Gold and Silver Buyer’s Guide – Qatar

Before reading this guide to buying gold and silver in Doha, Qatar, please first read the basic guide to buying gold and silver.


The bullion precious metal market in Doha, Qatar is quite small and as a result you wont be able to purchase silver bullion and the best prices for gold bullion was in the most unlikely place, foreign exchange companies. The qatar gold price and silver price in qatari riyals (QAR) is published almost daily in The Peninsula, in the ‘Market’ page of the ‘Business’ section and can be seen online in PDF format. The majority of gold bullion for sale is minted by swiss refinery, Valcambi SA.

Doha’s main jewellery and bullion market is located in the Old Al Ghanim district, close to Ali bin Abdullah Street and is called the Gold Souk/Market. The Gold Souk is located right next to the main Doha Bus Station, which makes it easily accessible to those who choose to use public transportation. The Gold Souq consists of a number of buildings containing jewellery shops, including Doha Gold & Jewellery Souq and Saud Souq. With the plethora of jewellery shops, most of them do not sell bullion because, as one shop owner stated, they cant make as much money off of it in comparison to jewelery. So it turned out that the two nearby money exchange companies were the primary source of bullion, Al Fardan Exchange and Gulf Exchange, and had the best prices. Al Fardan Exchange sells 10/20/50/100 gram, 1 oz (31.1g), 1/2 and 1 kilogram and 1/2/3/5/10 tola (1 tola = 11.66g) 24 karat bars and 8g Gold British Sovereign 22 carat coin, which are available at their gold purchasing counter (counter 6). Gulf Exchange has a similar selection of bullion for sale and a dedicated counter for bullion purchase, which unfortunately isnt open on Fridays.

Though not the best priced places to buy bullion, there were a few jewellery shops in the area that had bullion. Al Safeer Jewellery [44351012] has 10/20 gram 24k gold bars (QAR 80/150 premiums) and 7.2 gr Turkish 22k coin, Haya Jewellery [44318469] has PAMP (10g had QAR 85 premium) and Valcambi gold bars, 2/4/8 gram Gold Sovereign coins, 7.2g Turkish 21k coin, and 8 gr Saudi Arabian 22k coin, and Mumtaz Jewellery [44354013] has a wide range of PAMP gold bars (10 to 100 grams).

One good thing I noticed with Al Fardan Exchange is that they publish their gold product rates in plain view on the glass of the counter, and they seemed to be fixed rates for the day. Unfortunately, I didn’t find any exchange/shop selling 1/2 kg or 1 kilogram gold bars, with the largest sized seemed to be the 10 tola or TT (116.6 gram) bar.

Note: This information was gathered in a short time period and I would like to expand on it with any information people contribute.

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37 Responses to Gold and Silver Buyer’s Guide – Qatar

  1. Yousuf says:

    On my recent visit to Qatar, I noticed that due to gold’s recent drop from the 18 to 16 hundreds, the two exchanges decided to close their gold selling windows until the price went back up. Its sad they would do this, as individuals wanting to get investment grade gold bars like the TT bar, had no means to purchase it.

  2. el.hary says:

    I recently visited these two money changer counters (Al Fardan and Gulf Exchange). Based on my own experience, the Gulf Exchange sells the gold according to the gold-rate (network) so thus the price can change every seconds, while the Al Fardan has a fix price on the same day. The Gulf gives a printed receipt with details of the buyers name on it (they asked for a QID and scan it, and put it in their system), while in the opposite side, the Al Fardan is a bit old fashion, they gives a manually hand-written receipt. Overall, the information provided in this website page are still up to that and very helpfull sinc I could not find many other references on the same matters. When I asked few gold shops there, most of them had told me that they didnt have any gold biscuit or coin, and suggested the Al fardan and Gulf Exchange.

    • Yousuf says:

      Thanks el hary for your comment. I personally preferred Al Fardan for the manner in which the teller spoke with me when I inquired at the two exchanges, but now knowing that Gulf asks for your ID and goes with the spot price, Al Fardan would solely be my recommendation.

  3. vindya says:

    I want to know how much is 1 gram 22 carot gold price in doha quatar

    • Yousuf says:

      The easiest means to find out the gold price is to check the newspapers and if you cant find it there, then to call al fardan or gulf exchange. I checked the Peninsula today and it had the gold price of 24k at 189.29 riyals and silver price at 3.42 rials, so the 22k gold price would be 173.52. I found about the same pricing on goldpriceweb.com for its quote of yesterday.

  4. muhammady says:

    Thanks for the information. Could you please provide some details on the market in Bahrain as well.

    • Yousuf says:

      Well the gold souk in Bahrain is located throughout the Souk district of Manama. You will find the 3-floor gold souk mall at the junction of Sheikh Abdullah Avenue and Bab Al Bahrain Avenue. Another gold shopping mall is called Gold City, which has 2 floors of jewellery shops along Government Avenue. Another possible place of gold shops is near the junction of Isa Al Khabeer Avenue and Bab Al Bahrain Avenue.

      • muhammady says:

        ThanksYousuf. I visited a faw Jwellery shops in Gold City earlier, but could only find the 10 tola cast bars. I was looking for the minted sealed bars. I will try the Soud district. I though I’d ask in case someone has tried the shops and could guide me to the best place / shop out there.

        By the way, is 10 tola cast bar (Valcambi brand) good for investment purpose? I am a bit conscious as it does not come in sealed package, and no certificate.

        • Yousuf says:

          Your welcome muhammady. Its funny that you could find the 10 tola bar but none of the minted bars in Gold City. Yes the 10 tola bar is an investment grade bar, similar to the half kilo and 1 kilo bars, which jewellers will buy to make jewellery with. No need to feel worried, as investment grade bars never come in packaging but the most important thing is the serial number imprinted on the bar.

          • muhammady says:

            Oh I did not know that about 10 tola.. so far bought 100 grams and 5 tola minted bars – all 9999. I will go for 10 tola now but they are only 999.0
            Does this matter?

          • Yousuf says:

            So which mint brand did you get for your 100 gram and 5 tola bars and from which shop did you get it? No it doesnt really matter that the 10 tola is 999. Look forward to your experience in Bahrain, so I can create a similar guide for Bahrain.

  5. muhammady says:

    I managed to find Valcambi minted bars this morning in Souq.. an exchange company called Bex Money. I paid about 250 fils per gram above spot rate. Does it sound reasonable? Their contact no. is 17275275
    I will let you know if I come across more places.
    I am tarvelling to Qatar next week. Is it better to buy from there given the premium I paid in Bahrain? Thanks

    • Yousuf says:

      250 fils (2.50 qatari riyals) seems quite reasonable a premium over spot. Look forward to feedback on any other places you find. Please keep an eye open for any places selling 1 kilo silver bars and which mint its from. I think prices in Bahrain and Qatar will be similar, but premiums in the two countries will depend on the shops you buy it from.

      • muhammady says:

        How’s the premium in Al Fardan and Gulf in Qatar? I am considering visiting them next week. Do they sell PAMP bars?
        I will let you know about silver if I get the details. I saw the rate for silver was displayed at Bex but I did not pay any attention.. ^_^
        I heard about one more exchange company, BIIECO – I think it’s Bahrain India Exchange Co. Heard that they deal in gold, so will go there as well and update you.

        • Yousuf says:

          I assume the premiums are reasonable and would recommend Fardan over Gulf. They were only selling Valcambi bars when I checked, but you can find jewellery shops selling PAMP bars. Look forward to your future updates.

          • muhammady says:

            I called Bex Money and BIIECO in Bahrain and Al-Fardan in Doha in the morning and checked their rates. The spot rate then was $1726.50

            (BIIECO is also located at Bab Al Bahrain in Central Manama)

            Both Bex and BIIECO were selling 100g for BD 2,112 and 1 ounce for BD 661.
            This means a premium of BD 30 on 100g, and BD 13.5 on 1 ounce.

            The rates at Al-Fardan were:
            QAR 20,618 for 100g (BD eq. 2125)
            QAR 6,458 for 1 ounce (BD eq. 665)

            Thus, I found rates in Bahrain on a bit lower side.

  6. muhammady says:

    Dear Yousuf

    To answer your Q on silver..

    Bex sells 1 kg silver.. 999.0 from Emirates mint.

    Their rate today is BD 421, which seems Ok given the price of AED 4169 in Dubai.

    BIIECO does not deal in silver any more.

    Thanks.

  7. sarath says:

    can we take TT bar to india , any problem with customs and how much is allowed to take. please answer

    • Yousuf says:

      Yes you can take a TT bar to india, but you should hold on to the bill as they will likely ask you for it when you travel through customs in qatar and likely in india, but in india, they will likely ask you to pay taxes on it if its over a particular amount, but i’m not sure if the TT bar is over that amount.

  8. Al Bubba says:

    Where are the 8g 22K British soverign coin fro Al Fardan minted?

    • Yousuf says:

      Well I assume they are locally minted 22k british sovereign coins like the ones minted in dubai. If you see a valcambi logo on the coin, then those are minted in switzerland.

  9. Madhavi says:

    Last year we brought 5 Tulas bar from Al Fardan .the rate is 12,812riyals.But now the 24 k is 188 per gms.I feel very bad of buying the gold last year in very high price.

    Can we take 200 gms of gold oranament to India.Will they be any problem with the Qatar Customs and the IndiaCustoms officers.

  10. Jose antonio says:

    Hello, I have 100 kilos of silver at 999 grit anyone know where I can manage to sell it ..??

    • Yousuf says:

      As the silver market in Qatar is pretty non existent, I’d assume that there wouldnt be any means of you selling 100 kilos of it in qatar, but I’d probably suggest you check out some of the silver shops that craft silver for better advice.

  11. Murugesan says:

    Please advice me that where can i buy silver bar 500 grams with certificate and 8 grams silver coins in Doha

    Thanks

    Murugesan

  12. navin says:

    kindly advise me where to purchase Pure Gold Jewel in doha

  13. Suben says:

    Dear Yousuf,

    I am in Qatar now … i am willing to start investing in silver …. i did like to start with 1500 QRs. Could you advise me what would be best to buy .And do you have any store i should go to.

    I went for a check today and visited few stores. the cheapest quote i got for silver / gm was 5.5QR. this is from Pure gold store.

    i would appreciate if you could give me a break down of silver pricing system here in Qatar like what isthe added cost a i got to pay .

    than you so much for the info

    • Yousuf says:

      Dear Suben,

      I’m presently in Qatar and did a check around here for silver bars and one shop mentioned that Gulf Exchange normally sells silver bars but does so with a high premium. The same shop owner (Al Safa Jewellers – Tel: 44433237 Mob: 55269466) mentioned that if I wanted, he can bring in silver from dubai for cheaper, but it would take a week or two for it to arrive in doha, so you might want to check that out. If you decide to buy silver in qatar, only stick with the 1 kilo bars if you can find them and nothing else as the silver market in doha is very small.

  14. ahmed says:

    Thanks alot yousuf for this useful information.
    Did u check Doha bank go for gold and compare it to exchange offices?
    I will try to check and tell you.

    • Yousuf says:

      No i hadnt heard of the ‘Go for Gold’ campaign until you mentioned it and will add the info the next time i update the page. Thanks.

  15. msamim says:

    I purchased a 5 tola gold worth QRs. 11581 from Alfardan, when I asked the sales counter staff that if what will be resale value if this 5 tola gold suposed to be returned to you in the same time. they said the value will be offered QRs. 11193, it means QRs. 388 less. please explain me what is the farmula or calculation,,thanks

  16. nadz says:

    please advice me were i can buy gold jewellries like neckles,earings..etc…in low prize….thank you…

  17. Sanjay says:

    Dear All
    Please anybody can tell me whats the rate for 24K gold at doha today ????

  18. Russ Sandlin says:

    I am in Doha, as of yesterday, Doha Bank is the best place to go, although they have the lease selection ( No Tola’s, no OZ bars. All are Pamp Lady Fortuna 24 K

    2-Dec
    Spot Doha Bank Gulf Exchange Al Fardan
    Gram 146.13 10 G 1535 1540 1543
    OZ 4544.59 20 Gr 3000 3027 3061
    total 4535 4567 4604
    Spot 4383.9 4383.9 4383.9
    Making 151.1 183.1 220.1
    % over 3.33% 4.01% 4.78%

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