Dubai can be termed as a Land of Gold. The Dubai Gold Souk is world famous for its shops dealing with Gold items.
Several gold kiosk /Express outlets are springing up rapidly in Dubai. Smaller outlets are now preferred by businessmen as they have lower rent charges and business can be managed using lesser number of staff. This trend comes in handy to everyone who has plans to sell their gold. You can be assured of selling the gold in any one of these outlets. Gold is valued by its karats, which include 10k, 14k, 18k and 24k. The purest form of gold is 24k and brings in the most amount of money
Places to sell Gold
There is a high demand for Gold Jewelry in
- The malls and souks (open air markets) of Dubai,
- On Maktoum Road, Dubai??s equivalent to Old Bond Street in London.
Gold is normally sold as ornaments or coins. In the case of ornaments ,you have the option of selling old gold in exchange for new /latest models. There are exchange offers which will be advertised mostly on the front door signboards itself. Some of the shops offering exchange facilities in the Gold Souk, Deira are Kanz, G.B and Barakat. These shops have other branches in Deira as well as in the Dubai mall gold souk area. Gold Jewelry designers such as Tiffany, Cartier and Chopard, Italian gold jewelry designs by gold jewelers such as Pasquale Bruni and Roberto Coin are also available at Dubai, so if you are after the latest designs, you??ll surely have fun exchanging your old pieces.
If you require cash, in exchange for your gold, Al Taj, which is located in the alley of gold shops surrounding the covered part of the gold souk and Al Khatib, near Al Taj are highly recommended for their reliability in such deals. They normally group your gold into 18K, 22K and 24K to weigh and estimate their value. These two shops require your Passport and not any other ID card. Also remember to bring any certificate obtained during the purchase of that particular piece of gold. Sometimes you may be asked to prove that the gold has a hallmark. The whole process will not take much time as most of the staff in the Gold Souk shops are experts at estimating the value and worth of gold and buying it from customers. Sometimes when dealing with a sale, the police authorities are called up to take photographs of the gold being sold and to sign off the deal. There is no reason to be alarmed as it??s just a security measure. However to be on the safer side, please do make sure your gold is pure and you have all the required proof with you.
Documents you should have when trying to sell your gold.
- A valid ID-This can be a Labor card, Passport, Driving License or Emirates ID.
- A bill / proof of purchase of the gold you want to sell.
- Usually more people visit shops in the evenings, so you have more chances of buyers that time.
- Do not forget to check the weight of your gold in more than one place, just to be sure.
- You can search on the Internet for online buyers. Check out the online yellow pages directory t find online buyers, pawn shops and jewelry stores. An online gold buyer normally provides the highest quotes and the deal has a quick turnaround time and lower overhead expenses.
- However make sure that these online traders are reliable.
- If possible, confirm if the gold buyer has a satisfaction guarantee. This will guarantee a good track record and trustworthiness in business deals.
Deira (near Baniyas Square)
Sikkat al-Khali Street, Dubai, UAE