How To Buy Gold in Dubai… and Check It's REAL! (Avoid Scams)

Greetings friends. Is it safe to buy

gold

here in Dubai? And is it cheaper? We are going to find out all that today because we are here to buy some

gold

for my mother-in-law. Now, there are a few things you need to know. First of all, the best place to buy gold here in Dubai is the gold souk or the gold and diamond park. And secondly, you need an authentication certificate and you need to make sure the gold is hallmarked. But what is contrast? The hallmark is a seal on the jewel that indicates its purity. But why should I trust the seal alone?

That doesn't seem stupid to me. So in this video I'll also show you how to get your gold tested at a lab. But first, let's see what is available in the gold souk (market), hear about the

scams

, see if there are any benefits to buying gold in Dubai and of course, is gold

real

ly cheaper there? And my first piece of advice is just don't trust the scammers you can see left and right behind me. Don't go down the alleys with them. They mainly sell counterfeit products. So if they sell counterfeit products and also try to sell you silver and gold, can you

real

ly trust them?

And I know from my experience in India, especially in Chandni Chowk, that these agents, every time they take you to a store, they charge a commission to the store owner, and that commission comes out of your pocket. So how is gold valued in Dubai? There are three components. There is a gold price displayed in the store, then there is a 5% tax, which I will show you how to get back at the airport, and finally, this is the secret to saving money, there is a manufacturing fee for the designs. It's between zero and a whopping 50%. Keep looking because I found a mall with a 0% profit rate.

Honey, basically where you can save money is on manufacturing fees. You have to negotiate hard with those who generate the fees and reduce them as much as possible. Now, there are two benefits of shopping here in Dubai. The first benefit is that you have a huge variety of different designs here. It's amazing, right? There are hundreds of stores here. It's a good and bad thing because you don't know where to go and what to choose because of so many designs here and so many stores, you have no idea. As if he had no idea. That is exactly our next challenge.

Well. And the other second good thing is that there are less

scams

here because they have a body that certifies all the gold here in Dubai. Alright. Now that we know everything we need to find a store, we need to buy something. So how do you think we're going to attack this? Because as I said there are hundreds of stores here, an incredible variety. Let's do it the desi way. Go to a few stores, find out their manufacturing charges and how they charge and then we'll decide where to buy. Yes, that is good advice. Come on, let's compare prices.

Don't just go to the first store you see. We can find a store with some real Desi designs that your mother might really like. Yes. Yes. You like this one. Yes, I like this one too. Were you thinking of taking one? And you can take one. It's good, awesome. You can see it well. Beautiful, right? Oh yeah, your mom will like this one. She turns this way so I can. Yes it's correct. Is this your store? Yes. Started by my father in the 1980s. And are you a subscriber to the channel? Yes I am. - Yes, he knows me.

He approached me just before while we were shopping at his store here. And brother, tell us how safe it is to buy gold here in Dubai. So in Dubai in general, I'm not even going to talk about my store. But anywhere you buy gold in Dubai is very safe because the laws here are very strict. Basically, they do a random

check

every month. The government comes in, picks up some jewelry, takes it to the lab and gives us the results. If there is any difference in the purity of the gold, I know they will probably close the store or...

You will get in trouble if you sell bad gold. Because they want to protect the reputation of this place. It's a great place to buy gold, right? - Exactly correct. And you just told me that there is a laboratory nearby that we can go to and test for gold there. - Good. Let's do that. We are going to buy something in this market and we are going to go try it. Perfect, this little certificate here is how you get your taxes back at Dubai airport. There is a counter there for this and you won't get the 5% back.

You get like 85% back on the 5%, whatever it is. There is a service fee that covers 15%. Well, always save your receipts here and recover all taxes from all your purchases here in Dubai, except online purchases. Since it doesn't include like Amazon, UAE or whatever. It's only for things you buy in the stores here. So, at one of those stores there, we met a guy who is a Karl subscriber. Thank you Mayur. Thank you Mayur from Gujarat. And Mayur told us that near gate number three, when you turn left, there is a golden center building that has shops, and those shops do not charge any manufacturing fee.

Yes. So let's take a look at the golden center. We'll get the best bang for our buck there, right? - Yes. So we are in a store with zero manufacturing fees right now. And I asked them how can they make money if they don't charge a manufacturing fee? But there is a small amount of profit for them in the price of gold. So these guys operate selling volume, volume of gold. Then we could buy something here. And then let's go to the lab and do a test to see if it's real. And just chat with the people in the store, get to know them.

You will often see one of the family members in the shops because this is like India. You will have a family member taking care of the money, you know? Yes, that's what we found. Many of the owner's children are here. We just met a young Indian man who was inside one of these gold shops and what he does, don't do this. Do not do this. To pay for his return trip to India, he purchases a 24-karat gold bar, a large bar, more than he can take to India. Then he sells it when he arrives in India and keeps the profits and those profits pay for his flight back home.

So, yes, if you buy gold bars, there is obviously no manufacturing fee. You're only paying the gold rate plus tax, but you get some of that tax back at the airport and it's enough profit to pay for your flight back to India. As long as you smuggle it, you will be exceeding the allowed limit. Don't do this, don't do this. It's not worth getting caught as a smuggler. And if he returns to India like us, men can take 20 grams of gold up to a value of Rs 50,000 and women can take 40 grams worth one lakh rupees. I had to return a day later because it was not easy to find a laboratory that analyzes gold for consumers.

And I would suggest that the gold souks set up a free testing station to give consumers 100% certainty in their purchases and also use the findings to prosecute fraudsters. Alright. I've gotten to the bottom of this. Some labs like ARY will do testing for the public and do that laser testing. It's called XRF testing. It's 20 dirhams and will give you an approximate rating of the purity of your gold. They won't melt it, they won't destroy it, they'll put it in that machine and a laser, you know, will give you a rough reading. So yes, it is possible.

You just have to find these labs. They are very hard to find. They're always in these little alleys. And good news. My gold was found to be 22 karat as advertised. Now, is buying gold in Dubai really cheaper? Well, it's debatable. You will save approximately 10-20% because the gold rate is cheaper and 85% duty free in Dubai. But make sure you reduce the manufacturing rates or else you might end up being more expensive than India because India has cheaper manufacturing rates than Dubai. If you're just buying gold bars, it's a no-brainer. It is cheaper and that is why it is smuggled.

Now let's go back to India and give this gold to my mother-in-law, see if she likes it. Now we are back home in Delhi. Now we are going to give the gold to my mother-in-law. But right now she has always treated me like a son. She now herself she is preparing my favorite dish because we just returned from Dubai.