Dubai Gold Souk

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Dubai Gold Souk
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Dubai Gold Souk

• Dubai Gold Souk or Gold Souk (Arabic ???
  ??????), is a traditional market (or souk) in
  Dubai, United Arab Emirates. The souk is located
  in the heart of Dubai's commercial business
  district in Deira, in the locality of Al Dhagaya.
  The souk consists of over 300 retailers that
  trade almost exclusively in jewellery

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Retailers

• Retailers in the souk include both well
  established stores like Damas, ARY Jewellery,
  Shyam Jewellery and Joy Alukkas as well as
  smaller stores that operate mainly in the gold
  souk. By some estimates, approximately 10 tons of
  gold is present at any given time in the souk

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Location of Dubai Gold Souk

• It is bordered to the north by the Dubai Fish and
  Vegetable Market and the Deira Corniche near
  Baniyas Square at Sikkat al-Khali Street which is
  walking distance from Deira Bus Stand. Dubai Gold
  Souk can also be reached by taking the Dubai
  Metro to Al Ghubaiba and a regular Abra (boat)
  from nearby Bur Dubai across the creek. The Dubai
  Gold Souk is 5 minutes walk from the Old Souk
  marine station.

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History

• Trade in the gold grew during the 1940s due to
  Dubai's free trade policies that encouraged
  entrepreneurs from India and Iran to set up
  stores in the souk. Despite a general slump in
  the global gold market, Dubai's share of value of
  trade in gold and diamonds to its total non-oil
  direct trade increased from 18 in 2003, to 24
  in 2004. In 2003, the value of trade in gold in
  Dubai was approximately Dh. 21 billion (US5.8
  billion), while trade in diamonds was
  approximately Dh. 25 billion (US7 billion) in
  2005.

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Dubai Gold Souk

• India is Dubai's largest buyer of gold,
  accounting for approximately 23 of the emirate's
  total gold trade in 2005. Switzerland was Dubai's
  largest supplier of gold ingots, wastes and
  scrap. Similarly, India accounted for
  approximately 68 of all diamond-related trade in
  Dubai Belgium's share in Dubai's diamond trade
  was about 13 (2005).

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Contact

• For more details about Dubai Gold Souk, Visit
• http//www.malloftheemirates.com/blog/dubai-touris
  m/dubai-gold-souk.aspx to know more