Dubai Gold Market is one of the oldest markets in the city. This is not a separate building, but a whole block of jewelry shops. Here you can buy jewelry not only made of gold, but also platinum and silver, jewelry with precious stones, as well as look at the largest ring in the world, which is listed in the Guinness Book of Records.
History of creation
The Dubai Gold Market appeared spontaneously in the 1900s, when several merchants decided to open shops on the shores of Dubai Bay. In the 40s, there was more gold trading. Entrepreneurs from Iran and India began to be interested in the opportunities to start selling their goods here, and they received permission.
After the discovery of oil in commercial volumes in 1966 and the formation of the UAE in 1971, Dubai's economy began to flourish, the gold market became more in demand and reached a new level. Until the 2000s, it occupied a central place in the sale of gold bars and jewelry, and then the leading position had to be ceded to other organizations. In 2002, the Dubai Multi-commodity Center was opened, and then the gold and commodity exchange appeared in the city. Despite this, Dubai's golden Gold Market has remained one of the most visited places in the United Arab Emirates, it is a center of wholesale and retail trade, as well as a popular tourist destination.
Short description
The Dubai Gold Market has 3 entrances and narrow streets, and approximately 400 retailers work here from 10 a.m. to 10 p.m. every day except Friday. On Friday, the working day lasts from 16:00 to 22:00. There is a huge amount of jewelry on display. The price of gold is considered advantageous due to low taxes. In the summer, fans are turned on to make shopping comfortable for visitors.
An 875 gold ring with 63.87 kilograms of precious stones, owned by Taiba, attracts attention. The landmark is called the "Taiba Star". Gold coins are sold on the market:
- rings;
- bracelets;
- chains;
- necklaces;
- tiaras.
There is a large selection of stone products, including diamonds and emeralds. Besides gold, there is silver and platinum. In addition, collectible coins, gold bars, tableware and souvenirs are on sale.
How prices are formed
There is a carat measurement system: the higher the carat, the higher the cost. The amount is also influenced by the design and the way it is made. Handmade jewelry will be more expensive than factory production. If you buy a lot of products from one seller, you can get a discount.
You can bargain on the Dubai Gold Market. Before you buy something, it is recommended to study the prices. When communicating with the seller, you should be polite and actively participate in the dialogue. Of course, a friendly approach is welcome.
How to get
The Dubai Gold Market is located in the business center of Deira in the Al Ras district. You can take the metro, get off at Al Ras station on the green line and walk 5-10 minutes. Buses C07, C09, C28, C19 are suitable. It is difficult to find a free parking space near the market, so it is not recommended to come here by rented car. If buses and subways are not suitable for you, you can use taxi services.
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