UAE | General

All that glitters really is gold in Deira

Even in the summer heat well-known souq draws residents and visitors from all over the world looking for precious jewellery at good prices.

  • By Alice Johnson, Staff Reporter
  • Published: 23:37 July 24, 2008
  • Gulf News

  • The gold souq trades in precious metals, with the price changing on a daily basis.
  • Image Credit: Atiq-Ur-Rehman/Gulf News
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Dubai: "All that glitters, is not gold" ... unless you take a trip to the Deira Gold Souq of course. Hundreds of wide-eyed visitors marvel at the golden offerings daily, lining the streets of the covered, pedestrianised zone.

"People come in here every day, from all over the world," says Ali Mahmoud, salesman at Al Ramaizan Jewellery.

"People from Afghanistan, Pakistan and Yemen are fond of long gold necklaces. These are the most expensive because of the work involved in making them and their weight," he said.

The gold souq trades in precious metals, with the price changing on a daily basis. The articles are sold by weight, but also by the amount of work undertaken to make each individual item and the stones set in rings and necklaces for example.

"Yesterday the price was up, today the price is down. Every day the price changes," Mahmoud said.

Thursday's price for 24 carat gold was Dh110 per gram, although this varies from store to store by around Dh10 in each direction.

More than 300 stores that line the walkways do not only sell gold, but also buy and offer services such as engraving in both English and Arabic.

Traditional Emirati women's head-dresses, worn for celebrations such as weddings, can be found in the larger stores, weighing up to 420 grams.

The gold souq is popular among tourists, residents and Emirati nationals alike. Many of the shop owners speak a variety of languages - from Arabic and English, to Chinese, French and German.

Bargains galore can be found during Dubai Summer Surprises, with some traders offering up to 50 per cent off diamonds.

If you're thinking of popping that all-important question to a loved one, now is the time to look for engagement rings.

The sweltering heat of Dubai's summer hasn't stopped visitors to the gold souq, who flock to view some of the lowest prices in the world.

Small café and shop owners even offer their services to shoppers in the heat, serving up cold drinks and water from trays carried high on shoulders.

Serious-faced traders pore over their glittering wares, keeping an all-important eye out for keen customers.

Dubai's gold trade grew during the 1940s after the introduction of free trade policies, which encouraged traders from neighbouring countries to establish stores in the city. Many of these first stores are still operational today, enjoying the bustling trade of more than 50 years ago.

The value of gold sales in the UAE increased by 15 per cent in the first quarter of 2008, Gulf News reported earlier, which is a trend that is likely to continue for the following two quarters.

However much the price of gold slips or gains, it seems Deira's Gold Souq will continue as it has done over the years, attracting magpie customers from all over the world.

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