Dubai Diaries: Does it really pay to turn your old gold jewellery into extra cash?
Why UAE residents are cashing in old gold—and what to know before heading to the Souq
Dubai: Gold isn’t just for wearing or gifting in the UAE—it’s also a backup plan when cash runs low. And many residents often find themselves wondering: Can I actually make money selling my old gold? The short answer? Yes—but only if you play it smart.
When it comes to reselling, not all gold is treated equally. Jewellery, especially old or worn pieces, may not fetch the full price you paid because of deductions for making charges, wastage, and wear-and-tear. But gold bars and coins? Those are easier to sell and closer to market value.
The price you get depends on purity (measured in karats), weight (in grams), and the current global rate. A simple formula can give you a rough idea of how much your piece is worth. For example, 22-karat gold will earn more than 14-karat, assuming the same weight.
Timing is (almost) everything
Gold prices fluctuate daily. Reselling when global prices are high—or when there’s seasonal demand like during Eid or Dubai Shopping Festival—can help you maximise returns. Right now, prices hover near Dh369 per gram for 22K gold, which many consider a fair exit point.
In Dubai, Meena Bazaar, Al Fahidi Souk, and jewellery stores across Deira and Karama are popular go-to spots. But if you’re selling coins or bars, bullion dealers might offer better deals. Always check multiple buyers before selling—and don’t hesitate to negotiate.
Get your gold appraised, especially if it’s antique or designer jewellery. Document everything, weigh your pieces at a jeweller (or at home if needed), and verify the karat stamp. The more informed you are, the less likely you’ll be shortchanged.
Jewellery comes with costs
Unlike gold bars, jewellery carries hidden costs. Labour, design, and wastage fees mean you likely won’t recover the full price even if gold rates rise. Some jewellers even refuse to buy back their own pieces at full value unless pre-agreed at purchase.
Long-time UAE expats often view gold as emergency savings—there when school fees, medical bills, or unexpected expenses pop up. For others, it’s a way to clean out the closet and convert unused pieces into useful cash.
Checklist when selling old gold in Dubai
Watch gold price trends daily
Gold rates shift constantly—check prices online before deciding to sell.Don’t act on impulse
Sudden drops or spikes in price can tempt quick sales—stay calm and wait for value.Understand what you’re selling
Know the purity (karat), weight, and gold content—especially for mixed or antique items.Scrap vs. design value
Some jewellery may fetch more melted down than sold for its design—compare both.Get an expert appraisal
Especially for older or ornate pieces—independent jewellers can give better evaluations.Look for hallmarks
Always check for official purity stamps before you sell—it affects final price.Stick to licensed buyers
Whether it’s a bullion dealer or shop in Meena Bazaar, make sure they’re registered and trustworthy.Photograph your pieces
Document weight, design, and condition—useful for negotiation or claims.Compare offers
Don’t settle for the first price—visit multiple shops and platforms for the best deal.Ask about hidden fees
Some buyers deduct making, wastage, or handling charges—get clarity upfront.
Final verdict
Selling old gold in Dubai can be worth your while—if you’re realistic. Don’t expect retail value, especially with jewellery. But with a little homework and timing, that forgotten necklace or broken bangle could help cover a bill or fund your next summer break.
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