Buying Gold and Silver in Dubai

Flag of the United Arab Emirates

Dubai is an amazing example of a skyrocketing transition from an unknown village to one of the fastest growing cities on the globe, being an icon for free trade and prosperity. UAE’s tax-free status made Dubai one of the cheapest places around the world for buying and selling gold while its largest and highly advanced infrastructure of precious metals facilities makes the city an excellent location for storing bullion internationally.

The importance of Dubai as a global center for trading precious metals continues to grow, as the number of gold dealers, refineries and vault facilities increased dramatically - their ratio per square mile is the highest than anywhere else on earth. After the creation of the DGCX (Dubai Gold and Commodities Exchange), local gold refining and investors’ appetite grew exponentially, transforming Dubai into the “City of Gold”.

Today, Dubai handles a throughput of about a 5th of the global annual gold production. Bullion products which are manufactured locally tend to have very low premiums, being accredited by Dubai Good Delivery, which is a similar standard to the LBMA. However, Dubai bullion dealers also offer renowned international precious metal items, so there are fantastic options for any investor.

Commodity & Futures Markets in Dubai

Dubai Gold & Commodities Exchange
Dubai Gold & Commodities Exchange (DGCX) is the first derivatives exchange in the MENA (Middle East and North Africa) region. This financial and commodity derivatives exchange commenced trading in November 2005 and is currently owned by DMCC (Dubai Multi Commodities Centre (DMCC). DGCX has 267 members and is regulated by the Securities and Commodities Authority of the UAE. The DGCX Gold Futures were launched in 2006 by introducing the 1-kilo bar gold futures contract – the new pricing benchmark for gold in UAE.

Dubai Mercantile Exchange
Dubai Mercantile Exchange is the premier international energy-focused commodities and futures exchange based in Dubai. The company was launched in 2007, having the goal of bringing transparent and fair energy price discovery, as well as efficient risk management to the East of Suez. DME is a joint venture between Oman Investment Fund, Dubai Holding and CME Group, regulated by the Dubai Financial Services Authority and located within the Dubai International Financial Centre (DIFC).

NASDAQ Dubai
NASDAQ’s Dubai-based stock exchange was launched in 2005 as the Dubai International Financial Exchange and was later acquired by NASDAQ in 2008. It lists both regional and international shares in the Middle East. NASDAQ Dubai includes UAE and the rest of the GCC (Gulf Cooperation Council), the wider Middle East and North Africa, the Indian sub-continent and Turkey. NASDAQ Dubai is also located in the financial free zone – the Dubai International Financial Centre being regulated by the Dubai Financial Services Authority.

Coins Museums in Dubai

Dubai Coin Museum
Al Shindagha area - Bur Dubai, Bastakia Quarter, Al Fahidi Historical Neighborhood, Dubai, United Arab Emirates, +971 4 392 0093, +971 4 515 5000
Open: From Sunday to Thursday, from 8:00 until 14:00. On Fridays and Saturdays, the museum is closed.

The Dubai Coin Museum was founded in 2004 and displays coins belonging to distinct historical eras, such as the age of Rashidun Caliphate, Umayyad Caliphate, and Abbasid Caliphate. The museum includes eight display rooms and is equipped with magnifying and touch screens that allow visitors to examine any coin showcased in the museum thoroughly. If visiting Dubai, make sure to stop by at its Coins Museum to view for free the rare 470 coin pieces from different eras.

Gold ATMs in Dubai

UAE is also the number one country that installed the very first Gold ATM in the world. One of its most luxurious hotels, Abu Dhabi’s Emirates Palace Hotel, hosted the first gold-plated ATM providing 320 gold items, including .999 gold bars up to 10 grams, and customized gold coins sold in special gift boxes. Gold ATMs are called GOLD to go™, being produced by Ex Oriente Lux AG (EOL) and distributed by the TG Gold-Super-Markt.

The gold prices in the Gold ATM are constantly updated every 10 minutes thanks to its built-in computer which reflects real-time fluctuations on the market. The Gold ATM’s concept was developed by Thomas Geissler who also created an online platform for precious metals trading. The machines are tested with explosives, equipped with surveillance cameras and fitted “like an armored vehicle” to prevent theft, but they also have user limits to avoid money laundering attempts.

The first Gold ATM in the “City of Gold” was installed in the Dubai Mall, Galeries Lafayette, followed by Burj Khalifa. Intercontinental Dubai, and Ski Dubai, Mall of the Emirates Dubai. You can find current Gold ATM locations in Dubai here. All Items can be bought by cash payments, using local currency, dirhams, or cashless payments, using debit or credit cards, which makes gold investments easy, comfortable and convenient. Today there are over 20 GOLD to go™ ATMs across three continents, designed to make ordinary people feel comfortable with the idea of investing in gold.

Biggest Vaults/Bullion Depositories in Dubai

Dubai’s reputation as a major gold trading hub continues to grow as more international investors look for buying gold at advantageous prices and storing it in the Dubai’s secure precious metals facilities. Currently, there are three vault providers in Dubai approved by DGCX (Dubai Gold and Commodities Exchange) listed below, while the remaining DGCX approved vaults near Dubai’s Gold Souk are operated by G4S. Some of the Dubai’s bullion dealers also offer private gold storage services, so you may contact them for any details about storing your gold overseas.

DMCC – DGCX approved
Dubai Multi Commodities Centre has its own precious metal vaults located in the level 5 basement at Almas Tower JLT, offering a safe way to store gold overseas. Operating since 2009, the vaults are run by Brinks, a market leader with more than 150 years of experience. Being claimed as the “largest non-sovereign vault in the Middle–East”, the facility was designed to securely store large bullion volumes, but also any other valuables like art, watches, and jewelry. The company offers allocated storage on both short and long-term basis, as well as dedicated operational security and surveillance on a 24x7 basis.

Brinks Global Services - DGCX approved
Brinks is a renowned international vaulting and precious metal security company specialized in secure storage services with more than 150 years of experience. It offers bullion depository services in the Almas Tower (DMCC vault) and Dubai Airport Free Zone (DGCX vault).

Transguard - DGCX approved
The security division of the Emirates airline, Transguard operates the 2nd DGCX approved precious metals vault in the Dubai Airport Free Zone, with branches in Dubai’s Deira Gold Souk and Almas Tower. You can buy storage facility both on long-term and short-term, upon request, as well as tailor-made services like window collection and deliveries for day-to-day requirements. Transguard operates by Royal Decree, being responsible for all precious and valuable cargo shipped into or out of Dubai International Airport.

JFT Safe Deposit Lockers
JFT Safe Deposit Lockers based in Dubai have a global management expertise of over 25 years providing affordable and absolutely safe storage services for any valuables. Their state-of-the-art depository is equipped with cutting edge technology, being monitored 24x7 by the Dubai Police.

Tax on Precious Metals in Dubai

Although Dubai has imposed a 5% import duty on diamond and gold jewelry, there is no bullion tax or sales tax on precious metals bullion. The current UAE legislation provides only tax benefits for bullion purchases, including an exemption from the profit tax and value added tax, making Dubai a global gold trading hub highly regarded by collectors and investors from all over the world.

Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in Dubai.

Gold and Silver Dealers in Dubai

“The City of Gold” hosts numerous gold dealers with a broad collection of both international precious metals products, as well as locally manufactured bullion items. Below you will find the top precious metal dealers in Dubai, where you can buy and sell gold, as well as any other precious metals:

1. 4WSTAMPS AND COLLECTIBLES Address: Moustafa Assad, PO Box 47836, ABU DHABI, United Arab Emirates Phone number: 00971566981661 Website: 4wstamps.com Services: Assists Collectors with Submissions, and Auctions. Specialties: Gold Coins, US Coins, Modern Coins, and World Coins.
Authorized Dealer: NGC PMG
2. Al Abyad Jewellers Address: PO Box 21564, Gold Souk, Sharjah, UAE, Block 1, Shop 33 & 34 Phone number: +971 6-5731961 Hours of operation: 9.30 AM-1.30 PM, 4.30 PM-10.00 PM Website: www.alabyadjewellers.com
3. National Bullion House LLC Address: Unit 207, Building 4, Emaar Business Park, The Greens, Dubai – UAE, P.O.Box - 211657 Phone number: +971 4 4270833 Website: www.nbh.ae
4. Regal Assets Dubai Address: Regal RA DMCC, Suite 36F, Almas Tower, Jumeirah Lake Towers, PO Box 337 136, Dubai UAE Phone number: +971506335980 Website: regalassets.ae
5. Kaloti Precious Metals Address: Almas Tower, Level:35 D, E, F, G, H, Jumeirah Lakes Towers, P.O.Box: 116858, DUBAI Phone number: + 971(4)4486900 Website: www.kalotipm.com
6. Al Bahrain Jewellers Address: Gold Center Bldg, 4th Floor – F86, Gold Souq, Deira, DUBAI Phone number: + 971(4) 226 2286 Website: www.albahrainjewellers.com
7. Emirates Gold DMCC Address: Dubai Multi Commodities Tower, Jumeira Lakes Towers, Emirates Hills 1, DUBAI Phone number: + 971(4) 367-9030 Website: emiratesgold.ae
8. Al Etihad Gold Address: Dubai Multi Commodities Tower, Jumeira Lakes Towers, Emirates Hills 1 DUBAI Phone number: +971(4) 341-9084 Website: www.aletihadgold.com
9. Nadir Metal Address: Au Tower 20 / C, JLT, Dubai, UAE Phone number: + 971 55 9999 734 Website: nadirmetal.com.tr
10. Gold Citizens Address: Almas Tower, Jumeira Lakes Tower, Dubai, United Arab Emirates. Phone number: +971 (0) 4 230 6044 Website: goldcitizens.com
11. Leaf Precious Metals Trading Address: Churchill Tower, Office 804, Business Bay, Dubai, UAE Phone number: +971 56 116 5775 Website: leaf.ae
12. IGR Precious Metals DMCC Address: (Istanbul Gold Refinery), Almas Tower, 40G Dubai, United Arab Emirates Phone number: +971 4 277 82 43 Website: www.igrglobal.com
13. PAMP Gold Dubai Address: The Gold Centre, Floor 3, Office 76, Al Khor Street, Al Ras, Deira, DUBAI Phone number: +971(4) 226-1998 Website: www.pamp.com

Smelters & Refiners in Dubai

Most silver and gold dealers in Dubai also provide precious metal refining services. Therefore, you can find their contact details in the ‘Dealers’ section, while companies solely refining silver and gold are displayed in the list below.

  1. Kaloti Precious Metals
  2. IGR Precious Metals DMCC
  3. Nadir Metal
  4. Al Etihad Gold
  5. Emirates Gold DMCC
  6. PAMP Gold Dubai
  7. Axor Gold
  8. Dalmook Bldg, First Floor, Ste 102, P.O.Box: 13590, Gold Souq, Deira, Dubai +971 42202292