First-time visitors usually ask three things: what is the gold rate today, why does a piece cost more than rate times weight, and can they claim the VAT back at the airport. Here are the answers, from Shop No. 6 at the Gold Souq Extension in Deira, where Classic Jewels & Diamonds, the jewellery house of the Classic Group, has traded since 2024.
How the daily gold rate works
Shops across Deira price gold from the same reference: the Dubai Jewellery Group’s suggested retail rate, quoted in dirhams per gram for 24K, 22K, 21K and 18K. It is derived from the international gold price converted into dirhams, plus a set retail margin, and it moves during the trading day. We publish the current figure on our gold-rate page.
Because the rate is shared across the souq, it is not the thing to haggle over, and a shop quoting far below it deserves a second look.
How a piece is priced
A Dubai jewellery price has three lines:
- Gold value: today’s rate for that karat multiplied by the net gold weight in grams.
- Making charge: quoted per gram in dirhams, or as a percentage of the gold value.
- VAT at 5% on the subtotal, gold and making charge together.
A worked example, at an example rate of AED 460 per gram for 22K (a round number for the arithmetic, not today’s price): the gold in an 8 g chain comes to 8 x 460 = AED 3,680, before the making charge and VAT.
Making charges are where shops differ. A plain machine-made chain carries a low charge; a hand-filigreed Kolkata choker or a temple haar carries more. The charge is negotiable within reason; the rate is not.
What the stamps mean
UAE Federal Law No. 11 of 2015 requires wrought gold sold here to carry the UAE hallmark or a recognised foreign hallmark. In Dubai the purity testing and unannounced shop inspections are done by the Dubai Central Laboratory, part of Dubai Municipality.
The number inside the stamp is the fineness in parts per thousand.
| Stamp | Karat | Pure gold | Typical use |
|---|---|---|---|
| 999 or 999.9 | 24K | 99.9% | Bars and coins; too soft for daily wear |
| 916 | 22K | 91.6% | Indian and Singaporean bridal work |
| 875 | 21K | 87.5% | The Gulf tradition for rings and chains |
| 750 | 18K | 75% | Diamond and gemstone settings |
Kolkata and temple work is made in 22K and carries the 916 stamp. Diamond settings are 18K, stamped 750, because the harder alloy holds a stone securely. Look for the stamp on the clasp of a necklace, the inside of a bangle or the back of a pendant, and ask to see it under the loupe.
How to compare shops
Because the rate is shared, a fair comparison rests on four things.
- Net gold weight, not the gross weight with stones or enamel, weighed in front of you.
- The making charge, as its own line on the quote and the invoice.
- The hallmark, and for a diamond the grading report; ask which lab issued the report.
- The return and exchange terms, before you pay. A defective item must be repaired, replaced or refunded under UAE consumer law; a change-of-mind return window is the shop’s own commitment, so ask what it covers. Ours are on our promise page.
Old gold can be put towards a new piece; how it is weighed, tested and valued is explained on the gold exchange page.
Where the Gold Souq Extension is and how to reach it
The Gold Souq Extension is the newer, shaded part of the Deira gold district, opened in April 2022 with 295 retail units across Maryam Plaza and Hind Plaza. Our Deira shop is Shop No. 6 on the ground floor of the Gold Souk Parking Building in Mariyam Plaza (also spelt Maryam Plaza), behind RAK Bank.
By metro, take the Green Line to Gold Souq or Al Ras station; each is a 7 to 10 minute walk. By car, the Extension has more than 1,700 parking spaces, over 600 of them in the multi-storey Gold Souk Parking Building, the building we trade from. The Extension opens daily from 10:00 to 22:00; our own hours, including the Friday prayer break, are on the stores page.
What to bring
Bring your passport if you will claim the VAT refund: the scheme is for non-residents aged 18 or over who entered on a tourist visa, and a GCC national ID is accepted instead. Bring any old gold you want to put towards the purchase, and a photo or sketch if you want something made to order; see the custom jewellery page.
How the tourist VAT refund works
Jewellery carries 5% VAT on the full price. Gold bars and coins of 99% purity or more are zero-rated under UAE VAT law, which is why a 24K bar is sold without the tax while a 22K coin is not.
Tourists can reclaim most of the VAT on jewellery through the Federal Tax Authority’s scheme, operated by Planet. The rules on the FTA’s tourist refund page come down to this:
- The shop must be registered with Planet and issue a tax-free tag or digital invoice at the sale, so ask whether it is registered before you pay.
- The minimum spend is AED 250 per invoice; receipts cannot be combined.
- Validate at a Planet kiosk or desk at your departure point within 90 days of the invoice date, and leave the UAE within 6 hours of validating.
- The refund is the VAT less Planet’s fee of 13% of the VAT amount and AED 3.60 per transaction. Cash refunds are capped at AED 35,000; card refunds have no cap.
On an invoice subtotal of AED 4,000, VAT at 5% is AED 200. Planet keeps 13% of that (AED 26) plus AED 3.60, leaving AED 170.40.
If you have a piece in mind, send a photo or a weight and karat on WhatsApp and we will quote at the day’s rate with the making charge as its own line; our other details are on the contact page. Or come to the counter and we will put the stamp under the loupe for you.