Everyone is familiar with the lavish lifestyle of Dubai and the amount of luxury that you can experience there. Through social media, there is no such thing that you can’t know about a place, and people are visiting the city in huge numbers to spend their vacation. Various aspects are involved in the growth of a business, and if we are to discuss Dubai, the primary factor among all is gold. If you ever had the chance to visit the place, you must have witnessed many shopping malls with luxury brands’ outlets all over the place. Not just the luxury, Dubai is also widely known for the nightlife and the modern architecture that it has to offer. Before the economic development of the UAE, the dream destination of many had not much to offer. However, now the country not just boasts of the world’s tallest building, Burj Khalifa. Still, you will also experience the most luxurious and fancy hospitality at Burj-al-Arab. In this blog, we are going to discuss the top few reasons behind the fact that a majority of tourists visit the country to get themselves loaded with gold. The critical aspect behind Dubai’s booming gold market is the strategy opted for it. The city buys all the raw materials from Africa and then sells them to Asian countries as finished products. Dubai accounts for a whopping 29% of the global gold trade, with around 1,200 tons being traded in its markets.
Dubai Is Also the World’s Biggest Retail Market For The Yellow Metal
You might assume the fact that Dubai is the country with just the most significant trade share in the global gold markets. You must know that this emirate is also the one with the most important retail market. Earlier than Dubai, the market was captured by Kuwait, and once taken over during the 1980s; it remained on the top. Another aspect that contributed to the country’s economic development with gold as the primary factor is its geography. The fact that the taxes are meager in Dubai has made it a perfect destination for shoppers to get the jewelry of their choice. If you are a trader, the country also allows you to trade gold in the commercial markets.
Perks Of Buying Gold From Dubai:
These are the few factors you must pay precise attention to when getting your favorite jewelry from Dubai.
1.No matter whether you are buying the gold as an investment or buying it as jewelry, you must make sure that it is in its purest form. There are strict regulations in place by the Central Laboratories Department to make sure there is no quality issue.
2. As the vast market, the pricing you will get here is also extremely competitive. Once you have decided to get something, we highly recommend exploring the markets for the best price.
3. There is also a plethora of varieties you will get in the city when it comes to choosing your jewelry style. A total of more than 180 nations have their presence in Dubai’s gold souks, and you will get every design such as Asian, Western, Arabic, etc.
Apart from these advantages, there is always a chance of fraud, and you must be aware of all. While making the purchase, never skip asking for the hallmark. The government has made it compulsory for all jewelry shops. Also, when you’re explicitly buying jewelry made of diamond or gemstone, you must ask for all the relevant documents as they will be required at the airport.