Dubai is known as the “City of Gold” as it is the center for gold investment and gold trade. With some of the worlds largest gold refineries and low storage costs, buying and storing your gold in a Dubai offshore vault is cheap and easy to do.
Gold ATM Machines The ‘Gold to Go’ gold vending machines are springing up around the country in popular hotels, shopping malls, and towers. The ATM-style gold dispenser features a multilingual 19-inch touch screen that display details of the 10 different products shown in the windowed showcase. It has real-time product pricing that is updated every 10 minutes and it accepts payment by cash as well as credit or debit cards. It was first introduced in Abu Dhabi’s Emirates Palace Hotel in May 2010 and is now also available in Dubai’s Mall of the Emirates (Ski Dubai), The Dubai Mall (Galeries Lafayette), Burj Khalifa (Ground and 124th Floors), InterContinental DFC, and Atlantis Palm Hotel. A number of the locations will have unique gold bars advertising that location, including the ‘At the Top’ Burj Khalifa edition, Emirates Palace edition, and Galeries Lafayette edition. When I visited the ATM machine in Dubai Mall, it featured a 1/10 ounce Canadian Maple Leaf, 1/2 and 1 ounce Australian Kangaroo, and various PAMP gold bars and pendants from 1 gram to 1 ounce, while other locations may have the South African Krugerrands.
My personal favourite bullion shop in the Emirates is Al Abyad Jewellers [06-5731961], as they have everything I want all under one roof and are a major bullion dealer for shops in Sharjah and Ajman. There selection includes gold bars (PAMP, Valcambi, Commerzbank, Argor-Hereaus, Emirates Gold), PAMP pendants (oval, heart and diamond shaped with standard, kaba, disney and rose designs, that have higher making charges), Valcambi coins (1 to 100 grams), PAMP silver bars (1 oz, 50g, 100g, 1kg – couldn’t find PAMP silver bars anywhere else in UAE) and oval-shaped pendants (5g to 1oz), Credit Suisse 10 tola (116.6 grams) gold bars, Emirates Gold silver bars (1/2 and 1 kilo), Gold Sovereign 21k/22k gold coins (1/2, 1, 2, 4, 8, 20, 40 grams), Turkish 21k/22k gold coins (1, 1.8, 3.6, 7.2, 18, 36 grams), Saudi Arabian 21k/22k gold coins (4, 8 grams), Mexican Peso gold coin, international gold coins (Canadian Maple Leaf, American Gold Eagle, South African Krugerrand, Austrian Philharmonic, Australian Kangaroo/Nugget, Chinese Panda), range of silver coins (including a 1kg Australian coin), Gold Sovereign silver coin (5 grams with around 33% premium), and 1 oz Valcambi palladium bars. So if you decide to go there, they are on the 1st floor of the south-east corner of the building and tell them that Yusuf Patan (my nickname at the shop) or Sunnah Money sent you.
What started back in the 1900s with a handful of retailers is now one of the largest and most reputable gold and diamond market places in the UAE with over 300 gold shops. Located in the heart of ‘old Dubai’ near the Creek, this is a jewellery lovers’ paradise bursting with everything from bars and bullions to bracelets and brooches.
Gold Stocks and Securities Dubai Gold Securities is listed on the NASDAQ Dubai stock exchange since March 2009 and is the only gold security listed in the Middle East. Investors can trade 1/10th ounce gold shares at a premium/discount to the USD spot price through a NASDAQ Dubai approved broker. The security is an initiative of the World Gold Council (WGC) and the Dubai Multi Commodities Centre and the traded gold (5,000 ounces) is held in allocated form in vaults of HSBC in London. It is a Shariah-compliant security that gives exposure to the price of gold, less the daily management fee for physical allocation. What I like about it is that its a close-ended fund, where investors are trading physically allocated gold similar to Sprott Physical Gold Trust (PHYS). But I don’t like that the gold is not held in vaults in Dubai, cant be regularly audited locally, cant be redeemed for physical bullion, and that HSBC is the custodian, as they are also the custodian of the fishy Gold ETF ‘GLD’.
Buying Gold In Dubai Guide
The gold futures contract will go live on November 21. When we last wrote on this subject, the Exchange was reporting considerable interest from a wide range of market members. The exchange will trade from 10:00am to 11:00pm local time Monday to Friday, thus overlapping with the Far East and North American markets. And a new development is that the Exchange will also open on Saturdays and Sundays as of early 2016 (although with shorter trading hours), thus giving traders access to a week-end market.
When you think of Dubai, the idea of buying gold surely pops up immediately. What started with gold trading, Dubai is now synonymous with the sale of gold. The Gold Souk area in Deira is the hub for gold shopping, and you should see the festive crowds and the elaborate display of gold to believe it. With shop windows literally laden with gold ornaments, you will be speechless when you see the glittering display! Watch out for the Dhanteras and Diwali promotions and discounts, where you can buy gold at a steal, with some intricate designs to choose from.
Why Is Gold Smuggled To Other Countries? What Are The Benefits To Smugglers From Smuggling Gold?
What you buy in each installment will depend on how much you can afford. For those who can afford, a 1 ounce gold bar and 1/2 kilo silver bar per interval is a good start. If that’s not possible, then maybe get a 8 gram Gold Sovereign and a 100 gram IAR silver bar, and for those who cant afford that, stick with only the 1 to 4 gram Gold Sovereigns. For those who can afford more than the 1 ounce gold bar and half kilo silver, possibly consider going for a 50 gram bar and 1 kilo silver bar, and for those who want even more, a TT gold bar and 2 or 3 silver kilo bars would be a good combination.
Tons of gold imports turn to dust on arrival – Emirates 24/7 [Aug 15, 2010] Several tons of gold imported into the UAE by traders and investors turned out to be fake on closer inspection, resulting in millions of dirhams in losses and high levels of stress to the victims.
This glitzy air-conditioned mall is the contemporary answer to Dubai’s traditional Gold Souk which houses approximately 60 retail jewellery stores. Shop around and haggle, but for beautiful bespoke diamond jewellery and superb customer service, you can’t beat Cara Jewellers.
Abu Dhabi is also a gold and diamond hotspot, with its one-stop shop, the Madinat Zayed. Also known as ‘the gold souk,’ this mall houses over 70 jewellers including the ever-popular Al Siddiq Jewellers.
Buying Gold In Dubai Vs Usa
Purchasing diamonds in Dubai is pretty straightforward. Always ask for the certificate of Authenticity when buying diamond and gemstone jewellery in the region and do also keep hold of the invoice including the description of the jewellery bought, as it might be required at the airport.
Plot uncovered to smuggle gold into UAE from Africa – Arabian Money [Dec 27, 2011] Security officials have foiled a money laundering operation that involved the smuggling of 94 kilograms of gold from Africa into the oil-rich state.
Physical gold to trump ETFs by 500% in 2011 – Arabian Money [Nov 13, 2011] Physical gold will outsell ETFs by 500 per cent this year, Standard Bank’s Walter de Wet told the 8th Dubai City of Gold Conference today. Two years ago the position was completely reversed with physical gold sales running at only 20 per cent of ETFs.