Dubai’s booming economy has fueled its emergence as a global hub for precious metals, and the city’s lax regulations have created an ecosystem of smuggling, gold laundering, and TBML. But what is behind the curtains?
This year, Dubai City of Gold will give shoppers – who buy jewellery in more than 125 outlets – the chance to win vouchers worth up to AED 150,000.
The Gold Souq
Dubai’s rich history of trade shines through in the Gold Souk, a must-see for any visitor. This Old Dubai destination is quite different from the glittering malls and skyscrapers that define its contemporary image.
The Gold Souk traces its roots to the early 1900’s, when it started with just a few jewelers on the banks of Dubai Creek. It grew dramatically in the 1940’s when new trade policies opened up the country to Indian and Iranian merchants.
Today, the market is a hub for over 300 stores dealing mostly in gold jewellery. Most of these retailers have been around for years. Others are newer and have quickly become popular. Cara, Damas, Joyalukkas and Malabar Gold are just a few of the big names you’ll find here.
When you’re shopping for gold here, be prepared to bargain. The vendors are used to foreign visitors and will often ask for a lower price than what you see on the tag.
The Deira Market
Located in Deira, this area of Old Dubai is a labyrinth of covered walkways filled with gold retailers. Whether you’re looking to buy or not, this famous souk should be on your list of Dubai City of Gold destinations.
You can easily reach the Deira Gold Souk via an abra or by taking the metro to Al Ras station. Taxi drivers also know this area very well and can be a great help with directions.
A visit to this district reveals a side of Dubai that is rarely highlighted. Many of its residents are not wealthy, but they have built a solid base for themselves with their own businesses and loyal clientele. One such example is Damas Jewellery, which specializes in elegant extravagance. Founded in 1951, it has become a unique brand that has won its own loyal following. Their designs reflect a dedication to artistry and innovation. Their jewelry is a must-see for all visitors to the city of gold.
The Al Fahidi Historical District
Despite Dubai’s reputation for leaving visitors in awe with its outlandish new skyscrapers, there is much more to this surprising city. Spend a day wandering the streets of the Al Fahidi Historical District to discover an older, quieter side of this modern city.
The Sheikh Mohammed Centre for Cultural Understanding is an excellent place to start, offering enlightening tours of this old neighborhood and its traditional wind towers. You can also check out the Coins Museum, which features over 500 rare coins from different eras and regions.
If you’re hungry, the many restaurants and cafes in this area serve up a range of traditional dishes, including Machboos (rice dish), Luqaimat (sweet dumplings), and Balaleet (sweet vermicelli). There are also many shops selling handmade goods like jewelry and souvenirs for those who want to take a piece of Dubai home with them. Each twisting alley and swaying tower in this heritage district tells its own story of the past.
The Dubai Creek
Dubai is a city that has always been associated with gold and jewellery. In fact, it is estimated that around 40% of the world’s gold passes through the various Souks that line the Dubai Creek in Old Dubai, particularly in Deira.
The small network of jewellers that started trading in the 1950s eventually developed into one of the largest markets for gold in the world. This was partly due to the fact that Dubai is exempt from taxes, which makes it a more attractive destination for buyers than the likes of Macy’s and Tiffany’s in other countries.
The best way to get to the Gold Souk from the center of Dubai is via metro or bus. The nearest metro station is Al Ras (on the Green Line) and Gold Souq Bus Station is just a short walk away. Alternatively, you can hop aboard a traditional abra boat for a ride across the Dubai Creek that takes no more than five minutes.