A full guide on how to exchange your gold jewellery in UAE
If you bought gold in the '80s and '90s, you're in for a bumper profit if you sell now
Dubai: Are you bored with old jewellery designs, and looking for something trendier and modern?
Then you won't have to go and break the budget as you can easily exchange your old pieces for new ones, while keeping in style with the latest fashion. If you are wondering how and where to do it, just sit back and relax.
Read our full guide on where to buy and sell gold, and learn what are the key points to look out for while doing so.
How to sell gold in Dubai
If you want to exchange your old gold jewellery for newer ones, here is what you need to do.
Understand the type of gold you own
You can check the authenticity of the gold you own by checking for the fineness mark on your jewellery piece. The engrave of the mark could be very tiny, so ask the jeweller to give you the magnifying glass and check for the mark.
The hallmarking
Gold pieces carry various fineness mark, according to the caratage of gold. For example, 22 carat carries a mark of 916, 21 carat – 875, 18 carat – 750, 16 carat – 666, 14 carat – 583, 12 carat – 500. Silver and platinum jewellery pieces carry fineness marks as well
Vendors will assess the value of your gold based on their weight, country of origin, and purity. You can bet that the labour charges spent on making the design of your jewellery won't be recovered.
Documents you need for selling
You'll need some form of identification with you, such as an original passport or ID, in addition to the invoice or authentification certificate of your gold piece. If both are not available, the retailer will check for the fineness mark on the jewellery piece to authenticate if the piece is 18 karat, 21 karat or 22 karat.
Selling gold at market price
If you're keen on selling your old gold, keep an eye out for the changing market prices. If you are one of those who bought jewellery pieces way back in the '80s and '90s and want to update your jewellery to more modern designs, then you can do – but be prepared to sell your items when the buying price for gold is high.
Where to sell gold in Dubai
Selling gold in Dubai is not difficult at all. We list two hot spots where you can sell gold in Dubai.
Deira Gold Souk - Old Dubai
Location: Al Ras, Dubai
You can never go wrong with the Gold Souk in Dubai. Most shops will purchase used gold, and there are hundreds of them. Simply look out for the stores advertising on their windows that they are buying gold.
Al Fahidi Souk
Location: Meena Bazaar - Bur Dubai, Dubai
The shopping district gives people a taste of traditional Dubai, with a hustling, bustling place of vendors offering products from South Asia. You can sell used gold here, however, it's worth noting that this is a stop for expert bargaining skills and for shoppers who are careful with their spending.
Understand the gold you are buying
The price of gold relies on the karat and weight. "Karat" (k) is the measure of the purity or fineness of gold. The higher it is, the purer the gold as it's mixed with fewer other metals.
• 24 karats or fineness of 1000: 100% pure gold
• 22 karats or fineness of 0.9166: 91.5% pure gold, mixed with other metals (such as copper)
• 18 karats or fineness of 0.750: 75% pure gold
Pure gold or 24 karat gold is soft, which hardens when it's mixed with other metals like silver and copper. Gold also has different colours due to the percentage of alloys it contains.
Pick your jewellery
Depending on the type of accessory - earrings, necklace, ring, bracelet, - its karat and weight will vary, and so will the price. The shop vendor will weigh the jewellery pieces you picked so they can determine the cost.
Negotiate
The quality and purity of gold in Dubai is a brand by itself. Dubai Municipality, through the Dubai Central Laboratories (DCL), regulates the gold, silver, platinum and gemstones traded in the emirate.
Secondly, trust is paramount for precious metals. The emirate's entire jewellery trade rests on uncompromising standards.
Trust is the key value Dubai managed to keep, which adheres to standards at every level. Weighing scales must be calibrated through unannounced inspections, ensuring milligram accuracy.
So rest assured what you are buying is genuine. If you come across any discrepancies, contact Dubai Municipality as officials assure that they respond immediately to complaints.
Ask for authentication
Once you've settled on the price, don't forget to request for the following:
• Your invoice
• Authentication certificate for the gold
The authentication certificates must be given by the vendors upon request. The certificate details the gold karats, the weight of the gold and the final jewellery piece, the weight of the other stones in the jewellery, and the making-costs for the item. With this document, you'll be able to get your piece authenticated and valued internationally.
Where you can buy gold
Here are some of the places to purchase gold, gems, and jewellery in Dubai.
Deira Gold Souk - Old Dubai
Location: Al Ras, Dubai
The Deira Gold Souk in Dubai is one of the oldest and traditional souks in Dubai. The shopping district has rows and rows of over 300 gold and jewellery shops, where buyers can select from a wide range of products while enjoying a traditional Dubai atmosphere. As it's a popular spot, there are many tour buses that pass through, as well as public transport options nearby.
The Gold and Diamond Park
Location: Al Quoz 3, Dubai
The Gold and Diamond Park is an indoor air-conditioned mall dedicated to gold and diamonds, as well as precious stones. With more than 70 shops available, you're sure to find the right pick for you. And if you want something more special and custom-made, there are skilled artisans available to craft what you're looking for.
The Gold Souk at Dubai Mall
Location: Dubai Mall, Dubai
The Gold Souk calls for a more modern, indoor shopping experience with a traditional, Arabesque vibe. Located inside the city's largest mall, the shopping destination is a prime spot for purchasing gold, jewellery, precious stones, perfumes, and high-end fashion.
Damiani
Location: Dubai Mall, Dubai
This exquisite Italian brand can only be found in one location in the UAE. In addition to their stunning and unique gold, gems, and jewelry collection, they also have a range of high-end watches.
Damas Jewelry
Location: Across Dubai
If you're looking to purchase gold in a glossy, larger store, their branches can be found in most malls across Dubai. Damas has been in the gold and jewelry industry for over 100 years, so you can expect nothing but quality from them. You can choose from a wide selection of precious stones and designs to match with your gold.
Joyalukkas
Location: Across Dubai
Joyalukkas can be conveniently found in hypermarkets in the city and in some major supermarkets like Lulu, too. The shops range from large, luxurious stores to smaller vendors. A variety of gold and diamond brands are housed under the brand.
Malabar Gold and Diamonds
Location: Across Dubai
Pick from over 127 designs for men, women, and children from their jewelry collection from any of their 23 stores in Dubai. They also have a dedicated gold market rate tracker on their website.
How gold rates are set in Dubai
For the latest on gold and forex rates, check the link here.
Malabar Gold's Shamlal Ahmad, Managing Partner of Malabar Gold said rates are fixed based on the dynamic international gold price, which changes almost every second.
“The price[s] available online are applicable for online trading. Whereas the price for physical gold purchase is fixed by bullion dealers incorporating the cost associated [with it]," Ahmad explained in an interview with Gulf News.
"For Dubai retail, suggested retail price is recommended by the Dubai Gold and Jewellery Group under supervision from the Consumer Protection Section of Dubai Economic Department (DED), based on the international prices and the overhead incurred in different trade leads. Because the price is very volatile, it [is] fixed three times a day,” he explained.