The Dubai Gold Souk is one of the largest gold retail markets in the world, and an iconic, must-see site to experience when you are in Dubai. A traditional market (or Souk), this glittering expanse is symbolic of the opulence of Dubai.
Located in the heart of Dubai’s commercial district of Deira, the Souk is just a five minute walk from the old Souk marine station and bordered by the Dubai Vegetable & Fish Market and the Deira Corniche. Ideal access to the Souk is through the underwater Shindagha Tunnel, the driverless Dubai Metro at Al Ghubaiba, or by water taxi - ‘Abra’ from the Creek in Bur Dubai.
The dazzling environs of the Dubai Gold Souk give Dubai the fitting title, ‘City of Gold.’ But that’s not all. The Souk also trades in precious metals such as platinum, diamonds and silver and consists of over 300 retailers trading in an impressive collection of exclusive jewellery in the area of just half a square kilometre.
Prices at Dubai Gold Souk are some of the most competitive in the world and are, for the most part, determined by weight and the daily gold rate. The fluctuations in world gold prices, types of gold and craftsmanship are the main factors that determine the final price of jewellery. The quality of the merchandise found here is strictly controlled by the government. So you can be rest assured about the quality of your purchases here. If you plan on purchasing something, make sure to bargain hard when at the Gold Souk.
The Dubai Gold Souk has a stunning range and selection of merchandise. It features a glittering and grandiose collection of 18, 21, 22 and 24 carat gold in a variety of forms, such as earrings, rings, necklaces, bangles, bracelets and pendants. In spoiling its customers with choices, the Souk also presents gold classifications in white, pink, and purple to its diverse collection for sale. Craftsmanship found here is both impeccable and awe-inspiring. The Souk’s ambiance could be best experienced at night, when the lavish collections of merchandise come dazzlingly alive under sparkling display windows.
The Souk has come a long way and has grown exponentially since its inception in the 1900s. From just a few traders, it recorded its first-ever notable growth spurt during the 1940s and 1950s when Dubai’s free trade policies incentivized traders from India and Iran to set up shop in the Emirate. The Souk recorded its next major phase of growth as a knock-on effect of the expansion brought about by the oil boom in the 1970s. Today, it sits poised in all pomposity as one of the largest gold markets in the world.
A touch of tradition is still visible in the crafts and ambiance seen here at the Dubai Gold Souk. Though modernized and refurbished to be on par with international standards, the Souk still retains the old world charm of the Arab world, through iconic wooden archways and narrow alleys that are characteristic of the architecture of the region.
According to some estimates, the Souk holds approximately 10 tons of gold at any given time and about 20 percent of the world’s gold passes through this market. It might be interesting to note that considering the volume of gold traded at the Souk, gold dust gathered through housekeeping day by day at the Dubai Gold Souk is substantial enough to be sent back to the refinery for casting.
Even if you don’t intend to shop here, it’s well worth the visit. It is glittering evidence that the Souk has truly established the Emirate of Dubai as the ‘City of Gold’.