Gold Souk: Jewellery destination of the world
By Suneeti Ahuja-Kohli
Published: Mon 9 Nov 2015, 10:29 AM
Last updated: Mon 9 Nov 2015, 12:34 PM
There is never a dull moment in Dubai's Gold Souk, barring a lull time in the afternoon between 1pm and 4pm when most shops retire for lunch and a siesta. Beyond these hours, the gold market in Deira is always brimming with excited tourists and visitors peering at the display windows of jewellers in awe.
The market, famed the world over for its flamboyant display of the yellow metal and sparkling diamond jewellery is startling, at least for first-time visitors; for others, the place is a haven for jewellery shopping.
Expansive variety at competitive price
Every day thousands of Indians, Pakistanis, Americans, Russians, Arabs, Europeans, Africans, Far Easterners, and many others, rub shoulders in the narrow lanes of the market for the perfect purchase. "We have jewellery that matches the taste of a modern person as well as an ethnic one. At our store you will see a lot of kundan jewellery, traditional Rajasthani style, a lot of designs with polki diamonds (in antique designs), a lot of modern and contemporary style jewellery, Italian pieces, jewellery from Pakistan, Singapore, Malaysia, Turkey, India, and many other places. There is jewellery in studded stones, enamelling, and jewellery with Rhodium," says Chandu Siroya, Partner, Siroya Jewellers.
The company deals in 21- and 22-carat jewellery and has two retail outlets in Bur Dubai's Meena Bazaar and a wholesale store in Deira Gold Souk. The jewellery sold at the retail stores is either sourced from more than 20 countries or manufactured in the UAE.
It is the rare combination of best designs, perfect quality and pricing that makes Dubai so attractive for buyers. "When you buy jewellery, you are assured of quality, which is very strictly monitored by the Dubai Municipality and the jewellers themselves. The wholesalers here sell internationally as well as locally, and therefore, strictly adhere to hallmark standards. Secondly, because of the low cost of government intervention with no taxes, and minimal costs on security, jewellers do not incur heavy costs, which is why we are able to sell at competitive prices. On the design front, Dubai has the best designs. My company imports from over 20 countries from 50 to 70 jewellers. Imagine the quantity and the quality of jewellery coming into Dubai through other wholesale companies. Just the sheer volume of jewellery being sold in Dubai makes it one of the best places for gold purchases. At any point in time, you will find 30-40 tonnes of gold in one compound or building," says Siroya.
Dubai is also one of the biggest suppliers of jewellery to almost every country of the world. A lot of trans-shipment happens because of the ease of doing business in the UAE. "The government here is very proactive and supportive to businesses, which is why wholesale trade is thriving in the emirates," adds Siroya.
Early starters in the industry
Arguably only a few understand the pulse of the gold industry as well as Siroya does, who has been in this business for more than three decades. Originally from Rajasthan, a city in north India famed for its opulent palaces and a general grandeur taste in luxury, Siroya's father first opened a showroom in Dubai in 1975 in a joint venture. Chandu Siroya first managed that business for six years, then in 1991 opened his own venture, Siroya Jewellers, with his family. Today, Siroya Jewellers primarily deals in wholesale business, and retail represents just 5 per cent of the total transactions. "In the 70s when my father started business, there were just three or four wholesale shops and about 35 to 40 jewellery stores. Today we have more than 250 wholesale shops and more than 1,000 retail showrooms. Over the years, Dubai has truly become the jewellery destination of the world," says Siroya.
Besides importing gold, Siroya Jewellers also produces jewellery at its manufacturing unit in Sharjah. The unit employs about 90 people and produces about 250 to 300 kilogrammes of gold per month in the form of handmade and machine-made chains, sets, bangles, etc. This year the factory made history by being a part of a world record during the Dubai Shopping Festival's 20
th anniversary. In tune with the superlative style of Dubai, Siroya conceived the idea of manufacturing the world's longest chain and executed it in collaboration with four other jewellers in Dubai. The chain was on display in January during the festival this year.
This Diwali
Traditionally Diwali is the time to buy ethnic jewellery such as kundan, meenakari, gold bangles, etc. Basically it is a season to buy chunky jewellery; a once-in-a-year purchase, says Siroya. "Designs are always evolving and requirements change according to the age group. These days, finer designs and lighter jewellery are selling more. People from the Indian subcontinent love 22-carat jewellery; for them anything less than 22 carat is not considered jewellery. Therefore, we have introduced subtle and delicate designs in 22-carat, especially for the young generation, that match the look and feel of Italian and Turkish style fine jewellery," says Siroya.
So when you set out to shop this Diwali, hunt for the best and make the most of your money.