The contrast between the new city of Dubai and the old city is stark. Simply landing at Dubai airport sets the scene for an adventure in the sleek and glossy new Dubai. The new Burj Khalifa, the tallest man-made structure ever built, offers a complete contrast to old Dubai and its world famous Gold Souk.
Dubai is one of the seven emirates of the United Arab Emirates (UAE) and has the largest population and is the second-largest emirate by area, after Abu Dhabi.
Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6 per cent of the emirate's revenues but pearling formed a large part of the ancient history of Dubai.
Located in eastern Dubai, the world famous Gold Souk contains over 300 retailers trading almost exclusively in gold jewellery. It’s renowned for offering some of the lowest gold prices in the world, thanks to United Arab Emirates’ free trade policy.
Small, independent stores operate alongside established retailers, including Damas, ARY Jewellery, Prima Gold and Joy Allukas Jewellery. Most vendors in the Souk operate on a high turnover and low margin strategy.
The origins of the Gold Souk can be traced back to the 1940s, when Dubai’s free trade attracted jewellery entrepreneurs from India and Iran who established stores in the Souk.
Today, attractions like the Gold Souk have made Dubai a major tourist attraction, often referred to as the “City of Gold”. It is ranked the eight most-visited city in the world. Estimates suggest approximately 10 tonnes of gold is present at the Souk.
It is hard not to get caught-up in the hustle and bustle of the Souk. While the traders are largely Indian, mostly operating from stores no wider than 4-5 metres, the customers traipsing the narrow streets are varied; from well-dressed westerners, to people clad in ancient garb, the Gold Souk is a melting pot of nationalities.
The September issue of Jeweller will contain a more detailed look at the Gold Souk and include many fascinating images of the traders and their gold jewellery.