Is Gold Cheaper In Qatar Or Dubai?
It is interesting to know that gold is cheaper both in Qatar and Dubai. Both countries offer a 0% import tax on gold bullion. However, the buyer who has the latest gold price awareness, little market research, and bargaining skills can take away the maximum gain on gold jewelry shopping.
Let’s move ahead and understand the similarities and differences between buying gold and jewelry from Doha or Dubai.
VAT On Shopping In Qatar And Dubai
The Value Added Tax (VAT) is charged @ 5% on all shopping in Dubai including gold and jewelry. Whereas, there is no VAT in Qatar.
In Dubai, the tourist can claim back the amount paid as VAT at the airport by presenting all the buying receipts/bills.
A separate counter is made at the Dubai airport to facilitate the tourists in managing their VAT claims. Normally, 85% of the VAT amount is refunded and the maximum refund amount is AED 35000 per tourist. At the time of claim, an additional charge of AED 4.80 per tax-free Dubai tag shall be paid.
In Qatar, it is expected that the VAT will be applicable from 1st July 2024 @5%. However, the detailed schedule will be available as and when it is applied to the economy.
Strict Gold Shops Competition In Qatar And Dubai
There are many gold jewelry shops in Qatar and Dubai. Both countries are considered as shopping paradise.
In Dubai, you can visit the renowned gold market The Deira Gold Souk, which enjoys a large number of gold shops in a row selling gold jewelry from India, Singapore, Turkey, Saudi Arabia, European countries, and the USA. There are huge shopping malls around UAE, where you can buy branded and non-branded jewelry.
In Qatar, the famous place for buying gold is The Gold Souq Qatar. It’s a big start of the art marketplace with more than 40 gold shops in one place. They have a variety of gold designs in earrings, bangles, necklaces, lockets, and rings. The tourist visiting Qatar, essentially visit this market.
Since both countries have tourist attractions and lucrative shopping policies therefore there are a large number of gold shops in Dubai and Qatar. The competition is quite tough among shops for securing business and grabbing customers.
If a shopper moves around the market and does some price research by visiting the shops, he may end up with fruitful gold shopping.
Branded Gold Jewelry In Qatar And Dubai
The branded gold jewelry has an elegant style with the most fashionable and shining attraction. It makes you stand out from the crowd. Its quality is of a high standard. Brands have the art of presenting and selling value and craze to the public. You will see most prestigious international brands in Qatar and Dubai.
The branded jewelry will be expensive no matter whether you shop from Qatar, Gold Souk Dubai, or any part of the world. So deciding to buy a branded item means no bargain and most likely a uniform & higher price.
Buying From Luxurious Shopping Malls
The marketplace plays a crucial role in making a buying decision. If a buyer no matter from Qatar or Dubai opts to buy precious metal jewelry from luxury shops and huge luxurious malls, the price would be high. Why? because their overhead expenditures (rent etc) are more and therefore the asked price is higher.
So, try to buy gold jewelry from a specialized marketplace. It would be better to shop from a dedicated gold market in Qatar or Dubai. You will get the added advantage of variety, business competition, and price bargaining.
Hallmark Gold Jewelry In Qatar And Dubai
The customers are advised to buy hallmark gold jewelry. What does it mean? Hallmarked jewelry has authentic standard marks embossed by the manufacturer/brand owner or official assay office. These marks reveal, the quality & quantity of gold (e.g. 18K), sellers/brand logo mark, and assay authority mark.
The hallmarked jewelry is available in almost all the jewelry shops in Qatar and Dubai. Hence, prefer to buy hallmark gold jewelry either from Qatar or Dubai and keep the purchase receipt in your record. It will help you in the future should you need to resale or require maintenance service of your jewelry.
The purity of gold is strictly regularized by the concerned customer rights protection authorities in both countries. So you will get what is been said, presented, and documented. The tourists and customers are legally protected and strict penalties for fraudulent activity, if observed.
General Tips To Buy Cheaper Jewelry In Qatar or Dubai
The gold industry specialists have suggested some pro tips for final customers, which can be substantially beneficial to shopping for gold jewelry at cheaper rates. It will be applied either to Qatar or Dubai’s gold market.
These shopping tips are:
Conclusion
The gold jewelry is cheap either you buy from Qatar or Dubai. There is no significant difference in gold prices. Both countries have no import duty on gold bullion. There is no VAT in Qatar, however, in Dubai, it is refunded at the time of leaving UAE.
The other factors that are normally ignored but have a greater impact on the jewelry price like buying branded jewelry, shopping from luxury shops, and luxurious malls, lack of existing gold price information, and weak bargaining skills make a huge difference at the end of the day.