Selling Gold in Dubai: How to Get the Best Price

Gold necklaces in a jewellery shop window

Dubai is one of the busiest gold markets in the world, and selling gold here is easy. But what you get paid varies a lot between shops and depending on how you sell. Here is what to know first.

How shops price your gold

A shop buys used gold as metal: net weight × today's gram rate for that karat, minus its margin. So work out the figure yourself first using today's gold rate in Dubai.

Example: 20 grams of 22K at AED 432.94 per gram (for illustration) gives a metal value of AED 8,658.73. The shop's offer will be a little below that.

What you don't get back

The making charge: as Gulf News puts it, don't assume a buyer will reimburse the craftsmanship. Read gold making charges in the UAE.
The 5% VAT you paid when buying.
The weight of stones: only the gold is counted.

Cash or exchange?

Many shops offer a better rate when you exchange for a new piece from them, and apply an extra deduction for cash buybacks. Some published retailer terms also exclude the original making charges and taxes from exchange valuations. Ask about both and get the terms in writing.

Tips for the best offer

Work out the metal value before you leave home.
Bring the original invoice; some shops pay more for their own pieces.
Have the gold weighed in front of you, and ask how they test the purity.
Ask two or three shops. The Deira Gold Souk makes comparing easy. Read our Gold Souk guide.
Ask directly: how much in cash, and how much in exchange?

If you are buying now to sell later

Consider bars or tola bars instead of jewellery: making charges are low and resale is closer to the market rate. Read what is a tola and 22K or 24K gold.