Dubai, known for it’s out of the World Architecture and Quality but Cheap Gold. Anyone visiting this country or recently moved here may have a few questions related to buying gold from here and take it back to their homeland. Don’t Worry, I used to be on the same boat. So I did some research, spent a lot of time in the Dubai Gold Souk and asked around to compile by Guide for “How to buy Gold Cheap in Dubai”. Have a deep look at the following points and make well-informed Decisions.
Understand the Standards of Gold Prices
For this, first you need to understand what constitutes the price of something you buy. For Instance, Price of Gold Ornament is Price of 22K or 18K. Weight factors this in Grams and the Wastage Charges, which adds with VAT and Making Charges. The Pont is, Gold Rate fairly standard around the globe. Following is the ongoing market rate.
- $374 per 10 Grams
The Price is a bit of more and less similar in different countries.
Wastage Charges ultimately depends on the intricacy of design you want. It includes the weight of Gold which have been either wasted or lost during design or craft. The Wastage Charge is even more frequent with branded Jewelry as compared to local ones.
This price factor is another important component of compensation of workmanship effort put by jewelry. This element can be clearly seen as their profit margin. The making charges are different depending on the design, area, country, Gold Quality and other such factors. However, these costs are often high on 18K Jewelry as it comes in a wide variety of designs. So, instead of buying a brand, try to buy from a local Dubai Gold Retailer and save your money. If needed, by ready to bargain to save a couple extra bucks.
This price element is yet another important factor that widely affects the Gold Rate. VAT stands for Value Added Tax. Before 2000, there were only six different tax structure that apply to gold. The applicable tax was 0-17%. Luckily in Dubai, there is no Tax on sale of gold, which makes it competitively cheaper as compared it others.
Where should you buy it?
The best place to buy is the Dubai Gold Souk. The prices will remain collectively the same, but if you visit the famous Gold Souk, you might end up saving big bucks. This market has a vast array of Gold Designs with affordable price ranges. If compared with branded jewelry stores, this market might have outdated designs. However, it saves you a lot of money. So if you are budget oriented and want to buy cheap gold in Dubai, then this is the best place for that.
- Bargain or Not
Keep in mind, the More you Bargain, the more you will save, so without any particular reason, you should Bargain your heart out. Just ask for making charges and keep thrashing the marking out. Remember, deal only in the open market, not in elite brand houses.