Discounts, lower making charges: Why tourists visit Dubai to buy gold during Diwali

From October 25 to November 7, 2024, the emirate is gearing up for citywide celebrations of the Festival of Lights

Nandini Sircar

Published: Tue 15 Oct 2024, 10:16 PM

Last updated: Mon 21 Oct 2024, 2:31 PM

Gold buyers have much to anticipate this Diwali season, as jewellers across the nation prepare to showcase unique and competitively priced collections.

In the UAE, gold remains highly sought after, especially among Indian buyers, due to its cultural significance during Diwali.

Dubai, in particular, stands out as it offers some of the lowest gold prices globally, thanks to its tax-friendly policies. Furthermore, gold purchased in Dubai is renowned for its exceptional quality and reliability.

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During Diwali, many visitors from India come to Dubai to buy gold. Mohamed Feras, associate vice president at DFRE, noted, “We get a good influx of visitors from India every year that come celebrate Diwali here in the UAE, because of various reasons. Also, people love buying gold during this period, and the prices here are very competitive."

He added, "Besides, we have a huge Indian community here so we have to cater to that as well." He also stated that Diwali has become an integral part of the city's annual events since 2017.

Diwali promotions

Tawfique Abdullah, board member and Group Chairman at Jawhara Jewellery and founding member and former chairman of Dubai Gold and Jewellery Group, shared details about the upcoming Diwali promotions. He noted, “This Diwali, we're offering giveaways, special prices, and special promotions. Some jewellers have been preparing for the last two months to bring new products at competitive prices. We currently have 162 jewellers participating in this year's Diwali celebrations.”

He added, “It's hard to tell whether Diwali or gold comes first. Diwali is marked by getting at least some pieces of jewellery, especially gold. The exciting offers by participants and outlets will take people by surprise. I don’t have to invite people to buy gold for Diwali because it’s a tradition."

Dubai Jewellery Group (DJG) will elevate the festive spirit with their highly anticipated “Shine Bright this Diwali with City of Gold Glamour” campaign running from October 20 until November 7. Shoppers can enjoy discounts of up to 50 per cent on select diamond and pearl jewellery collections, along with reduced prices on making charges, exchanges, and gifts with every purchase. Further adding to the festivities, 30 lucky shoppers will have the chance to win a share of Dh150,000 in gift vouchers by spending Dh500 or more.

Meanwhile, Damas is offering enticing promotions through their “Celebrate Golden Beginnings” campaign. Customers who purchase diamond jewellery valued between Dh3,000 and Dh4,999 will receive a free 0.5-gram 22k gold coin. Those who spend Dh5,000 or more will be gifted a 1-gram gold coin.

For larger purchases, an additional 1-gram gold coin will be awarded for every Dh20,000 spent on diamond jewellery. Damas is also reducing making charges on select 22k gold jewellery and providing a special zero deduction policy on gold exchanges, allowing customers to trade in old jewellery for new pieces at the prevailing gold rate. These offers are available at select Damas stores across Dubai until November 3.

In addition, the Dubai Shopping Malls Group will hold a gold giveaway from October 21 to November 7, where shoppers spending Dh200 or more can enter to win a share of Dh100,000 worth of gold, with extra prizes available for higher spenders on November 1.

Rewards for shoppers

Shoppers can also take advantage of exciting promotions this Diwali. Shoppers can take advantage of discounts and exciting giveaways, as well as free gifts on select purchases.

For instance, BurJuman Mall’s “Roshan Diwali” campaign offers 10 shoppers a chance to win a share of Dh75,000 in home makeovers with a Dh250 spend until November 3.

City Centre Deira, on the other hand, will host grand prizes, cultural performances, and retail offers, and shoppers spending over Dhs300 could win a half kilo of gold.

City Centre Deira will add to the citywide excitement with stunning light decor, unbeatable grand prizes, unmissable retail offers, captivating cultural performances, and thrilling live entertainment through the entire Diwali season. Shoppers who spend over Dh300 will have the chance to win a half kilo of gold by simply scanning their receipts on the SHARE app.

Additionally, foodies are also in for a treat this Diwali, as Dubai’s leading restaurants will pull out all the stops for a feast of flavours with authentic dishes, traditional recipes, must-try delicacies, and exclusive Diwali menus that capture the flavours of the season.

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