Youssef Al-Arabi (Dubai)
In the heart of Deira, across from Dubai Creek, gold, diamonds, pearls, platinum and silver sparkle within the shop fronts of the Dubai Gold Souk.
The Dubai Gold Market is considered one of the oldest and most distinguished heritage markets in the Emirate of Dubai, due to its wonderful engineering design, which made it a distinctive tourist destination for all lovers of yellow metal and heritage sites.
The market embraces more than 380 stores, most of them dating back four decades, and all of them are subject to continuous monitoring, in order to ensure consumer rights.
Under the famous umbrella of the Dubai Gold Market, shopkeepers compete to display the latest jewelery designs to satisfy different tastes, especially since tourists make up the vast majority of visitors.
The Dubai market is characterized by familiarity, as it has been frequented by shoppers for decades, and it is also the most place that can provide them with this wide range of wide options at negotiable industrial prices.
Anil Dahnak, Executive Director of “Kenz” gold and jewelry stores, says to “Al Ittihad”: The old Dubai market is considered a major destination for tourism and shopping, as the market originated four decades ago.
He added that on the commercial side, shoppers prefer to buy gold from the old gold market in Deira for several main reasons, the first of which is the quality of designs and the purity of gold, as all shops are subject to control by the concerned authorities, and the inspection campaigns ensure both gold purity and accuracy of balances.
According to Dahnak, the second reason for marketers preferring the Dubai Gold Market in Dubai is the security factor that enabled shops to display jewelry in huge quantities in storefronts without fear, unlike what is done inside stores in many other countries, where most jewelry is kept inside a store. Chief, provided that the parts are taken out as requested by the customer
He pointed out that the gold markets in the world include at best dozens of stores at the most, so the presence of more than 380 stores specializing in gold and jewelry of various sizes in the Dubai Gold Market is rare at the global level, which increases the attractiveness of the market and its ability to attract visitors. From different countries of the world.
For his part, Mohammed Al-Eisaei, Director of the Gold House branch at the Dubai Gold Market, said: Dubai is a global center for the import and export of gold, and there is always an active movement in this regard at the level of retail and wholesale sales alike.
He said: The old gold market in Dubai depends mainly on tourism, as tourists usually make up more than 70%, but this percentage changes according to aviation and tourism.
He added that although sales were affected by the restrictions imposed by the pandemic, they began to gradually improve, and he expected to increase again during the period of the Expo Dubai, due to the increase in tourism related to the exhibition.
In turn, Dilip Bubley, Executive Director of “Popli” gold and jewelry store, said: The old gold market in Dubai is a constant destination on the schedule of destinations visited by most tourists coming to Dubai, especially from Asia.
He pointed out that a large part of visitors to the market refer to it as a heritage icon, in addition to its distinguished location among other markets that sell perfumes, fashion and accessories.
He explained that the quantities of gold that are displayed in the gold market in Dubai are unparalleled, as sellers compete to offer various designs that suit different tastes.
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