Dubai gold market is widely called The Gold Souk in Dubai. This place is popular for shops selling not only gold, but also all kinds of gem stones and other precious metals works of art.
Why you should visit the Dubai gold market?
You will NOT find this much of gold anywhere else in the world. You will definitely be surprised to see extra large gold chains, gold bars hanging on shops without or with a very little security. Another reason to visit is the price. Gold in Dubai is the cheapest in the world. The unlimited variety of designs and models that are rarely to be exist in one place also makes The Gold Souk looks like an open museum of the fine art.
The best time to visit the Dubai gold souk is in the evening. Leave plenty of time for your tour, because you will need time to hop from one shop to another, touch and try those beautiful jewellery especially if you are planning to make use of the chance and buy some. Believe me you will not regret.
There are two gold markets in Dubai; The old gold souk and the new one. Both are in the same area and very close by. The new Dubai gold market is in a 2-story building, and the old one is in an area scattered with jewellery shops. However, you will find same jewellery in both places. The atmosphere of the place and the set-up of the old gold souk make the tour a unique and un forgettable experience.
The souk is located in the heart of Dubai’s commercial business district in Deira, in the locality of Al Dhagaya. The souk consists of over 300 retailers that trade almost exclusively in jewellery. Retailers in the souk include both well established stores like Damas, ARY Jewellery, Shyam Jewellery and Joy Alukkas as well as smaller stores that operate mainly in the gold souk. It is bordered to the north by the Dubai Fish and Vegetable Market and the Deira Corniche Near Baniyas Square at Sikkat al-Khali Street which is at walking distance of Deira Bus Stand, Dubai Gold Souk can be reached by going down to creek and pick Abara a water boat from Bur Dubai which may not take more than 10 minutes to the Dubai Gold Souk.
Trade in the gold souk grew during the 1940s due to Dubai’s free trade policies that encouraged entrepreneurs from India and Iran to set up stores in the souk. Despite a general slump in the global gold market, Dubai’s share of value of trade in gold and diamonds to its total non-oil direct trade increased rapidly during the last decade.