Gold in Dubai is pretty easy to find. Whether you can actually afford any is another matter entirely.
On the way in to the Souk
I have always wondered why tourists come to Dubai to buy gold. Surely you can get it anywhere in the world, and probably at not much extra cost. I guess people just consider gold souks to be a major attraction when they come to the emirate of Dubai. Some gold souks are traditional, and you will see some local men and women peddling their products to passers by. These Emiratis make a living off trading in gold jewellery and the like, and need to shift many necklaces each day to cover costs. However, there are some gold souks and shops that simply cater for the tourism trade – and the stuff they sell doesn’t even look as good as the products on show in the authentic souks!
The main souk here is the aptly and simply named Dubai God Souk. The souk is located in the heart of Dubai’s commercial business district of 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 as well as smaller family-run outlets. By some estimates, approximately 10 tons of gold is present at any given time in the souk. It is close by to the Deira Corniche and Baniyas Square, which means a splurge of gold buying can be complemented with a stroll along in the sea breeze. The Dubai Gold Souk is 5 minutes walk from the Old Souk marine station.
Photo: Gold Prices Dubai
It should come as no surprise that Indian visitors to Dubai are the largest known buyers of gold from these souks. When I have had the misfortune to be at Dubai Airport Terminal 3 (bad airport) I can always see many Indians with huge electronics that they are trying to check in as hand luggage (no wonder there’s always a queue!). I didn’t really think of it at the time, but you must now wonder just how much gold these people have in their suitcases…