Monday 17 August 2015

Tips to buy Gold from Dubai Souks


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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