For all the ladies who love owning diamonds, Dubai is an excellent place in which to buy quality diamonds at prices which can sometimes be almost 50% cheaper than in other countries. This is primarily because of two reasons: because of Dubai’s tax-free business module, you do not have to pay taxes on diamonds bought in Dubai and because of Dubai’s strategic location, most diamonds, which arrive from India and South Africa, do not have to travel such great distances to reach the country. Furthermore, most diamond merchants will negotiate prices with potential buyers so a little haggling can get you further price reductions.
Unlike gold, most jewelers agree that diamonds do not appreciate over time. Gold, which is often treated like a currency owing to its consistent character, is easily exchangeable without having to be assessed, especially in the case of gold bars. Diamonds, however, are much harder to sell. Each diamond is unique in its characteristics, size, cut and color. When you buy diamond jewelry from a shop, you have possibly already lost 20 percent on its resale the minute you walk out of the shop with your purchase, unless a seller gives you a time-bound buy-back guarantee.
Even so, diamonds are a girl’s best friend and the allure of owning a diamond remains, irrespective of its return on investment. Diamonds are valued for their beauty and perfection and are considered by most, above gold, to be the ultimate gift of lasting love. As buying a diamond can set you back quite a bit, make sure that you buy from a reputed jeweler who will give you a certificate stating all the relevant details of the diamond including where it is mined from. According to Dubai law, diamond merchants are required to give these certificates for every purchase of an authentic diamond product. A diamond’s quality can be determined by several distinguishing features commonly referred to as 4C: cut, color, clarity and carat. Pay attention to these when making your purchase.
Diamond Cut: This refers to the workmanship and the quality of a diamond in terms of sparkle, brilliance and fire. At the end of 2005, the Dubai Metal and Commodities Center (DMCC) revealed the exceptional ‘Dubai Cut’, a 99 faceted diamond inspired by the 99 names of Allah.
Diamond Color: As a general rule of thumb, the less color a diamond possesses the more valuable it becomes.
Diamond Clarity: This measure the clarity of a diamond with grades running from ‘Flawless’ without any imperfections to ‘Included’ which will not be as perfect in terms of clarity.
Diamond Carat: Refers to the weight of a diamond; the heavier the diamond the more valuable it becomes.
Diamond Certification: Often referred to as the 5th ‘C’, a diamond certificate is issued by a third-party agency, not buyer or seller, authenticating the characteristics of a diamond. The most recognized of these is the Gemological Institute of America (GIA), the Diamond High Council (short for the Dutch ‘Hoge Raad voor Diamant’) and the International Gemological Institute (IGI).
Whether, you’re looking for a diamond engagement ring, earrings, necklaces or any other diamond jewelry item, there are many places to shop for quality diamonds in Dubai. Listed below are the five best places to buy diamond jewelry in Dubai; each location has its unique advantages and your preferences are likely to determine which location you select.
Gold Souk of Dubai
Extremely popular and well known for its range of gold shops, the Gold Souk is located at the heart of Dubai’s old commercial district in Deira and consists of a host of stores both well-established as well as smaller merchant stores. The range of diamond stock on display is extensive, but buyers can negotiate prices, which may not be to everyone’s taste. While the Gold Souk gives you a real flavor for the ‘old’ Dubai.
Dubai Gold and Diamond Park
The Gold and Diamond Park is a huge air-conditioned mall located on Sheikh Zayed Road right next to the First Gulf Bank metro stop. The mall has approximately 60 retail jewelry stores with a wide range of styles and products. This is the perfect place for genuine diamond buyers who know the specifications they want and are prepared to haggle with the sales team. Diamond prices can vary from store to store and your ability to get a good deal might often depend on your ability to bargain. However, keep in mind that most diamond sellers already have a threshold below which they will not make a deal, so if you are looking to half the first price the sales persons tells you, good luck with making a purchase!
Dubai Diamond Trading Websites
For unbeatable prices on a huge range of diamond jewelry, online purchasing from an internet-based shop such as Fergus James, will give you competitive rates in the market. Since online traders have substantially fewer overheads than a traditional retail store with a physical location, prices here are quite amazing compared to traditional stores. However, buying certified diamonds is a must when shopping online; most online traders will ask for a deposit to reserve your diamond that will generally not exceed 5% of the product cost.
A very popular jewelry store with several branches across the emirate, Joyallukas is one of Dubai’s leading jewelry stores and the first to be awarded the prestigious ISO 9001:2008 and 14001:2004 certification as well as being awarded the Dubai Quality Awards Certification by the ruler of Dubai, His Highness Sheikh Mohammed bin Rashid al Maktoum.
An internationally recognized brand headquartered in Dubai, Damas offers a classic range of top quality diamond jewelry backed by a hundred years in the jewelry business. Committed to providing the highest quality of products with the finest craftsmanship, Damas has continued its expansion from a small gold shop to a globally recognized brand with more than 300 stores across 6 countries.