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Dubai, beyond being a futuristic city in expansion to the point of hosting the next AIBC summit, remains a traditional place. In the old city, many merchants or individuals have been going to the old city for more than a century to buy pearls, gold or spices, more precisely in its traditional souks. But one souk in particular attracts many people passing through Dubai: the Gold Souk.
The importance of gold in Dubai: What attracts?
It is no coincidence that Dubai is called the “City of Gold” . Gold shines brightly in all the city’s key locations because the city has a historic attraction to precious metals. In the Gold Souk, there are more than 300 retailers selling gold, silver and precious stones, some of whom have been there for more than 40 years!
The advantage of going to the gold souk is probably the competitive prices. At this stage, there is no equivalent that is as attractive in terms of prices. For example, the value of the UAE dirham (United Arab Emirates) is very advantageous for Europeans (1 euro = about AED 4.5 at the current rate) interested in buying gold.
It is for this reason, but also because of the position that the UAE has acquired over the years, that approximately 30 to 40% of the world’s available gold stocks pass through Dubai every year. Due to its abundant gold reserves, jewellery workshops and even dedicated refineries, the gold trade remains the second most lucrative export source after oil, worth over €41 billion.
There are also several advantages to satisfy any type of customer. The absence of taxes for foreign tourists, an advantageous time zone for world trade with brokers available from 6am to 11pm to cover the whole world, and gold available in all its forms to please all types of investors, individuals or jewellers.
An interesting fact: it is at the gold souk that you can meet the world’s heaviest ring: the Najmat Taiba (or Taiba star), made by the Taiba Gold and Jewellery company of Saudi Arabia. This imposing ring weighs around 61 kg, is adorned with gold and 5.17 kg of Swarovski stones. Anyone interested can buy it for the modest price of AED 11 million, about €2.5 million at current prices. The ring, which has been approved by the World Gold Council, also has a certificate from the Guinness Book of Records attesting to its “weight in gold”.
How much profit does Dubai make from its gold?
In Dubai, the gold is transformed into two main uses: some of it into investment bars for banks and brokers and some into jewellery. The emirate has even developed an international label, proving the quality of its gold, its origin but also its technical specifications: the Dubai Good Delivery label. This label allows you to check what you are buying with complete peace of mind. In addition, the gold sector remains highly regulated: the Dubai Gold and Jewellery Group, a non-profit organisation with over 700 members, ensures that retailers follow the latest standards in order to remain in compliance.
Gold, a timeless store of value
Beyond the gold souk, the yellow metal remains an undeniable reserve of value in the world, which many investors decide to buy. Recently, some countries have turned to gold through their central banks: this is the case of Hungary, which recently tripled its gold reserves by investing nearly 28.4 tonnes, or €1.1 billion at the current price. Other countries have also taken this decision since the health crisis, with many individual investors also turning to gold to secure their reserves.
At a time when inflation is threatening and traditional money is losing its value, gold has set an example for centuries as a safe reserve against the world’s misfortunes. The interest in investing in gold is therefore obvious. Above all, gold remains an asset that secures one’s wealth, completely outside the international monetary system. This guarantee of a capital invested over the long term makes it possible to have savings and a means of payment resistant to all shocks or market reversals.
Read also > PANDORA STOPS ITS PRODUCTION OF NATURAL DIAMONDS
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Dubai, beyond being a futuristic city in expansion to the point of hosting the next AIBC summit, remains a traditional place. In the old city, many merchants or individuals have been going to the old city for more than a century to buy pearls, gold or spices, more precisely in its traditional souks. But one souk in particular attracts many people passing through Dubai: the Gold Souk.
The importance of gold in Dubai: What attracts?
It is no coincidence that Dubai is called the “City of Gold” . Gold shines brightly in all the city’s key locations because the city has a historic attraction to precious metals. In the Gold Souk, there are more than 300 retailers selling gold, silver and precious stones, some of whom have been there for more than 40 years!
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Dubai, beyond being a futuristic city in expansion to the point of hosting the next AIBC summit, remains a traditional place. In the old city, many merchants or individuals have been going to the old city for more than a century to buy pearls, gold or spices, more precisely in its traditional souks. But one souk in particular attracts many people passing through Dubai: the Gold Souk.
The importance of gold in Dubai: What attracts?
It is no coincidence that Dubai is called the “City of Gold” . Gold shines brightly in all the city’s key locations because the city has a historic attraction to precious metals. In the Gold Souk, there are more than 300 retailers selling gold, silver and precious stones, some of whom have been there for more than 40 years!
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