Dubai is known for being the ideal place for diamond and gold jewelry shopping. People fly to Dubai from other countries just to buy engagement rings or other jewelry. Why is it so? Does the general notion that valuable jewelry items are cheaper in Dubai hold up?
Let’s get to the bottom of it. Diamonds originate from certain parts of the world. After being mined, they are sold in the other regions. There, they are polished, cut, and passed through several traders until they reach the couple.
So, Why are Diamond Rings Cheaper In Certain Countries?
The price of diamond engagement rings can differ in different countries. That is because these countries are in closer proximity to the rings’ source, like India and the United Arab Emirates (UAE). However, the UAE is still a more economical option than the other countries near the source. That is because Emirates levies only a 5 percent tax rate for the jewelry trade.
It is a hub for the gold and diamond trade. While the import tax is minimal, diamond shopping here is tax-free. There is no local VAT or any other duty. Moreover, It is ranked as the world’s third-largest trading center. There is a lot of haggling and several deals in jewelry shopping in the country.
The variety and quality of jewelry is also a factor that makes the country attractive for potential shoppers. A 2019 report states that the UAE’s jewelry industry is expected to grow by 8 percent annually, crossing $13 billion by the next three years.
All the aforementioned factors are attributed to the entire Emirates. What is so special about Dubai then? The UAE wants to present Dubai as a global trading hub. And many special initiatives are taken to materialize this vision. While the country has many free trade zones in its emirates, Dubai has a free zone solely dedicated to the jewelry trade. Moreover, the Dubai Multi Commodities Center is also a free zone for diamond trade. The other emirates do not have this leverage.
Moreover, Dubai is the fourth-most visited city across the globe. The massive influx of tourists and shoppers everyday enables the jewelers to reduce their margins in the final sales price. Also, the jewelers allow haggling while offering many discounts and deals for the customers. That also renders the engagement rings cheaper not only in comparison with other countries but also within the UAE.
Where to Buy Engagement Rings in Dubai?
In Dubai, shopping is a little different from the other regions because of its unique markets. You need to know the best place that offers value. Here are a few popular places to buy engagement rings in Dubai:
In Gold Souk, there are a lot of varieties of diamond and gold rings. You can find different bands, settings, and diamond types. The major selling point these markets have is you can save up a lot on purchasing a diamond engagement ring. This market contains many local brands and retailers. If you are looking for an international brand, you might have to look somewhere else.
Gold and Diamond Park
This one is the fusion of tradition and modern souks. It is the cornucopia for diamond lovers, as it is home to 90 jewelry stores. That means you have ample options to choose from. Moreover, you can negotiate the price and make an economical purchase without compromising on the quality.
The Dubai Mall
If you seek international brands like Tiffany and Cartier for engagement ring shopping, start your hunt from here. Dubbed as a hot hub, this mall houses famous brands and entertainment venues all in one place. However, the prices are fixed here.
There are many online stores in Dubai, which are as good as any brick-and-mortar jeweler. They offer quality as well as variety along with a convenient shopping experience. Go for the ones whose websites contain videos and 3-D images of the rings so that you can assess the 4Cs properly. Some of the virtual stores also offer to make custom engagement rings.
Things to Remember
While Dubai is a viable place for engagement ring shopping, you have to remember certain things. First, do not rely on a random grading report. Go for either GIA or AGS grading systems. Second, be wary of the ‘too good to be true’ deals. They might have low-quality items. Another thing to do is due diligence. Always check reviews of a store before going there.