Dubai is heralded as the best destination to buy gold by individuals from various parts of the world based on its reputation for quality and transparent gold-pricing system. The gold markets in the city have something to offer any and all, from those seeking to admire the craftsmanship and those who want to invest in gold to those who are looking to purchase fine jewelry.
Other factors that attract gold buyers to Dubai include:
Minimal taxes
Unlike other countries around the world, Dubai imposes minimal import duties and taxes on gold, making it a cost-effective place to purchase the yellow metal. This, in turn, reduces premiums for buyers.
Spot pricing
The price of gold in Dubai is linked to global spot prices. This means that those wishing to purchase the yellow metal in the city can expect prices that reflect the global market rate, which make Dubai a fair and competitive market.
Competitiveness of the market
The city’s gold market is very competitive, given the high number of jewelers and dealers who take part in the market. This competition benefits customers because it allows them to compare quality and prices across an extensive range of options.
Quality assurance
The city’s gold market adheres to strict quality standards, affording buyers high-quality, genuine gold jewelry. The Dubai Gold and Jewelry Group is tasked with ensuring that all members adhere to the stringent guidelines on quality.
Investment opportunities
The Dubai Gold and Commodities Exchange is focused on providing a platform to trade gold, while also offering avenues to diversify investments in the gold market.
Low making charges
In comparison to most countries, making charges for gold jewelry in Dubai are lower. This attracts residents as well as tourists, encouraging them to purchase exquisite and unique pieces of jewelry.
Secure and safe transactions
Dubai has a reputation for resident dealers and jewelry stores that follow ethical business practices, which affords consumers’ confidence on their purchases.
Choice and variety
The city has an extensive array of gold jewelry designs from contemporary trends to traditional Arabic styles, leaving shoppers spoilt for choice on pieces that may suit their personal preferences.
Customization
Most businesses provide customization services, which enables consumers to design personalized pieces that fit their individual specifications and preferences.
Tourist friendly
Dubai is a popular tourist destination globally, with most businesses employing multilingual staff. This allows tourists, especially foreigners who don’t speak English or Arabic, to fully take advantage of its tax-free shopping policies.
It is highly probable that major gold extraction companies such as Freeport-McMoRan Inc. (NYSE: FCX) have a sizeable clientele in Dubai given how prominent the city is in terms of the amount of gold that is traded there each year.
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