Buy Gold United Arab Emirates

Market overview. The UAE, and Dubai in particular, is one of the world's largest gold trading hubs. Jewellery is sold mainly in 21K and 22K, with 18K for gem-set and designer pieces and 24K for bars and coins. The dirham is pegged to the US dollar at 3.6725, so dirham gold prices move with the dollar price. Prices are quoted per gram in dirhams.

Where to buy. The best-known market is the Gold Souk in Deira, Dubai, where many shops compete side by side; jewellery chains in malls sell at fixed prices, and licensed bullion dealers sell bars and coins. Agree the per-gram price and the making charge before the piece is weighed, and ask for an invoice that shows the weight, karat, making charge and VAT.

Hallmarks and checks. Look for the purity stamp (875 for 21K, 916 for 22K, 750 for 18K) and the maker's mark. For bars, keep the refiner's assay card and serial number.

VAT. The 5% VAT applies to the whole price of jewellery. If you are visiting, keep the original tax invoice: eligible purchases can be submitted for a VAT refund when you leave.

Working out a fair price. The spot equivalent shown above is the value of the gold itself. A shop's price is that value plus the making charge, with 5% VAT on the total. Comparing the making charge for similar pieces at a few shops is the simplest way to judge a quote.