We will be talking about the things that you need to know about the new Deira gold souk extension..
The newly opened Gold Souk Extension in Deira, Dubai intends to strengthen Dubai’s position as a global centre for rare metals, stones, and gold jewellery. At the very same time, the marketplace provides a much-needed increase in visibility to Deira Dubai, the city’s most precious legacy.
Al Romaizan Gold Jewellery a very popular brand has over 53 branches in the ME region, and is part of the 50 jewellery brands in the Deira gold souk, and additional brands and speciality restaurants are planning to open for the grand opening.
The gold souk extension’s stores and structures have been added to the mix. One-bedroom apartments with 1,000 square feet or more start at DH 60500, while two-bedroom apartments with 1,200 square feet or more start at Dh 79,000. Additional housing, commercial, and retail units will be provided to the ones visiting.
Deira Dubai’s large business and residential zones are seeing increased resident activity in a variety of ways as new developments and communities are completed. The Dubai government-owned project has had an amount of success in the neighbourhood with newly completed developments, but private developers’ projects have also garnered positive feedback from tenants.
Dubai’s ancient districts, notably Deira, will undergo their transformation as part of the 2040 Urban Master Plan. With its 1.181 million square feet, the gold souk fits right in. This region’s historic worth has been upgraded to provide a greater visitor experience while accommodating a growing number of them.
How did the Dubai Gold Souk (Market) Started
It goes without saying that Dubai, the country’s largest metropolis, has one of the world’s largest gold markets.
This huge bazaar of gold traders, diamond dealers, and jewelers is known as a souk, and it loops through a series of galleries, enclosed at the top but with the feel of an open-air market. The UAE government strictly regulates what is sold, ensuring authenticity—something that is sometimes lacking among street vendors outside.
There were only a few local jewelers when it started in the early 1900s. The Dubai Gold Souk flourished significantly in the 1940s when new trade rules enabled Iranian and Indian entrepreneurs to open shops, but it was the oil boom of the 1970s that cemented its status as a global icon.
The market has grown and gentrified over the years, yet it has managed to preserve the beauty and ambience of a traditional Arabian souk. On any given day, it is said that no fewer than 10 tonnes of gold are dispersed across the vendors—a figure that is difficult to substantiate but difficult to refute.
If you’re visiting Dubai, the Dubai Gold Souk, also known as the Dubai Gold Market, should be on your itinerary.It is the most well-known Dubai souk (traditional market) and is regarded as one of the top things to do in Dubai, not only for gold purchasers but also for tourists who wish to appreciate the sparkling jewellery and precious stones on sale in this bustling bazaar without intending to buy.
The Gold Souk in Dubai opens from 10:00 a.m. to 10:00 p.m. Sunday through Thursday. The Gold Souk opens from 4 p.m. to 10 p.m. on Fridays.
The Gold Souks are in Deira, a district of Dubai flanked by the Persian Gulf and the Dubai Creek. Because these gold shops in Dubai are so renowned, there are numerous options for getting there from the city centre.
Al Ras is the closest metro station (Green Line). The Green Line Gold Souk Metro Station is also within walking distance. If you’re taking the bus, Al Sabkha and Gold Souk are the closest bus stations.
What are the advantages and disadvantages
There is no entrance fee to the gold market, thus it is free to attend unless you intend to buy gold in Dubai. However, there are a few things to think about before going on this trip by oneself.
There are some disadvantages of travelling alone. When you’re a woman travelling alone, men might be rather persistent and make you feel very uncomfortable when you enter their shops. Even if you’re travelling with someone else, the number of people trying to sell you something can be overwhelming.
Another disadvantage of touring the gold market on your own is that you won’t be able to fully appreciate this part of Old Dubai unless someone shows you around and informs you about its history. Otherwise, you might be disappointed.
There are various trips to the area that include the Gold Souk, and you’ll not only feel safer, but you’ll also learn more about Deira’s business centre and the history of this historic market.
The gold market is not to be missed if you admire the history, fashion, or simply the notion of being surrounded by heaps of gold in various shapes and sizes. You’ll be enamored by all the gold on the exhibit, as well as shocked by the items created by it, which range from absurdly heavy necklaces to actual outfits. There is a lot of variety for you to choose from. They have extensive styles and designs for gold rings, gold necklaces, gold sets, and gold bracelets ranging from 18K to 24K.
Because the UAE has no import fee on gold and has very low taxes on jewellery, buying gold in Dubai at the daily gold rate is much cheaper than in most other regions of the world, attracting purchasers from all over the world.
Gold can also be purchased at lower prices if you can negotiate with the sellers but only in Dubai. The tight rivalry among the sellers would have made ready for such a circumstance in the souk. So you could buy them in any package.
Due to the huge popularity of gold souk. Dubai has now started to wow its customers through its extension. The extension, according to the chairman of the Dubai Gold and Jewellery Group, would help attract more visitors and jewellery purchasers from around the world.
The Dubai Gold Souk Extension maintains the original souk’s charm and cultural characteristics while also provides a much more urban experience with shaded walkways, superior facilities such as workshops and co-working spaces, encased parking, fast food joints, a nearby waterfront promenade, and a variety of hotels that cater to locals, entrepreneurs, and tourists from around the world.
Aside from modest modernization, the Gold Souk’s convoluted lanes and carved wooden rooftops haven’t changed much in the last century. What has changed is the scope and size of the project. The souk has grown from 400 square meters to a massive powerhouse of more than two kilometers broad and three kilometers long, with over 900 merchants.
There is also huge parking available for customers who will come visit the souk extension. The facility that was previously not well maintained in the gold souks in Dubai. The development includes extensive transportation infrastructure, such as a public transit hub and bridges interconnecting residential and commercial buildings. An expansion in parking capacity of roughly 1,100 basement parking spots and 640 multi-story parking spaces is planned to improve traffic flow in and around the neighborhood. Over 8,500 parking spaces will be available as part of the Deira Enrichment Project to serve residents and visitors.
Millions of gold traders, jewelers, artisans, and businessmen have flooded Dubai throughout the years to make the gold trade a profitable industry and to further cement Dubai’s reputation as “The City of Gold” and “World Jewellery Destination.”
Rulers of Dubai believe that the gold souk extension would further solidify its relations with the rest of the world. The extension, according to the chairman of the Dubai Gold and Jewellery Group, would encourage more visitors and jewellery purchasers from around the world.
Several international and local jewellery brands, such as Al Romaizan Gold & Jewellery, Malabar Gold & Diamond, Al Kanz Jewellery, Dhakan Jewellers, Jawhara, Gold House, Hyatt, New Mashoom, Top Gold, Zayan, Iman, Navran Jewellers, Ismail, Popley, and Kalyan Jewellers, have either opened or will soon open their doors to visitors in the Extension area.
One of the few reasons why tourists love to buy gold from Dubai is that gold prices are competitive. The gold rate in Dubai is based on international gold values, ensuring pricing consistency across all outlets in the city. And, because international gold prices vary in the same way that stock market prices do, gold purchasers in Dubai can take advantage of declining prices and acquire gold at the lowest possible price. As a result, always compare the latest gold rate in Dubai before making a purchase. They also have a huge variety of gold jewellery including gold chain, necklace, bracelets, rings, and gold sets available at a great cost.
The gold souk in Dubai is an excellent location to start if you want to buy gold jewellery. It has a row of gold shops selling a wide range of patterns and styles. You can also visit any of Dubai’s malls. The extension would further aggravate the sales.
New traders and retailers will set up shop in the extension, according to the business, which is completely controlled by the Investment Corporation of Dubai and is responsible for revamping Dubai’s ancient commercial hub.
It went on to say that the Gold Souk Extension project will transform the overall experience at the famed traditional gold and jewellery market, which has been home to Dubai’s commercial heritage since the 19th century.
Deira is a culturally, historically, and traditionally rich part of Dubai’s trading background. The construction will enhance the unique tapestry weaved by communities past and present, with apartments overlooking The Creek and a Deira Souk extension.