the carat, pure the gold is. If you’re purchasing 24K gold, this means the gold is 100% pure. There are different colours for gold, according to the type of alloys used and their percentage mixed with pure gold.
  • Ensure the Jewellery You Want : Different kinds of gold ornaments measure differently. It is all about carat and weight. Once you make sure what you want, for example, a bracelet, a ring, a necklace, etc, the seller will help you to weigh each piece and give you a price estimation. Each ornament weighs differently and has a different price tag. You can choose according to your affordability.
  • Master in Haggling : Remember, the today gold rate in Dubai are posted outside each gold shop. In Dubai, the gold rates are uniform and transparent. Therefore, you cannot haggle with the owner for reducing the price of gold, but what you can do is, ask for a discount on the making charges. The making charge of the jewellery is highly rated for the customers to haggle. This means, if you are not good at bargaining, you may pay more while purchasing jewellery. Also, you can compare gold prices from different stores and buy.
  • Shop Around : While purchasing gold you can go around into different shops to check the prices for the same piece of jewellery. There are hundreds of retailers out in the market, and each one of them offers a different price tag depending on the making charge of the jewellery. Better the buttering skill, more the discount you can ask from the shop owner. You can also search on different sites for today gold rate in Dubai.

Gold Rate in Dubai Live today | Yesterday

Dubai maintains a uniform rate, which means the rate of gold remains the same for every shop in the market. Some keep the price higher for the customers, so they can negotiate with the price while purchasing. For this, a consumer needs to check the on-spot pricing courtesy of the joyalukkas gold rate in Dubai.

In the table below, the live gold price in UAE is tabulated. Gold here is measured in terms of Grams, Ounce, Kilogram, and Tola, and are priced according to carat.

• Current Gold Prices in Dubai

• Gram Gold Price in Dubai

• Gold Rate Per Ounce

• Gold Rate Per Kilo

• Gold Rate per Tola

If you are going to purchase pure gold from Dubai, check today gold rate in UAE from some trusted sources.

UAE Exchange Rate Today | Yesterday

An exchange rate refers to the value of a currency of one country in comparison with another country or a different economic zone. These rates are free-floating and are dependent on the demand and supply chain in the market. It also states how a nation or a country manages its currency value in the Foreign Exchange market.

UAE exchange rate today Dubai has been tabulated below concerning the top 25 currencies of the world, for better understanding,

Other Commodities Price in Dubai

The rate of silver in Dubai is also impressive. 10 grams of silver price in Dubai is AED 27.62. Here are the prices of some other commodities in Dubai –

In a Nutshell

Dubai is a bliss for gold lovers who can buy it a pocket-friendly rate. Hence, knowing gold rate in Dubai is essential to grab the best deal. Apart from offering a wide range of high-quality shopping malls, impressive retail stores and services, Dubai is also a hub for unique gold designs. By exploring a bit on today gold rate in Dubai, you can purchase quality gold and save on a huge chunk on your pocket.

More Useful Articles for you :

Frequently Asked Questions (FAQs)