Despite
being world famous as the “City of Gold”, Dubai offers this precious metal at
most affordable price. Zero taxes on its purchase make it 40% cheaper as
compared to other markets. From ornaments to bars, you can choose to buy
anything from an exclusive outlet and retail center at mega mall in the city.
Those who want to enjoy buying gold at bargain rates should opt for souks in
the city. “Souk” is an “Arabic word” for “market”. These markets are world
famous to offer finest jewellery pieces at most reasonable prices.
Perhaps
your mind doesn’t accept this possibility to buy gold at bargain rates, you
might need fewer handful tips to understand the process. Below I am sharing few
simple tips that help you to understand the buying process.
Determine a fair price first
Soon
after stepping into the market, check out the panel mentioning current gold
prices. Final price totally depends upon your negotiation skills. In order to
calculate a fair price bargain down the asking price add 20% to 30% for design
and making and you will get the fair price for the ornament you have chosen.
Rates are updated twice a day according to prices in USA.
How will you pay?
However,
most of the shops accept credit cards, you can also pay cash. It is suggested
to pay in Dollars and Dirhams. Cash payments are better as there is always a
fee to purchase with credit cards.
How to pick the piece?
Don’t worry if you don’t know Arabic, English is widely
spoken across the city. Consider exploring several shops to check all the
varieties available to choose the best among them all. Once you have chosen a few
pieces ask the salesman about the carat and gram weight. I will suggest you to
prefer shopping from stores over street vendors to avoid purchasing fake
material. The government closely monitors the quality of pieces to secure
buyers. In contrast roadside vendors do not fulfill these quality standards.
Which store and why?
Once you have fulfilled prerequisites of buying ornaments
means you have estimated cost and have cash or card in your hand, shop around
several stores to compare the prices of similar kind of items with same carat
and weight. Carefully observe which store is asking higher prices and which one
is asking for the lowest. Identify the reason for both the cases to pick the
best store.
How to deal with seller?
Although, it’s possible to bargain on prices, don’t scale
down the price lower than the fair price. While bartering for prices, keep in
mind it’s an art. Perhaps seller doesn’t agree with you first time, showing him
you are no more interested in buying the same will make him to rethink about
the offer you made to him. Don’t show your eagerness. If a shopkeeper doesn’t
show his interest in showing ornaments you like, it’s better to leave that
place.
Stepping down this glitzy city to buy gold has become a
unique experience, especially when buying from gold souk Dubai.
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