Wednesday, July 6, 2011

Dubai: City of Gold

Dubai is known as the 'City of Gold' and for good reason. The fastest growing gold business centre in the world, Dubai imports on more than 400 tons of gold yearly from Asia, far East and from all the major gold world market.

Inside Dubai Mall, the gold souk Area.

Dubai's gold quality and designs are famous, which are very impressive in different varieties of stylish designs to select from. The major contributor for Dubai to be successful in gold industry is free trade zone facilities, so there is not much taxes or customs duties are charged and that makes Dubai the best city to buy, trade gold and other jewelery .

"Trade in the gold souk grew during the 1940s due to Dubai's free trade policies which encouraged entrepreneurs from India and Iran to set up stores in the souk.  Despite a general slump in the global gold market." WikiPedia.  Therefore, Dubai has a long history in Gold trade even before the oil boom and tourism sector.  It become the major trade route  for many goods including gold in the19th century. Dubai port played major role in this business. 

The first ever gold souk in Dubai started in Deira near the main bus terminal right after the Shindagha tunnel on the right side. After renovation the Dubai's famous Gold Souk in Deira side is one of the largest gold retail shops line up in the world.  It is believed to be started around early 1900's with just few iron smiths and Gold retailers. Then after the free trade free zone came into effect in around 1940's and 50's, more Gold smiths, gold retailers and business itself boom. As results, many shops opened at the same area, so that time Dubai government decided to make official "souk" which is Arabic word and in English means "market", at that time wooden covered and design were build around the souk to give even more souk feelings and texture. 

Since then, more and more shops were open and rapid expansion of Gold Souk in Dubai in together with Oil boom,  more expansion of Gold Souk took place in different years since 70s. Gold shops grew from 50 retails shops to more than 300 retailers and wholesaler; all these shops are just accommodated in L shape are and surroundings areas. Shops renovated and regularly updated to meet international standards and not to loose Arabic culture Souk designs. On each narrow alleys of the souk there shops and on top covered by wooden roof with big fans to cool down visitors and workers who constantly moving around. These wooden designs keep the spirit which resemble of old Arabian souk streets. 

Safety and Security:
Each shop equipped with latest security systems including cams. These security systems are connected directly with Dubai Police. Mind you there non uniforms police patrols scattered around the Gold Souk. Anyone try to sell Gold, a security officer will be called to confirm the identity of the seller. Security in these areas are excellent. 

Other Gold Souks:
Well, you can find almost same design of Souk in Bur Dubai side, the other side of the creek, with gold shops line up.  Other in Karama, Satwa and in shopping malls.  Most of the Gold shops you will noticed are line up close to each other.

Gold and Diamond Park:
In recent times, you can say the advanced Dubai Souk came up and more new gold shopping souks were built such as Gold and Diamond Park along the Sheikh Zayed Road and others in different areas around Dubai.

Gold and Diamond Park add more texture to Dubai to be truly city of Gold. Dubai reputation in Gold & jewelery is becoming even more strong among the visitors, residence and tourists.   The park area is huge and accommodate different facilities in Gold and jewelry business. Also act as Free Zone, duty free zone and including 100% foreign ownership. So the Gold and Diamond Park is a competitive place for shoppers and best place for manufacturers and retailers. Fully backed up by the government, with 24-hour security.  

All facilities are available for Gold craftsmen to perform their work. Also the location is centrally located right in the business center of Dubai. The park only offer the highest standard quality of gold and diamonds, also visitors have opportunity to learn more about gold and how the designs are made. 

Gold Souk Locations in Dubai 
Deira Gold & Spice Souk:
Location: Creekside, Deira
Open hours: 9am-1pm and 4-10pm, Fridays 4-10pm

Bur Dubai Gold Souk:
Location: Opposite Bank of Baroda, 34th Street from Fahidi Street, Bur Dubai
Timings: 9am-1pm & 4-10pm. Fridays 4-10pm

Satwa Gold Souk:
Location: After the bus terminal toward Satwa R/A
Timings: 9am - 1pm and 5pm - 10pm

Useful links:

Gold and Diamond famous brand names in DUBAI and UAE in general:

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