Updated: April 25, 2024

Dubai Gold Souk

Gold Souk (Arabic: سوق الذهب‎), is a traditional market (or souk) 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.

With African gold imports worth $8.5 billion that year, China came a distant second. Switzerland, the world’s gold refining hub, came third with $7.5 billion worth. Most of the gold is traded in Dubai, home to the UAE’s gold industry. The UAE reported gold imports from 46 African countries for 2016.

Due to the exclusion of taxes in the emirate prices for gold in Dubai have always been cheaper as buyers would only pay for the value of the gold jewellery. … VAT in Dubai is currently the only form of tax applied on any gold purchase.

Dubai is crowned as the “City of Gold” because of the city’s dynamic growth from a quiet Gulf port to a global business hub in just a few decades. … Dubai owns 29% of gold trade market in the world, with almost 1,200 tons of the metals traded in the city’s gold souks.

DUBAI SPICE SOUK
Other than shopping malls, theatres, and attractive monuments, Dubai is equally famous for this Spice Souk around the world. Through parallel streets filled with open and closed rooftops, it offers a variety of spices, herbs, fragrances, textiles, artefacts, etc. to its customers.

The traditional gold souk in Dubai is one of the most famous markets for gold in the world. It is also arguably the best known of the souks in Dubai and is a reason for many visitors to visit this beautiful city. The shiny trinkets lure the gold traders, glitter shoppers and even the non- shoppers.

LOCATION OF SOUKS

Located on the Deira side of Dubai Creek, the Gold Souk, Spice Souk and Perfume Souk are all within walking distance. Catch an abra or water taxi for the short ride to the Textile Souk on the opposite bank in Bur Dubai.