Dubai_Gold_Souk

Dubai Gold Souk

Dubai Gold Souk

Marketplace in Dubai specifically for gold

Dubai Gold Souk or Gold Souk (Arabic: سوق الذهب), is a traditional market (or souk) in Dubai, UAE. The souk is located in Dubai's commercial business district in Deira, in the locality of Al Ras. The souk consists of over 380 retailers,[1] most of whom are jewelry traders.

Dubai Gold Souk entrance
Dubai Gold Souk has narrow lanes that are lined with hundreds of jewelry stores.

As of 2020, some of the shops are four decades old, while others are new.[2] The major items that the mall deals in are gold, platinum, diamonds and sometimes silver.[1]

Dubai Gold Souk 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 in close proximity to the Deira Bus Stand. On the other side of the Dubai Creek lies Dubai Textile Souk.[3][1][4]

Dubai Creek with Dubai Spice Souk and Dubai Gold Souk in the background

Dubai Gold Souk will be soon renovated.[citation needed] The Dubai Municipality plans to make Dubai Gold Souk an upbeat tourist destination.[5]

World's Heaviest Gold Ring in Dubai Gold Souk

Guinness World Record

The Dubai Gold souk was host to the largest ring in the world weighing 64 kg.[6] The piece is owned by Dubai-based Taiba.[7]

2023 Prices Drop

On May 23, gold prices dropped in the UAE, having been weighed down by a stronger dollar and hawkish remarks by Federal Reserve members, after the spot price of gold shed 0.47% to $1,960.47 per ounce. This resulted in shortages for the Dubai Gold Souk.[8]

References

  1. [1]
    Zakaria, Sherouk. "Dubai Gold Souq set to get a glittering makeover". Khaleej Times. Retrieved 2018-11-01.
  2. [2]
    "Your ultimate guide to Dubai's Gold Souk". gulfnews.com. Retrieved 2019-07-09.
  3. [3]
    "Burnish Dubai's gold souk but don't rub out its heritage, say traders". The National. Retrieved 2018-11-01.
  4. [4]
    Thomas, Gavin (2009-09-03). Frommer's Dubai and Abu Dhabi Day by Day. Wiley. ISBN 9780470684597.
  5. [5]
    Zakaria, Sherouk. "Dubai Gold Souq set to get a glittering makeover". Khaleej Times. Retrieved 2019-07-09.
  6. [6]
    "Largest gold ring in the world – weighing 64kg – on display in the UAE". The National. Retrieved 2019-07-09.
  7. [7]
    "Largest gold ring in the world – weighing 64kg – on display in the UAE". The National. 2018-01-28. Retrieved 2021-12-23.
  8. [8]
    Staff Writer; Times, Khaleej. "Gold prices drop in Dubai as investors eye US debt ceiling talks". www.zawya.com. Retrieved 2023-05-26.
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