Gold rings on every finger. Arms stacked high with bangles. Necks draped in layers so heavy they could weigh down a ship. This isn’t your favourite rapper iced out for a performance; it’s the average Arab or South Asian aunty.
For generations, gold has been more than an adornment in Asian and Middle Eastern households. It was a safety net and a gilded insurance policy that mothers passed down to daughters.
And now, we’re investing, we’re watching markets, and we’re realising something our mothers and grandmothers always knew: few assets are as steady, and risk-averse as gold. And the world is catching on. The numbers speak for themselves: prices have surged over 40% in the past year alone. In late April, gold soared past Dhs12,853.75 per troy ounce, an all-time record.
And then there’s the obvious, gold just looks good. It’s a tangible asset that glitters and guards. And so, the cycle returns. What was once dismissed as “aunty-core” is now this generation’s statement piece, an investment, and a reclamation of culture. This is Gen Z’s guide to buying gold.
1. Always check the daily rate
Before you even step into a shop, check the market gold rate. This will form that baseline to decide how much could be spending. The Dubai Jewellery Group (DJG) updates it daily (lots of stores even flash it on big screens). If you see that screen, it usually means the seller’s legit.
2. Shop around
Don’t just stop at the Gold Souk. Yes, it’s iconic, for good reason, but places like Meena Bazaar and Al Fahidi often have better deals, and you get to skip the tourists. Each area also has its own vibe, with jewellery inspired by Middle Eastern, African or Indian styles. Choice is yours.
3. 22k or 24k is the move
If you’re buying gold as an investment, skip 18k (it’s mixed with other metals for a stronger finish, making it hard to retain resale value). Go for 22k if you want something pretty and valuable, or 24k coins/bullion (bars) if you’re all about locking in that investment.
4. Check for certification
Only buy gold that has a Dubai Municipality hallmark (or the local equivalent). A good seller will also hand you a proper invoice showing weight, karat and a breakdown of costs, any sketchy vibes here is a good tell to simply walk out.
5. Cash is queen
Want to bargain? Bring cash. You’ll have way more negotiating power than if you’re swiping a card. Keep in mind, you can’t bargain below the actual gold rate, but you can haggle on making charges.
6. VAT even?
If you’re visiting Dubai and spend over Dhs250 on gold, you can claim back 85% of the VAT at the airport. That’s forex-approved Girl Math. Just double-check that the shop is VAT registered first.
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