Are you currently living in Dubai and looking for making profit? Dubai is the capital of luxury and commerce. Selling gold in Dubai can be a great investment that needs some planning and market insights.
In this article, we will share with you some tips and steps on how to sell gold in Dubai.
How to Sell Gold in Dubai: Steps
Understand the Gold Market in Dubai
Dubai is known for its large and diverse gold market. This city attracts many gold buyers and sellers and facilities great options like tax free policies. Dubai has one of the biggest actual gold markets: Dubai Gold Souk, located in Deira and offers a great variety of gold types.
Know the Exact Value of the Gold you Own
Like any other product you want to sell, you must fully understand and know the exact value of the gold you own. Keep in mind that the prices of this special item keep on changing based on the supply and demand.
Before you decide on selling your gold, it is important to research the market and the latest updates to accurately set the right recent prices.
Know Where to Sell Gold
Finding a good buyer is important when selling gold in Dubai. Look for merchants who hold licenses from Dubai Multi Commodities Centre (DMCC). License ensures pricing for your gold through standards and transparent transactions.
Have your Legal Documents Ready
When you understand how to sell gold in Dubai, you need to ensure having legal documents ready to finish the process legally and securely.
Some of the documents you need to have present: Passport or an Emirates ID. It is important to mention that some gold and jewelry pieces need their original receipts or certificates to validate their actual value.
Check with Multiple Buyers
When you sell your gold, make sure to check many offers from different buyers to get the best price. Secure the price and make sure you close the perfect deal!
Negotiate the Price Always
Always negotiate the price when you sell your gold. If you have a good knowledge about the market and real prices, then keep a room for negotiation until you close the perfect deal.
Consider Selling Gold on Online Platforms
You might also consider selling gold in Dubai through online platforms and marketplaces.
Some of the well-known and used platforms are: eToro, Plus500, IC Markets, Interactive Brokers, IG Trading, and AVAtrade.
Finish the Deal
Once you decide on the final price, finish the deal following legal guidelines. Remember to collect the payment and keep a receipt as a proof of agreement.
How to Sell Gold in Dubai: Tips
Investment in gold is not always a straightforward process.
Gold is seen as a store of value although it may not yield returns compared to other types of investments. Always invest in a mix of diverse options like: gold, stocks, and cryptocurrencies.
Investing in gold has its own risks, such as fees. The fees associated with gold transactions can be substantial. Keep in mind that Dubai imposes a tax on gold: 5% VAT.
Knowing how to sell gold in Dubai can be an interesting process that requires some research and understanding to the market and prices.
Enjoy selling gold in the City of Gold!
