Gold bars are sold by weight. You can buy slim investment bars weighing 1 gram, and you can purchase 1-kilogram gold bars. Gold is viewed by many as a secure investment, and it offers fast liquidity.
In Dubai, gold bars can be purchased direct from suppliers or at gold jewelry shops. There are gold suppliers in Dubai that refine and produce gold products themselves.
When looking to buy gold bars, stick to brand names that provide certification (assay), attesting to the quality and purity of their bars. Smaller investment bars generally come in plastic packaging that prevents the gold, which is malleable, from being damaged.
The price of gold fluctuates according to world markets. Before buying gold bars, check the current price of gold in Dubai. This is the amount you should be paying.
Emirates Gold is a UAE company that provides gold and silver assaying (monitoring the quality of metal), smelting, and production of gold products. Emirates Gold provides a range of gold bars of various weight and purity. They also sell gold pendants, coins, and medals.
The Rose of Dubai is a very popular design on the Emirates Gold investment gold bars. Consumers can choose from a range of custom products, and can purchase rectangular and standard gold bars. Those looking to convert more of their money to precious metal can invest in kilogram gold bars as well.
Another UAE supplier is al Etihad Gold. The refinery is accredited by Dubai Good Delivery, the global standard accreditation for companies producing 1-kilogram bars with a fineness of 995.
Minted bars from this company bear icons of the region, such as the palm tree and the dhow, as well as important symbols of Islam, such as Mecca. Bars from this supplier would make a unique gift.
Kaloti Precious Metals sells cast gold bars as well as minted gold bars. Its headquarters are in Dubai. It is a relatively new company that has enjoyed growing prominence both in the UAE and globally. It is the founder member of the Shanghai International Gold Exchange.
Other brands of gold bars include PAMP Suisse, RCM (Royal Canadian Mint), Metalor, Valcambi. and Argor-Heraeus. When purchasing gold bars from a specific company, check the number of years it has been in business, its accreditation, and the types of products it offers.
It is also possible to buy gold bars online. The National Bullion House is a gold dealer offering an online store that allows customers to choose the weight and brand of gold bar they wish to purchase. Delivery is free in the UAE.
Dubai Gold Souk is a market comprising (nearly exclusively) jewelry shops selling gold and other precious metal. There are well-known jewelers just as Damas and Joy Alukkas at this souk. It is located in Deira near the al Ras Metro Station.
Another location for indoor gold retailers is Dubai’s Gold and Diamond Park. Similar to the Gold Souk, this location houses many commercial retailers under one roof. It is next to the First Gulf Metro Station, and it is located on Sheikh Zayed Road in the area known as “new Dubai.”
Buy gold bars from an automated machine
Yes, in Dubai one can buy gold from a machine. These “Gold to Go” machines are in popular tourist attractions such as Souk Madinat Jumeirah, Dubai Mall, and Atlantis The Palm Hotel.
Payment for the gold bars is via cash or credit card. You can choose the hallmark that you’d like engraved onto your bar, and the prices are continually updated during the day to correlate with the price of gold. This is a straightforward way for tourists and small investors to purchase gold.
What to consider before buying gold bars
Gold signifies wealth, and as such, it is a desirable investment in the Middle East. Gold bars are generally bought for either investment purposes or as souvenirs and gifts. Arab women are often given lavish gifts of gold at their wedding.
Gold can form part of a good investment portfolio as it quickly converts to cash. There are a few things you should consider when buying gold bars in Dubai.
Gold bars are sold in grams, ounces and tola. The tola is a South Asian unit of mass, equal to about 11.66 grams. The weight of the bar you purchase is stamped on the bar. Bars sold in grams or ounces have corners, while the tola bars have rounded edges.
The purity of gold is measured in units from 100 to 10000. The minimum standard of purity for gold bars is 99.5% gold. The highest purity is “four nines,” which is 99.99% pure gold.
When you buy a gold bar, it should be stamped with the mark or “hallmark” of the supplier, as well as a mark indicating the weight and purity of the bar. The bar might be stamped with an assay number.
Assaying refers to the monitoring of the quality of gold whilst it is being refined. The assay can be stamped on the bar, and/or the bar will come with a certificate indicating that you have bought authentic gold.
Gold bars can be poured or minted. The poured bars are more free form and their dimensions vary. They are cheaper to fabricate, so you’ll not be spending a premium on production costs.
Gold bars that are poured have a rougher look, but are no less valuable than minted bars.
Minted bars are faster to produce and have a finer finish because they are rolled and cut from a sheet of gold. Minted bars are often stamped with designs and make attractive gifts. One ounce gold bars are quite popular.
The Dubai Central Laboratory Department inspects gold and jewelry shops. It provides a quality audit of these shops, ensuring standards for the gold that is being sold.
If a shop passes the DCLD inspection and becomes a member of the Dubai Service Excellence Scheme, then the shop owners can apply for the Bareeq Excellence Award. Look for this Bareeq Excellence aware when choosing a gold shop.