14 September 2012

Dubai Gold Souk - The Gold Market

Dubai Gold Souk or the Dubai Gold Market, is one of the oldest markets in Dubai. The souk consists of over 300 retailers that trade almost exclusively in jewelry. This is one of the best places in the world to buy gold. Some estimates that approximately 10 tons of gold is present at any given time in the souk.

Trade in the gold souk grew during the 1940s due to Dubai's free trade policies that encouraged entrepreneurs from India and Iran to set up stores in the souk. In the shops you can see myriad of treasures and due to the no taxes policies of the country, the price of gold here is the cheapest in the world. If you are invited to a Gypsy wedding, here you will surely find a great gift :) The influence of the Indian culture on the type of Jewelry is so obvious due to the fact that  India is Dubai's largest buyer of gold.

The Gold Souk is in the Deira part of Dubai. A trip to the Gold Souk truly demonstrates why Dubai has earned itself the title City of Gold. It's worth visit even if you have no intention of buying, just to soak in the atmosphere of shop windows glinting with 18, 21, 22 & 24 carat gold, showing-off the abundant riches of this part of the world.

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