Definition

The Dubai Gold Souk is one of the world’s largest retail gold markets, located in the historic Al Ras area of Deira, Dubai. The market comprises over 300 retailers along a covered, air-conditioned pedestrian corridor, selling gold jewellery in a wide range of karat purities (18K, 21K, 22K, and 24K), loose diamonds, precious and semi-precious gemstones, platinum, silver, and gold bullion. Established in the 1940s when Dubai was a small trading port on the Persian Gulf, the souk has grown in tandem with the city’s transformation into a global commercial hub. The souk operates under the regulatory oversight of the Dubai Gold and Jewellery Group, which ensures standardised pricing, hallmarking, and consumer protection.

UAE Context

Dubai’s gold trade predates the modern UAE by decades, rooted in the city’s historic role as a re-export hub between South Asia, East Africa, and the Persian Gulf. The Gold Souk remains the physical centrepiece of an industry that positions the UAE as the world’s third-largest gold trading hub by volume. Gold prices in the souk are set daily based on the international spot price, with retailers adding a making charge (craftsmanship fee) that varies by design complexity and weight. This transparent pricing model, combined with zero VAT on investment-grade gold and minimal import duties, makes Dubai one of the most competitive gold-buying destinations globally. The souk is also a major tourist attraction, drawing millions of visitors annually who combine gold purchasing with the cultural experience of traditional souq shopping. Adjacent markets including the Spice Souk and Perfume Souk create a district-level tourism cluster in historic Deira.

Key Data

• Location: Al Ras, Deira, Dubai
• Established: 1940s
• Retailers: Over 300 shops and showrooms
• Products: Gold jewellery (18K–24K), diamonds, gemstones, platinum, silver, bullion
• Pricing: Based on daily international spot price plus making charges
• Regulatory body: Dubai Gold and Jewellery Group
• Estimated annual gold trade: Over 40 percent of the world’s physical gold passes through Dubai
• Nearest metro: Al Ras Station (Green Line)

Significance for Vision 2031

The Dubai Gold Souk anchors the broader gold and precious metals ecosystem that generates billions in annual trade revenue and supports thousands of jobs in retail, wholesale, refining, and logistics. Under Vision 2031 and the D33 Agenda, Dubai aims to consolidate its position as the global capital for gold and commodities trading. The Deira Enrichment Programme, a government-led urban renewal initiative, is modernising the historic souk district with improved infrastructure, pedestrian access, and heritage conservation while preserving the authentic market character that distinguishes it from mall-based retail. The Gold Souk also supports tourism diversification by offering visitors an experiential cultural destination beyond Dubai’s modern attractions, contributing to the goal of attracting 25 million overnight visitors by 2025 and sustaining growth beyond that target.

Related Terms

• DGCX — Dubai Gold and Commodities Exchange for derivatives trading
• DMCC — Free zone authority governing the gold and commodities sector
• D33 Agenda — Dubai’s economic strategy targeting trade and tourism growth
• Non-Oil GDP — Economic diversification metric supported by gold trade