Home Where To Buy Gold In UAE

Where To Buy Gold In UAE

buy-gold-uaeIt’s pretty clear to all of us that Dubai is the hub of gold trading in the UAE as it is home to gold refineries, bullion dealers, bullion investment firms and traders of gold coin and jewellery.

Your question shouldn’t be where to buy gold in Dubai instead, it should be how much can I invest because there are so many options of buying gold in whole UAE.

How and Where To Buy Gold in UAE?

Let’s suppose you can invest up to $5000. In that case, your best bet would be small dealers. Fortunately, all dealers in UAE and especially in Dubai charge nationally set prices for precious metals. However, sometimes, there is a premium added to the price which is also known as the maker’s fee.  These premiums are low as compared to the western prices of bullion bars, especially the ones that are produced locally.

If you want to make a large investment in gold, then it is fair to reach out the large dealers or maybe even the gold investment houses. Kaloti is one of the local producers and traders of gold souk. There are lots of other producers located in the Jeremiah Lake Tower, which is the business district of Dubai the same place where Dubai Multi-commodities Center is also located.

You can also choose digital bullion trading offered by the new bullion traders via the Dubai Gold and Commodities Exchange.

Best Gold Dealers in Dubai

Here are some of the best bullion dealers in Dubai:

  • Al Bahrain Jewellers
  • Emirates Gold
  • Al Etihad Gold
  • Kaloti Precious Metals
  • Gold Standard DMCC
  • Dhab DMCC
  • National Metal DMCC
  • National Bullion House

Buying Gold from Gold Souks

Ask anyone about the best gold souks in the UAE or probably in the entire Middle East and they name Deria Gold Souk in Dubai. They have the largest collection of jewellry and gold bullion. The City of Gold says that this Souk holds ten tons of gold on average at a given time. It is visited by investors and tourists alike. It is home to multibillion Dollar dealers of bullion and some of the finest gold refineries. On top of this, the prices are reasonable and the premium ranges from 0.5 to 1 percentage.

The New Gold Souk, Al Raffa, Dubai and The Dubai Gold Diamond Park, Sheik Zayed Road, also fall in the category of the largest gold Souks in the city.

Bullion Manufacturers in UAE 

There are plenty of local bullion bar producers and large-scale gold refineries in UAE that sell gold at a low premium. You can also find exotic bullion manufactured in the USA, UK, Switzerland and Australia.

The most notorious local bullion bars are produced by Kaloti, the largest gold refinery in the city. Then we have 24K reproductions of UK gold monarchs that are sold in most of the souks.  PAMP, the Swiss manufacturer of bullion is also building its credibility in UAE.

Here is the list of the major UAE gold refineries and bullion producers:

  • PAMP Gold Dubai
  • Emirates Gold
  • Al Etihad Gold
  • Kaloti Precious Metals
  • Gulf Golf refinery
  • Precious Metal Refiners
  • Gold Standard DMCC
  • Nadir Gold DMCC

Are There any Risks in Buying Gold in UAE?

When buying bullion in UAE, always watch out for counterfeit gold.  Although the Dubai authorities identify fake bars and coins through a tough evaluation process, still some dealers manage to sell fake gold.  No matter where you are buying gold from, always carry out the basic testing.

We say this because even the biggest dealers of gold bullion can be selling you counterfeit gold since this happened in December 2015 in the Dubai Bullion Market.  It also happened in the USA which is why Tulving and Merit Gold are out of business.

A gold dealer giant Gold AE was caught in a counterfeit and they owe alleged money of 25 million dollars to the victim. Even though the authorities are doing what they can to get the victim their refund and there are multiple civil suits against Gold AE too, but from what it appears, the money is lost.

So, whenever you are buying gold, for safe purchase, take delivery. If you have to build a large digital bullion account in Dubai or an account for the bullion allocated in Dubai, make sure you do so at multiple locations to spread the risk.