Online Gold Bar Purchase In Dubai
Important things you should know before buying gold bars in Dubai
Are you considering buying gold soon? Do you know that Dubai is one of the best places you can buy gold? Are you well informed about how the buying process of gold bars is like in Dubai? If you need a lot of useful information about how gold is bought in Dubai, then you should keep reading this article.
In this article, we will talk about important things you should know before buying gold bars online or offline in Dubai and why you should buy gold bars in Dubai.
One of the things that determine the wealth of someone is the quantity of gold that he or she owns. In the Middle East, gold is considered a worthy investment. People buy gold for investment purposes or as gifts for their friends and family members. A lot of Arab women are usually given gold as their wedding gifts. Gold can easily be converted to cash.
The prices of gold fluctuate the same way that of stock prices fluctuates. That is why you should invest in gold bars or coins when the prices are on the high side.
There is something called bullion, it is a large amount of precious metal, that is mainly gold or silver, and it is assessed by weight. Bullion is usually sold in tola, grams, and ounces. While tola gold bars have rounded edges, gram or ounces gold bars have solid corners. Tola is a unit of mass in South Asia and it is equivalent to about 11.66 grams.
To recognize a gold bar, the weight is usually stamped on it. You will also see an assay number and the stamp of the supplier on it. You should also see a mark showing the purity and weight of the gold bar. If you don’t see all these features on the gold bar, then, it could be that a fake gold bar was sold to you. But it is very difficult for that to happen in Dubai.
You may be wondering what an assay number means. In the gold bar industry, assaying simply means tracking the quality of gold during the refining process. So, it is either the assay number is stamped on the gold bar, or the gold bar will carry a certificate showing that you purchased real gold.
The purest form of gold bar is within the 99.9% range. Also, any gold bar you buy must have at least 99.5% gold. If it is lower than that, you shouldn’t buy it. The purity of gold is measured in units from one hundred to ten thousand.
Another thing you should know about gold is that it can either be minted or poured. Minted gold bars are very easy to produce and have a smoother or finer finish since they are usually rolled and cut from a sheet of gold. Also, minted bars are stamped with designs and they make beautiful attractive gifts. A lot of people know the one-ounce gold bars. While the poured gold bars have different dimensions and are freer. The cost of fabricating them is cheaper. That means, the producers don’t spend a lot of money when they are been produced. The poured gold bars have a rougher look, and they are not less valuable than the minted gold bars.
The regulatory body that supervises jewelry and gold shops in Dubai is the Dubai Central Laboratory Department (DCLD). They conduct an excellent audit of these gold shops so that they adhere strictly to the standards for the gold that they sell. If a jewelry and gold shop passes the DCLD supervision and successfully becomes a member of the Dubai Service Excellence Scheme, the shop owner can go ahead to apply for the Bareeq Excellence Award. If you are looking for a trusted and reliable gold shop to buy gold from in Dubai, search for this Bareeq Excellence Award–if they have it, you can go ahead to buy from them but if they don’t, look somewhere else.
Why should you buy gold in Dubai?
As regards anything that has to do with gold, Dubai is the best place to buy gold bars or other gold jewelry.
Below are some of the reasons why you should buy gold in Dubai:
It is cheaper
A lot of people buy gold in Dubai because their prices are cheaper than that of other places. This is because the city of Dubai is exempted gr paying taxes. So, people who buy gold only get to pay for the gold and not have to pay any tax on it. And the fact that their prices are cheaper doesn’t compromise their high quality. But a five percent Value Added Tax (VAT) was introduced in 2018 for any item that is bought but the prices of gold bars in Dubai are still cheaper than that of other places. Dubai only has VAT as the only type of tax that is paid on any gold purchase but there are other places like India where you will have to pay VAT, excise duty, and Goods and Services Tax (GST), thus making their prices of gold expensive.
You can negotiate the making charges of gold in Dubai
In Dubai, you can bargain the making charges in the gold shops. The making charges differ based on the kind of gold jewelry you are purchasing and the retailer you are buying from. Although negotiating is quite stressful in big gold stores in the mall, but it is not that way if you buy from any of the shops in the Dubai Gold Souk. Based on the gold price in Dubai and the amount you are buying, you can reduce the making charges to an affordable rate.
It is pure
One of the important things you should do before buying gold is to find out the gold purity hallmark. But if you are buying gold in Dubai, you should be less worried about its purity because all the gold merchandise that their jewelers sell is regulated by the government. Also, all jewelry stores are mandated to carry gold purity hallmark on all the items they sell and they must offer it to their customers when they request it. This gold purity hallmark is a certificate that gives information like the weight and karats of real gold and stones in the jewelry and the amount of labor. This certificate ensures that every purchase is authenticated and can be valued anywhere in the world.
The prices of gold in Dubai align with international market rates
Another reason why you should buy gold in Dubai is that their gold prices align with international market rates that ensuring homogeneity of prices in different stores in the city.
You are free to choose from a wide range of gold dealers
In Dubai, you are not only tied to buying gold bars or gold jewelry in just one shop. You are open to different options to choose from. There are many gold shops you can buy gold from at the Deira Gold Souk in Dubai has a row of gold shops. Other gold shops you can buy gold bars from in Dubai are Joyalukkas and Damas. You are sure of getting real gold from any gold shop you choose to patronize. And they also have an array of gold jewelry you can buy.
Dubai remains the best place to buy your gold from because its prices are pure, cheaper, you can choose from a wide range of gold dealers, and their gold prices align with international market rates. The international gold prices fluctuate, thus giving the people who sell gold in Dubai the opportunity to take advantage of falling prices and buy gold at the lowest rate. So, ensure you find out the current gold rate in Dubai before buying.
If you follow all the tips we provided you with, in this article on things you should know before buying gold bars online or offline in Dubai, you will have a seamless purchase process.