Buying gold in Dubai.

[nk1nk]

I got a call two days ago to go work in Dubai for 17 days, so two days later I'm sitting in the airport reaserching everything I can about Dubai. So my question is, has anybody been to Dubai and purchased gold, or know of experiences of others. I'm currently doing my do diligence and researching all I can, this is just one step in this process so any helpful input is greatly appreciated. It looks like gold is closely monitored by the government which is very effective at weeding out fake gold and the content seems to be of very high quality. It also appears jewelry is the main form to buy which my knowledge is more limited, any advice is welcome. Thanks

 

Nick

[Nutmeg Coin]

I would try one of the gold sites like the GIM2. It seems customs have gotten more interested in gold crossing borders.

[DaveG]

Other than as a souvenir (say, a necklace or a bracelet), why would you want to buy gold and then travel internationally with it?

 

Anyway, if Dubai is like India, then the jewelry is, so I've heard, generally 22 kt. or 24 kt. and sold by weight plus a manufacturing charge.

 

In these days of heightened concern about money laundering, I wouldn't want to travel with more than a necklace or two, unless I wanted to try to convince the authorities that I was buying gifts for a lot of female relatives.

[wdrob]

 

Anyway, if Dubai is like India, then the jewelry is, so I've heard, generally 22 kt. or 24 kt. and sold by weight plus a manufacturing charge.

 

When I was over in that area in theatre during Desert Shield/Storm - waiting for our turn to get on a plane and come back home, I had purchased a ring, necklace, and a bracelet for my wife. She wore that ring for a number of years until it wore through on the bottom side. The jewelry does indeed have a high gold content. This ring is 21 kt. gold and does not last long when worn daily.

 

 

 

 

 

 

 

[PerryHall]

Other than as a souvenir (say, a necklace or a bracelet), why would you want to buy gold and then travel internationally with it?

 

Anyway, if Dubai is like India, then the jewelry is, so I've heard, generally 22 kt. or 24 kt. and sold by weight plus a manufacturing charge.

 

In these days of heightened concern about money laundering, I wouldn't want to travel with more than a necklace or two, unless I wanted to try to convince the authorities that I was buying gifts for a lot of female relatives.

 

Agree. Buy your gold/silver in the US before you leave and/or when you get home. There are many well trusted and established bullion companies in the US with very competitive prices. I doubt you'll find any bargains in your travels outside the US but you'll find plenty of counterfeit coins, bars, jewelry, and other merchandise.

[Grails]

I've bought a few ounces there. No different than anywhere else, just find a reputable dealer.

[thebeav]

After all, it's not like they don't know the price of gold in Dubai.

I would pay 7 dollars more and but it at my local place.

 

I never understood the jewelry buying thing in the Caribbean either. Just because there are hundreds of shops. I would see people that bought it and came home thinking the sellers didn't know the value because they were in the Caribbean. It's just seems odd....

 

Paul

 

[PerryHall]

I was there recently and there are several shops in the International airport. I picked up a Krugerrand as a last minute birthday gift. Simple transaction. There was a standard selection of world and local gold (don't recall seeing any platinum).

How did the prices compare to what the major US bullion dealers are charging?

[WoodenJefferson]

The only person who comes out ahead of the gold game is the prospector who stumbles onto a 5 karat nugget on the first day, quits and sells it to the highest bidder...for cash.

[nk1nk]

That was a grueling trip!! I just arrived at my hotel here in Dubai. Thank you for all the replies. I'm certainly not looking to buy huge amounts of gold, I figured I would pick some up tho and wanted to get some input so thank you to all who posted. I will update you on my experience.

 

Nick

[Nutmeg Coin]

Here is an article today on a similar topic: https://www.lewrockwell.com/2015/09/no_author/how-long-will-you-be-able-to-get-gold-through-customs/

[Star City Homer]

I was there about 20 years ago and I have no idea if things are different now. However a trip to the gold souk was a real highlight. It was before I had much interest (or funds) for buying lots of gold, but I did pick up some jewelry. IIRC it was hard to find 18K which is all I wanted. I still have the chain and ring.

 

It was truly an overwhelming sight to behold, with all the gold on display. I wish I could go back (or even find my old photos) just to see what I think now. We had to sneak pictures as they were frowned upon.

 

Best Indian food I ever ate was there too. We followed our noses and ended up a few streets off the beaten path. We ended up in a restaurant with a lot of Indian workers as customers. Best meal ever--though after weeks and weeks of shipboard food we may not have been at our most objective.

[RWB]

In general - in the Gulf states and Saudi Arabia gold is normally full weight and of high purity. Any that is in coin form is likely to be counterfeit, but of full gold content.

[delta]

Along with the other posters, I'd say don't buy anything metallic there, except for possibly a unique type of collectible item, such as perhaps one of those small gold bars they sell from vending machines in airports or hotel lobbies, again if it is something only obtainable in that part of the world.

[bstrauss3]

The common 14kt and 18kt of US jewelry wears better than the purer 21kt used in many parts of the world as wdrob's wife's experience shows. There are some effects that only seem to work with the purer gold - the granulated look of many pieces from India comes to mind.

 

At a world cross-roads like Dubai you will certainly be able to find a special and unique piece.

 

Spot is spot the world over. The manufacturing charge reflects the effort involved - for example a machine made chain is cheaper than hand made (some more complex link styles can't be made by machine),

[bourse28]

If you buy gold there then you need a safe place to keep it until you leave. Then you may have to deal with customs. Sounds scary to me.

 

Another concern would be to know if its fake or not. Not fo rme.

 

I would save my money for a show when I got back or or ebay.