Updated: April 13, 2024

Dubai Gold Souk or Gold Souk, is a traditional market in Dubai, UAE. The souk is located in Dubai’s commercial business district in
Deira, in the locality of Al Dhagaya. The souk consists of over 380 retailers, most of whom are jewelry traders.
Some of the shops are as old as four decades, while some are as new as a year. The major items of mall includes Gold, Platinum, Diamonds and sometimes also deals in silver.

Dubai Gold Souk 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 in close proximity to the Deira Bus Stand. On the other side of the Dubai Creek lies Dubai Textile Souk.[4][5][6]

Dubai Gold Souk will be soon renovated. The Dubai Municipality plans to make Dubai Gold Souk an upbeat tourist destination.

This traditional market offers hundreds of stores selling primarily gold jewelry but also silver and precious stone jewelry in intricate Arab and Indian designs. Visitors often spend a whole day here

How to Buy Gold at the Dubai Gold Market
In case you’re planning to buy gold, here are a few tips to help you understand how things work. Check out the guide below.

1. Know the market price. Gold is like stocks, their price fluctuates on a daily basis. So it is only prudent to know how much it goes for in the open market. Aside from your knowledge of gold, this is probably the most important factor you must know before proceeding to buy gold in Deira Gold Souk. By knowing market price, you are able to haggle with the vendors.

The Dubai Retail Gold Rate is a good place to start. Going prices in AED is posted at the market for going price.

2. Know the types of Gold. Like anything that you want to buy, doing your research pays a lot. Gold is sold by the Karat and weight. The higher the Karat , the purer that gold is. This means a 24 Karat gold is 100% pure gold. Because pure gold is soft, it hardens by mixing it with different metals such as silver, zinc, copper and nickel.

Gold also comes in different colors which explain the type of alloys and the percentage of alloys mixed with it.

3. Choose your jewellery. Once you know what type of accessory you want, whether it’s a ring, bracelet, necklace, earring, gold chain, etc., ask about its Karat and weight. The attendants will weigh the pieces you choose.

4. Learn to Haggle. Haggling is an art and you will learn it after you go through different shops. Sellers will expect you to haggle so they have price buffers when you do so. Try bartering 25% off the quoted price, you might get lucky. In the same fashion, try to barter according to the price you can afford. But be prepared to walk away if you don’t agree to a compromise. Some sellers will ask you how much you can afford just to sell a piece. The haggling is based on the RATE and the MAKE.

RATE – check the rate of gold per Karat from the prices which are posted outside. These are real-time updates according to how much the price per Karat is of the gold. It can be assured that shops are strict and are always in tune with the rate of the gold. Because they are regularly monitored by Dubai Police. If a customer complains that they have been tricked, their shops will be at stake. So expect that the gold rate is uniform across all stores.
MAKE – this is the price of the labour of the jewellery that you are buying. The more intricate the design is, the pricier the MAKE charge is. But usually, this is where you an haggle, as different shops usually have same pieces/designs, you can try to ask for a cheaper MAKE charge.

The more pieces you buy, the more you can barter for. But know as well that the more intricate the design of the piece you choose, the harder it is to haggle for the lowest price you want. Gold is sold by Karat and weight so you can only haggle on the labour it took to create the piece.

5. Go around different shops. Before settling for a piece, shop around. Most of the stores have the same pieces, they only differ in the price based on your bartering skills. You have over hundreds of retailers to choose from.

Another tip here, the shops in nooks and corners (not the ones easily accessible) have better price rates because not much foot traffic pass through these areas. So it’s good to go to narrower alleys in the souk to find better deals.