A Step By Step Guide to Buying Gold Bars in Saudi Arabia

Many tourists who visit Saudi Arabia, including those on a religious pilgrimage, eventually want to buy gold bars online Saudi Arabia. After all, no sales tax or VAT is levied in Saudi Arabia, and in addition to that, locally made and manufactured gold is sold at cheaper prices than can be found in many other gold jewelry stores.

Whether you are an experienced investor looking to invest in gold or a blithe buyer looking to buy gold with a variety of jewelry items, these tips can help you with your gold search in Saudi Arabia. What’s more is that you don’t have to be in a certain city to buy gold; most of the world’s major cities have enough of shiny metal to deliver your wishes.

Jewelry? Investment? Or an investment you can wear around your neck?

Based on the purpose, consumers can be divided into these three broad categories.

  1. Jewelry

If you only want to buy gold for jewelry purposes, buying 18 or 21 gold jewelry will do well. The 18-carat jewelry, although cheap and pure gold, is actually sold at the same price as 21 carats each. This is mainly due to the complexity of the design, as even the 18 karat gold chains are very strong and help produce complex designs without extra weight. In addition, 18 karats appear to be less glamorous and popular with teenagers, not wanting to cry and sparkle with the bright yellow karat. There is also a large amount of white gold in the country.

  1. Investment

Many gold shops sell gold coins and gold coins made of 24-carat gold. Some even have a purity level of 999.9. These grains can weigh from anywhere between 1 gram to 1 kilogram. Investors can simply hold on to these coins or bars and wait for gold prices to sell to make a profit, or they can always save the rainy day as gold is an abundant and stable liquid. Billions released from internationally recognized brands such as Valcambi and PAMP are available in Saudi Arabia. Other Middle Eastern-based jewelers such as Malabar Gold and Joy Alukkas also sell their own bull coins and bars through their local stores.

Gold bar is the investment you can wear around your neck!

It is recommended that you purchase 21 or 22-carat gold with few or no stones for this. Prices vary according to design, with Saudi or Bahraini designs less expensive than Indian or Italian designs. The final weight and purity of the gold are all that truly matters regardless of whether it had been resold or the number of stones it has.

Where to Buy Gold in Saudi Arabia

As mentioned earlier, you can buy gold from most department stores in the Kingdom. There are also gold socks (traditional markets) where you can buy precious metals at cheap prices. Here are some places where you can buy gold in two major cities, Riyadh and Jeddah:

Gold shops in Riyadh:

  • Batha market

    • Batha Gold Market consists of three souks Dirah Gold Market, Hilla Gold Market, and Gold Souk.

  • Joyalukkas and Malabar

    • These are two of the most popular chain stores for gold, not only in Saudi Arabia but also in the Middle East, India and worldwide. They have a very popular branch at Riyadh Avenue Mall

  • L’azurde

    • This is another popular product that contains gold and diamond jewelry. It has stores in Andalus Mall, Al Nakheel Mall, and Sahara Mall, among others.

  • Al Romaizan

    • Al Romaizan gold shops can also be found in supermarkets and tropical Riyadh. They offer a wide collection of gold and precious jewelry.

  • Taiba gold market

    • The Riyadh market includes small and large stores selling a variety of gold jewelry.

Jeddah Gold Stores

  • Balad Gold Market

    • This souk incorporates a wide range of gold jewelry at a reasonable price. There are also grocery stores that sell traditional food, so a great place to sample local money!

  • Safa Gold Market

    • If you happen to be in Jeddah’s Safa region, you should know that there are approximately 30 gold shops in the area, all of which offer gold at competitive prices.

  • Yamama Gold Market

    • Previously known as Kandara Gold Market, Yamama Gold Market is one of the best places in Jeddah to buy gold.

  • Al Sagha Gold Souk

    • Al Sagha Gold Souk, located in the southeastern part of Jeddah, is another place where you can buy gold, diamonds, silver, and other precious jewelry at competitive rates.

  • Supermarkets

    • Jeddah has a plethora of supermarkets, including gold shops. Hijaz Mall, Hera Mall, and Jeddah Mall are the most popular among them.

Gold Buying Tips in Saudi Arabia

No matter where you buy the gold, here are some tried and tested tips to make sure you end up making a good profit:

  1. Negotiating gold

Yes, yes, and yes. You will not find any store that is willing to negotiate a gold price. However, you will find that they will agree to negotiate construction, waste, and premium costs. If they do not move, you can always go to another dealer who is willing to cut his edges. After all, competition is cut short.

  1. Stay informed of the value of gold

As the price of gold changes over time, it is always helpful to know the latest prices, especially if you are buying gold as an investment. You can check these prices through websites like LivePriceofGold.com or GoldRate24.com.

  1. Know the marks of karat

Gold and jewelry poles often bear a special mark indicating karat, e.g., 18k for 18 carats. Be sure to check these when shopping.

  1. Think about color

Gold usually comes in a bright yellow color, with slight variations. White gold has become very popular again. Consider this when buying gold pieces.

  1. Go shopping on weekends

Gold is sold almost daily, making its prices fluctuate. On weekends (Saturday or Sunday), however, gold is rarely traded in international trade – making these days a great time to buy precious metals.

  1. Make sure to strike a bargain

When shopping at a traditional market or souk, you can always try to negotiate a better price. In this case, it is useful to know some Arabic phrases, but not really, as most vendors know basic English.

  1. Pay in cash

Gold sellers usually do not want to pay for the credit card, so it is best to pay in cash or by debit card, if possible.

  1. Check authenticity

A certificate of authenticity is proof that gold is pure. You can request this as proof that the piece you are buying is genuine, authentic.

  1. Say No to Credit Cards

Cash or a MADA debit card is the way to go. Credit cards charge extra money that a store may not be able to afford, so expect your price to increase dramatically if you plan to pay by credit card. Someone has to bear the costs charged by credit card companies and will not be a gold trader – not in Saudi Arabia.

Remember these suggestions the next time you go gold shopping in Saudi Arabia. After all, whether you’re purchasing a precious metal as a piece of personal jewelry, an investment, or both, it’s always a good idea to make sure you’re getting the best quality pieces at the best price!