Dubai Gold Souk is a traditional market (or souk) in Dubai, United Arab Emirates. The souk is located in the heart of Dubai’s commercial business district in Deira, in the locality of Al Dhagaya. The souk consists of over 300 retailers that trade almost exclusively in jewellery. Retailers in the souk include both well established stores like Damas, ARY Jewellery, Prima Gold and Joy Allukas Jewellery as well as smaller stores that operate mainly in the gold souk. By some estimates, approximately 10 tons of gold is present at any given time in the souk. It is bordered to the north by the Dubai Fish and Vegetable Market and the Deira Corniche.
Trade in the gold souk grew during the 1940s due to Dubai’s free trade policies which encouraged entrepreneurs from India and Iran to set up stores in the souk. Despite a general slump in the global gold market, Dubai’s share of value of trade in gold and diamonds to its total non-oil direct trade increased from 18% in 2003, to 24% in 2004. In 2003, the value of trade in gold in Dubai was approximately Dh. 21 billion (US$5.8 billion), while trade in diamonds was approximately Dh. 25 billion (US$7 billion) in 2005. India is Dubai’s largest buyer of gold, accounting for approximately 23% of the emirate’s total gold trade in 2005. Switzerland was Dubai’s largest supplier of gold ingots, wastes and scrap. Similarly, India accounted for approximately 68% of all diamond-related trade in Dubai; Belgium’s share in Dubai’s diamond trade was about 13% (2005).
