Gold and Silver Buyer’s Guide – United Arab Emirates

Before reading this guide to buying gold bullion and silver bullion in the United Arab Emirates, please read the basic guide to buying gold and silver.

Gold is popular in the United Arab Emirates, with Dubai being known as the Middle East region’s gold hub and the the world’s largest re-exporter of gold. Its popularity on the world gold stage has grown with the help of the Dubai Metals and Commodities Centre (DMCC), the Dubai Gold & Commodities Exchange (DGCX), the Dubai Gold & Jewellery Group (DGJG) and its annual ‘City of Gold’ Conference and Dubai Shopping Festival promotion, as well as having regionally known refineries (Emirates Gold, Al Ghurair Giga Gold, Al Ghaith Gold, and Al Etihad Gold). Each emirate/city has one or more jewellery shopping malls and souqs/markets/areas – Abu Dhabi (Madinat Zayed Gold Centre), Dubai (Dubai Gold Souq, The Gold Center, Gold Land, New Gold Souk, Dubai Gold & Diamond Park), Sharjah (Central Market, The Gold Centre), Ajman (Gold Souq), Ras Al Khaimah (Al Muairedh Souq). Swiss gold accounts for a large volume of gold that comes in and out of the UAE and the popular available Swiss brands include PAMP Suisse, Valcambi SA, and Credit Suisse.

United Arab Emirates Gold and Silver Prices

Gold rates are fixed twice a day by the Dubai Gold and Jewellery Group, which can be found on their website or by calling their hotline number 04-2291214 and then pressing 1 for the daily 22 carats and 24 karats prices. Gold and silver prices can also be found at the Khaleej Times’ forex page, which includes the morning, evening and yesterday’s rates for gold 18, 22, and 24 karat per gram, ten tola (TT) gold bar, and the 1 kilogram silver bar (which unfortunately is over quoted by AED 120). Another online source of the gold and silver prices is at the Emirates NBD bank’s website, which has the spot dirham gold and silver prices in ounces, grams, kilograms and ten tola.

Gold and Silver Spot Price in US Dollars (USD) and United Arab Emirates Dirhams (AED) per Troy Ounce

The 24 karat gold fixed price per gram is calculated by taking the London fixed price or the spot bid price per gram in UAE dirhams (AED or Dhs) and then rounding it up to the closest quarter and then adding an additional 2 dirhams. The additional 2 dirhams attached to the price is the base premium added to the price of gold bars and coins equal to or under 100 grams. The 1 kilogram silver bar price can be calculated by adding 1 dollar to the USD ounce silver spot bid price and then multiplying that by 118.123 (which is a oz to kilo and USD to AED value) and adding an additional 20 dirhams. The gold premium over spot will normally be between 2 and 4 percent for bullion bars below 101 grams and the silver premium over spot will normally be between 2 and 3.5 percent for half and 1 kilogram bars (as of Feb 2012). The gold and silver premiums will normally increase when the market goes down or inventory becomes scarce.

What to Buy?

For gold bullion bar purchases, I recommend going for PAMP, Valcambi, Argor Heraeus, Credit Suisse, Commerzbank (german), Emirates Gold or Al Etihad wafers/biscuits/bars, which have a fixed premium (aka making/fabrication charge) depending on the weight of the bar – the larger the bar, the smaller the premium (approx. AED 4.5/g for 10g and AED 2.25/gr for 1 oz). For gold bullion coins, you can find international 1 oz gold coins from the United States, Canada, Austria, Australia and China for premiums of AED 300 to 500, but the 21.6 karat Mexican 50 Peso 40-gram gold coin found in the UAE is a locally minted replica with a low premium of AED 40 to 100. For silver bullion purchases, I recommend the 1 or 1/2 kilo bar from local brands like Emirates Gold, Al Ghaith, Al Etihad Gold, and Kaloti Dubai, or turkish mint Nadir Metal Rafineri (Nadir Metal Refinery), as well as 100 and 50 gram bars minted by Nadir or turkish mint Istanbul Altin Rafinerisi [IAR] (Istanbul Gold Refinery). I don’t recommend other silver bars and coins found in the local market as they charge a premium above the daily silver price per gram, in addition to a making charge, which results in premiums of 20 to 50 percent, except the 1 oz silver coin by Nadir. I recommend that if you can’t afford a 1/2 kg silver bullion bar, that you go for the 1 to 8 gram 21 or 22 karat ‘George V’ or ‘Victoria Jubilee’ British Gold Sovereign gold coins (these are minted locally), as they are the best value for money gold or silver bullion coin or bar, with a making charge of only AED 5 and 10. The most stable time to purchase gold or silver is on Saturday and Sunday, as the price is not being traded on the international exchanges until Monday at 2AM. Standard purity for locally minted gold 1 and half kilo bars is 995 or 999 and purity for locally minted silver 1 and half kilo bars is 999.

PAMP Suisse 1 Gold Troy Ounce with Assay Certificate Valcambi SA 1 Ounce Gold Coin/Round 1 and 1/2 kg Emirates Gold Silver Bars

Where to Go?

My personal favourite bullion shop in the Emirates is Al Abyad Jewellers [06-5731961], as they have everything I want all under one roof and are a major bullion dealer for shops in Sharjah and Ajman. There selection includes gold bars (PAMP, Valcambi, Commerzbank, Argor-Hereaus, Emirates Gold), PAMP pendants (oval, heart and diamond shaped with standard, kaba, disney and rose designs, that have higher making charges), Valcambi coins (1 to 100 grams), PAMP silver bars (1 oz, 50g, 100g, 1kg – couldn’t find PAMP silver bars anywhere else in UAE) and oval-shaped pendants (5g to 1oz), Credit Suisse 10 tola (116.6 grams) gold bars, Emirates Gold silver bars (1/2 and 1 kilo), Gold Sovereign 21k/22k gold coins (1/2, 1, 2, 4, 8, 20, 40 grams), Turkish 21k/22k gold coins (1, 1.8, 3.6, 7.2, 18, 36 grams), Saudi Arabian 21k/22k gold coins (4, 8 grams), Mexican Peso gold coin, international gold coins (Canadian Maple Leaf, American Gold Eagle, South African Krugerrand, Austrian Philharmonic, Australian Kangaroo/Nugget, Chinese Panda), range of silver coins (including a 1kg Australian coin), Gold Sovereign silver coin (5 grams with around 33% premium), and 1 oz Valcambi palladium bars. So if you decide to go there, they are on the 1st floor of the south-east corner of the building and tell them that Yusuf Patan (my nickname at the shop) or Sunnah Money sent you.

Istanbul Altin Rafinerisi [IAR] 100 Gram Silver Bar/Wafer/Buscuit On Dubai’s Deira side of the creek, all the stores are located in what is known as the Gold Souk/Market area. If you are travelling by bus, you can access all of the shops by travelling to the Gold Souq Bus Station, else if you are travelling by car, you can park at the gold souk paid parking next to the bus station (nearly impossible to find a parking space, unless your ready to drive around waiting in the car for atleast half an hour) or on the opposite side of the road at the fish market paid parking (normally always available, but paid parking lasts from 8am – 11pm daily, including fridays).
I recommend buying PAMP and Emirates Gold gold bars (1 gram to 1 kilo) and 1 kilogram Al Ghaith silver bar from Anjali Jewellers [04-2253487], Valcambi gold bars and coins and 1 kg Al Etihad silver bar from Lakhoo Jewellery [04-2264050] (they are the largest dealer of Valcambi and also have the Valcambi minted Gold Sovereign – turn right in the Gold Souq at the blue sign of Al Matrooshi), 1 and half kilo Emirates Gold silver bars from Ceetees Silver Gallery [04-2262878], 1 kilogram Al Etihad gold or silver bars from Al Bahrain Jewellery [04-2269514/04-2259012], 100 or 50 gram IAR Turkish silver bars can be found at Fine Gold [04-2256611] or Jewel Trading – Head Office [04-2290190], and Gold Sovereign coins can be purchased in The Gold Center building from Vijaya [04-2264635] (1, 2, 4, 8, 20 grams), Atlas [04-2254235], Joyalukkas (Shop 10) [04-2253646], and Elite Jewellers [04-2265355] (8, 20, 50 grams). Jewel Trading – Head Office also offers in 10g, 20g, 1/2 oz and 1 oz  PAMP silver oval and diamond shaped pendants with Ayat Al Kursi, hologram (Kaba, Lady Fortuna), Lady Fortuna, and Rose designs. Wajdi Intl. Jewellery Traders [04-2265769] has international 1 ounce silver coins (US, AUS, CAD with approx. 120% premium), and international 1 oz gold coins (CA, US, AU, CN, ZA with AED 450-500 premium). The benefit of buying gold from Anjali is that they normally charge AED 1 below the current rate per gram, the cheapest 1 kilogram silver bar can normally be found at Nadir (they charge $0.50 above spot per ounce), and Vijaya only charges AED 5 making charge for the Sovereign.
Jewel Trading – Gold Souk [04-2351114] has a selection of silver bars (25 to 500 grams) and coins (5 to 100 grams) with various designs (they charge a fixed price per gram no matter the size, approx. 30% premium), and Just Jewels [04-2255711] has a selection of 21k iranian coins. The Gold Oasis Building contains Al Sawar Jewellery [04-2290593] that has 1 and 1/2 oz gold Kanagroos, and the Gold House Building has Rumail Jewellery [04-2202990] that has 5g, 10g, 20g, 1oz, 50g, 100g IAR silver bars as well as 1 and 1/2 kilo Emirates or Kaloti silver bars, and as a last resort to find 50 and 100 gram PAMP gold bars, you can check out BRR Jewellery [04-2258777]. Another gold and silver bullion shop that can be checked in Vin Gold [04-2254277] which has 1 – 100g and TT gold bars ($1.50/oz over spot to buy and -$2.00/oz under spot to sell) and 1 kg silver bars.
- Gold Centre Building Offices -
The offices located above the ground and mezzanine floors of the Gold Centre building include companies like Jewel Trading – Head Office [Zone 2, Floor 3], Kaloti Jewellery Group [04-2256633 - Zone 3, Floor 2 - Sells its own branded 1 kilo of gold and silver, and offers gold testing], PAMP Gold [04-2261998 - Floor 3 - Main distributor of gold PAMP bars], Al Bahrain Jewellers – Bullion Division [04-2262286 - Zone 1, Floor 4 - Sells Etihad Gold TT and 1 kilo gold and 1 kilo silver bars], and Nadir Gold [04-2342347 - Zone 2, Floor 6 - distributor of DMCC approved Turkish mint Nadir Metal Rafineri’s 1-kilo gold and silver bars].
- Bur Dubai -
50 Grams Gold Bar - Emirates Gold On Dubai’s Bur Dubai side of the creek, most of the stores can be found in the Al Souk district, which can be accessed through Khalid bin Al Waleed Street (aka Bank or Computer Street). If you are travelling by car, attempting to park within the district will be next to impossible, so the best thing is to park on Khalid bin Al Waleed Street in the public paid parking near Copper Chimney Hotel and Dolphin Hotel Apartments, else in the private paid parking areas next to Ascot Hotel or Quality Computers.
I recommend you buy gold bullion bars and 8g Gold Sovereign coins from Gold House [04-3534474], for 1 kg silver bullion bar you can check Mikado Jewellers [04-3512511] (they also have 10, 20, 31.1, 50, 100 grams bars – the larger the bar, the lower the premium), for silver coins you can check Jewel Trading – Bur Dubai [04-3511174] (approx. 33% premium), and for small silver bars you can check House of Silver [04-3535453] (25, 50, 100, 250 gram bars) as they had reasonable premiums. The New Gold Souk building had only two shops with bullion, Mohanlal Vallabhdas & Bros [04-3989469] had a few PAMP and Valcambi bars, while Suhaily Jewellery [04-3266170] had Valcambi minted 4 and 8 gram 22k Gold Sovereigns.
- Sheikh Zayed -
10 Tola Gold Bar - Valcambi Suisse For those living on and around Sheikh Zayed Road (sometimes referred to as ‘New Dubai’), the Dubai Gold & Diamond Park (in front of First Gulf Bank metro station and opposite to Mall of the Emirates) is the place to go. For gold, silver and platinum bars and coins, I recommend G.B. Jewellers [04-3406104] (speak to Mr Gaurav and tell him Yousuf Patan sent you). As a second alternative for gold and silver bars or to get Gold Sovereigns coins, check Classic Diamonds [04-3473696]. I don’t recommend any other shops but noticed that these shops also had a selection – Emirates Diamonds Jewellery [04-3400851], Kanz Jewels [04-3400557], and Damas [04-3479663].
- Dubai Airport -
In the Airport Duty Free of Dubai International Airport Terminals 1 (Rashid Terminal) & 3 (Emirates Terminal near Gate 217) are gold stalls which sells PAMP gold bars (1 gram to 1 kilo) and international gold coins (American, Canadian, Australian, South African) for those wishing to buy gold on their stopover in the airport. The premium for gold was AED 30 to 40 above the local market price per gram and didn’t included any making charges, which turned out to be around a 10 percent premium.
- Shopping Malls -
No matter which shopping mall that you visit in Dubai, there will not doubt be jewellery shops in it and you should be able to get some gold bars or coins in shops like Damas, Malabar, Pure Gold, and Joy Alukkas. In Festival Centre’s ‘Dubai Gold Market’ (Dubai Festival City) you can check Skyze [04-2328485] for gold bars and La Marquise [04-2328599] for 1-8 gram Gold Sovereigns (charging making charges of AED 25 – 75). In Dubai Mall’s ‘The Gold Souk’ you can check Young Line International Jewellery [04-4340347] for gold bars (1 to 500g) and silver bars (100g, 500g and 1kg).
- Others -
If you would like to find a jewellery shop closer to your area, you can browse through shops in Ghusais, central Deira, central Bur Dubai, Karama, Satwa, and Jumeirah to see which ones may have gold bullion bars or coins. It is possible that jewellery shops in various shopping malls and centers will also have bullion, but they will likely charge higher premiums. Some more popular jewellery shops will have their own branded bullion coins or bars like ARY, Malabar, Al Fardan, Joy Alukkas and Lakhoo. The World Gold Council (WGC) has its list of gold coins and small bars dealers in Dubai.
- Metal Testing -
I have seen gold and silver testing facilities at Kaloti Jewellery Group’s office in the Gold Centre building as well as at Harshad Laboratory [04-2251013] (they charge AED 30 for testing and AED 25 per kilo for melting).

Sharjah & Ajman
1 Troy Ounce Gold Pendant - PAMP Suisse Sharjah – Other than Abyad in Sharjah’s Central Market, Moni Jewellers [06-5724078] has 21k/22k Gold Sovereign coins (2, 4, 8 gr) and PAMP bars (1 to 100 grams), Beach Jewellers [06-5730678 - Block 1 Shop 5] has 50, 100 gram Turkish IAR silver bars, 1 troy ounce gold coins with AED 500 premiums (CAN, AUT, USD, CHN, AUS), American Eagle 1 oz gold coin (AED 700 premium) and fractional ounce gold coins from Canada (1/2, 1/4) and Australia (1/2, 1/4, 1/10, 1/20). Al Ayyam Jewellers [06-5731817] has one ounce gold coins from Australia (kangaroo/nugget), Canada (maple leaf) and South Africa (krugerrand) with a premiums of AED 300-400 and the locally minted Mexican Peso for a AED 50 premium (speak to Mr. Jeelesh and mention that you came from Yousuf Patan or Sunnah Money). They also were the only shop in the Emirates that I found the Queen Victoria Gold Sovereign coins. Vrajlal Mohanlal & Sons Jewellers [06-5724812 - Block 4 Shop 19] is a good alternative to Abyad for silver kilo bars (Kaloti or Nadir).
Ajman – With Al Abyad Jewellers in Sharjah, I dont bother going to Ajman’s Gold Souq to buy bullion, but for those who may be limited by time or transportation, you can check Al Mansoor Jewellers [06-7446494] for 21k Gold Sovereigns (1, 2, 4, 8 grams), PAMP gold bars, and Turkish pendants (2.5 – 4 grams) or Al Marwa Jewellery [06-7441750] for PAMP gold bars and 8 gram Gold Sovereigns.

Abu Dhabi
The major gold souqs in Abu Dhabi include the outdoor jewellery area at the junction of Liwa Street and Hamdan Street (Street 5) near the Liwa Center and Ahalia Hospital and the indoor jewellery area in the Madinat Zayed Shopping Mall (aka Madinat Zayed Gold Centre) along New Airport/Muroor Road (Street 4). I recommend visiting Gold Bullion [02-6500777] as they are a dedicated bullion shop with Emirates Gold minted gold bars (1-100g, 1oz, 250g, TT, 1 kilo), silver bars (10g, 20g, 50g, 1oz, 250g, 500g, 1 kilo), gold coins (islamic dinar), silver coins (1 oz), and gold pendants with Ayat Al Kursi (10g, 20g, 1oz). The premiums at Gold Bullion were the cheapest I found in Abu Dhabi for gold (100g – AED 166, 50g – AED 120, 1oz – AED 101, 20g – AED 87) and the cheapest silver can be found at Gold Bullion, Ajanta, Siddiq or Jazira. At the Hamdan Street gold market, Ajanta Jewellers [02-6325223] had PAMP, Valcambi and Argor gold bars, Nadir silver bars (20g, 1oz, 50g, 100g, 1 kilo), gold Sovereigns (2 dirham premium), and 5 kilo Argor silver bar, Al Jazira Jewellers [02-6344141] had PAMP gold bars, Nadir silver bars (5g – 100g, 1oz, 500g), silver kilo bars, and gold Sovereigns, and Anand [02-6324977] had IAR silver bars (10g, 20g, 50g, 100g) and 1 kilo silver bars. The gold premiums at Ajanta and Al Jazira were the same (100g – AED 180, 50g – AED 130, 20g – AED 115, 10g – AED 85, 5g – AED 75, 2.5g – AED 65), except that Al Jazira charged AED 95 for the 20 gram bar. The Madinat Zayed Gold Centre houses 70 jewellery shops and I recommend visiting Al Siddiq Jewellers [02-6326565], which has gold bars (including TT and kilo bars), Nadir 1 kilo silver bars, and gold Sovereigns, and GB Gems had PAMP gold bars, IAR silver bars (5, 10, 20, 50, 100, 500g) and Australian gold coins (1/20 to 2 oz). Other shops in the mall you can visit include Al Jazira Jewellery [02-6217414], Al Awadhi Jewellery [02-6332327/6333678], and Al Reyadh Jewellery [02-6319669]. Gold premiums in Abu Dhabi are approximately double the premiums in Dubai.

Al Ain
The Al Ain gold market consists of a few jewellery shops located close to the junction of Zayed ibn Sultan (137th) Street and Salahuddeen Al Ayyubi (116th) Street. I recommend visiting Jasmin Jewellers [03-7655006] for PAMP gold bars, Gold Sovereigns (AED 15 making charge), Turkish gold coins, and Mexican gold coins and Khalid Javid Jewellers [03-7660590] for TT bars and 1 Al Ghaith kilogram silver bars (AED 150 above market price). Some of the other shops in the area include Reema Jewellery [03-7665996] (has 1/2 kilo silver bars), Abid Ali Taj Jewellers [03-7660390], Al Nakhada Jewellery [03-7666997], and Al Badia Jewellery [03-7667177]. For those who wish to buy a home safe, Al Ain Glass Company [03-7641442] is located next to the jewellery shops and has safes ranging from 200 to 4 thousand dirhams. You can find PAMP gold bars in Al Bawadi Mall in Al Badia Jewellery [03-7840303] and Al Romaizan Gold & Jewellery [03-7840981]. Premiums in Al Ain, similar to Abu Dhabi, will be higher than premiums in Dubai.

Platinum and Palladium
There are very few shops in the Emirates that sell platinum and palladium, which include Abyad (palladium), Lakhoos (palladium), GB Jewellers – Gold & Diamond Park (platinum), and Nadir (platinum). If you want to know their global spot price click here, but know as they are less in demand and supply that their local price will likely be high.

Investment Grade Bars
Gold – The two popular gold investment grade bars are the 1 kilogram and ten tola (TT) bars. The 1 kilo bar comes in both 995 and 9999 qualities and local mint Emirates Gold is the most popular, though you can also find it minted from Al Etihad, Al Ghaith, and Kaloti, which will normally be slightly cheaper. The 10 tola bar (116.6 grams) is the lowest investment grade bar and comes in purities of 995.0 and 999.0 which is normally minted by foreign mints like Credit Suisse and Valcambi, but can also be found by local mints like Emirates Gold and Al Etihad. Other less popular/available investment bars include the half kilo Emirates Gold bar found in PAMP Gold (Dubai), Gold Bullion (Abu Dhabi) and Al Abyad (Sharjah) and the quarter kilo Commerzbank bar found at GB Jewellers (Dubai) and Ajanta Jewellers (Abu Dhabi). Premiums (also called margins) on investment grade bars will normally ranging between 1 and 3 hundred dirhams over the spot ‘ask’ price, which will normally be a premium around or below 0.3%. For a price comparison done at the major dealers, please check Malek’s comment from September 2011.
Silver – The popular silver investment grade bar is the 24k (999) 1 kilogram bar by local mint Emirates Gold, though you can also find it minted by Al Etihad, Al Ghaith, Kaloti, Nadir, Credit Suisse and PAMP. As they are investment grade bars, dealers will normally say that they dont have a premium, but the daily quoted 1 kilogram silver price has a US$ 1 premium attached to it and the swiss minted silver bars will have an additional premium attached to it and can normally be gotten at Abyad (Sharjah). The less popular investment grade bar is the half kilo silver bar minted by Emirates Gold, Al Ghaith, Nadir, or IAR, which is available at Ceetees (Dubai) and Abyad (Sharjah with an added AED 100 premium). For bars larger than 1 kilo, I would recommend approaching the mints directly, as you have mints like Al Etihad Gold that mint them from 23 to 34 kilo bars.
Note: Emirates Gold does mint a quarter kilo silver bars, but they are not sold in the local market, but are sold in europe.

Online Shopping
Presently, there is only one online store for buying gold and silver and that is provided by [04-4473635]. They have a range of gold coins (4, 8 gm sovereign, 1 oz local & australian) and bars (1 oz – kilo local, 1 – 100g PAMP, TT credit suisse), silver coins (AUS, CAN, AUT) and bars (1 kilo local). They provide Fedex delivery for orders under US$ 5K (approx. AED 40 in Dubai and AED 100 in Abu Dhabi) and by Transguard for orders over US$ 5K (approx. US$ 40 in Dubai and US$ 100 in Abu Dhabi). Payment is accepted by credit card/paypal (with an extra 4% charge) or by ADCB bank deposit (must be deposited within an hour). You can try your luck at online classified and auction websites like and, but you’ll mainly find collector coins being sold their.

Gold ATM Machines
Gold to Go ATM Vending Machine The ‘Gold to Go’ gold vending machines are springing up around the country in popular hotels, shopping malls, and towers. The ATM-style gold dispenser features a multilingual 19-inch touch screen that display details of the 10 different products shown in the windowed showcase. It has real-time product pricing that is updated every 10 minutes and it accepts payment by cash as well as credit or debit cards. It was first introduced in Abu Dhabi’s Emirates Palace Hotel in May 2010 and is now also available in Dubai’s Mall of the Emirates (Ski Dubai), The Dubai Mall (Galeries Lafayette), Burj Khalifa (Ground and 124th Floors), InterContinental DFC, and Atlantis Palm Hotel. A number of the locations will have unique gold bars advertising that location, including the ‘At the Top’ Burj Khalifa edition, Emirates Palace edition, and Galeries Lafayette edition. When I visited the ATM machine in Dubai Mall, it featured a 1/10 ounce Canadian Maple Leaf, 1/2 and 1 ounce Australian Kangaroo, and various PAMP gold bars and pendants from 1 gram to 1 ounce, while other locations may have the South African Krugerrands.

DMCC Minted Coins
The DMCC launched the UAE’s first souvenir commemorative gold coin series in September 2007 known as the ‘Visions of Dubai’, which is minted by Emirates Gold. The coin comes in 1/10, 1/4, 1/2, and 1 troy ounce sizes and has the Sheikh Mohammed bin Rashid Al Maktoum’s (UAE vice president) face on the front and Dubai’s landmark hotel, Burj Al Arab, on the back. It was initially minted as 22k coin, but in October 2009 it was changed to 24k (9999). In 2009, DMCC launched its second edition of the ‘Visions of Dubai’ series with a new image of Sheikh Mohammed’s face on the front and Dubai’s landmark real estate project, Palm Jumeirah, on the back. The ‘Visions of Dubai’ coins are available in jewellery retail outlets in Deira (Joyalukkas) and Bur Dubai (Siroya Jewellers), Dubai shopping malls, Dubai International Airport’s Dubai Duty Free, and Sharjah (Abyad Jewellers). The coins are sold for a fixed premium above spot depending on size, around AED 150 – 200, which in 2011 is around 1% above the daily gold price per ounce.

‘Vision of Dubai’ Coins
Vision of Dubai - Burj Dubai series
Burj Al Arab edition
Vision of Dubai - Palm Jumeirah series
Palm Jumeirah edition

Gold Khalifa Coin - 1 troy ounce [UAE Bullion Coin] In February 2010, DMCC proposed to the UAE Central Bank the creation of the UAE’s first legal tender gold bullion coin with the face of Shaikh Khalifa bin Zayed Al Nahyan (UAE President) on the front and the world’s tallest tower, Burj Khalifa, on the back. In August 2011, DMCC unveiled the prototype for the 1 troy ounce 24 karat (999,0) gold “Khalifa” coin. In December 2011, DMCC unveiled its second UAE gold bullion coin that will feature the portrait of Sheikh Mohammed and the Palm Jumeirah.

UAE Central Bank Coins
The UAE central bank has produced a number of numismatic 22 karat (91.6%) gold coins, including the ‘UAE 5th National Day’ gold coin (face value – 1,000 and 500 dirhams, 40 and 20 grams) in 1976, ‘International Year of the Child’ gold coin (face value – 750 dirhams, 90% gold, 17.17 grams) in 1980, ‘Late Sheikh Rashid bin Saeed Al Maktoom’ gold coin (face value – 1,000 and 500 dirhams, 40 and 20 grams) in 1992 and ‘10th Anniversary of the UAE Central Bank’ gold coin (face value – 1,000 and 500 dirhams, 40 and 20 grams) in 1992, ‘20th Anniversary of the General Women’s Union’ gold coin (face value – 1,000 and 500 dirhams, 40 and 20 grams) in 1996, ‘30th Anniversary of the Late Sheikh Zayed bin Sultan Al Nahyan’ gold coin (200 and 40 grams) in 1996, ‘UAE 25th National Day’ gold coin (200 and 40 grams) in 1996, ‘Sheikha Fatima bint Mubarak as Humanitarian Personality of 1998’ gold coin (40 and 20 grams) in 1998.

UAE Central Bank Minted Gold Coins - UAE 5th Anniversary, Late Sheikh Rashid, 10th Central Bank Anniversary, 750 Dirhams, 30th Anniversary

The UAE central bank has also distributed various sterling silver (92.5%) coins include the ‘10th Anniversary of the UAE Central Bank’ silver coin (face value – 50 dirhams, 40 grams) in 1992, ‘25th Anniversary of the UAE’ silver coin (face value – 50 dirhams, 40 grams) in 1996, ‘25 Years of Oil Production on Abu Al Bukhoosh Oil Field’ silver coin (face value – 25 dirhams, 20 grams) in 1999, ‘100th Anniversary of Dubai Department of Ports and Customs’ silver coin (face value – 100 dirhams, 40 grams) in 2000, and ‘Sheikh Rashid Terminal – Dubai International Airport’ silver coin (face value – 50 dirhams, 40 grams) in 2001. More details of these coins can be found here (UAE Central Bank) and here ( Those interested in buying these numismatic gold coins can get them in shops in the Sharjah Central Souq including Saeed Jewellers [06-5723591 Block 5/Shop 30], Kiran Jewellers [06-5724803 Block 4/Shop 38], Al Najm Al Zahabi Jewellery [06-5741763 Block 4/Shop 42], and Al Aali Jewellery [06-5747463 Block 4/Shop 39]. Premiums on these 22 karat UAE gold coins start from AED 350.

How Much, When, and What to Buy?
Once you’ve decided to get into precious metals, most people wonder what percentage to buy of gold and silver. The answer to this question will normally depend on how you feel about the volatility of silver, as it can have major swings up and down, which normally puts new people on edge. I recommend most people spend 75% of their investment in gold and the other 25% in silver. If you are willing to stomach the huge swings in silver for the potential of higher gains, then you can possibly spend another 5 to 10 percent more (30-35%) in silver and if you wish to be more safe/secure, you can spend 5 to 15 percent less (10-20%). For how much of your savings you want to put into gold and silver, that will depend, but many stock brokers say 10% of your assets (for those who are into stocks). For me, I feel more secure keeping the same money that would be just lying in the bank for six months or more in precious metals, as paper money is decreasing in value due to inflation and its getting harder to get a decent profit equal to or above the rate of inflation.

I don’t encourage people to buy all at once, but if its your first time buying, maybe consider making your first installment of about 30-40% of the money you wish to spend in total. Then go into buying intervals of possibly once a month, so that if the price goes down you don’t feel as disappointed if you had gone all in and you’ll be able to buy alot more at that installment. Once you’ve completed the 100% of what you wish to invest, consider buying small amounts each month and keep a separate amount for a really good day. That day normally arrives when gold goes down over 10% and/or silver goes down over 30% and many people refer to this as ‘Buying the Dip’. This has happened twice in 2011 and has happened a few times since the gold and silver bull run began in 2001.

What you buy in each installment will depend on how much you can afford. For those who can afford, a 1 ounce gold bar and 1/2 kilo silver bar per interval is a good start. If thats not possible, then maybe get a 8 gram Gold Sovereign and a 100 gram IAR silver bar, and for those who cant afford that, stick with only the 1 to 4 gram Gold Sovereigns. For those who can afford more than the 1 ounce gold bar and half kilo silver, possibly consider going for a 50 gram bar and 1 kilo silver bar, and for those who want even more, a TT gold bar and 2 or 3 silver kilo bars would be a good combination.

Gold and Silver Storage
The buyer’s guide outlines that you can store your precious metals in a bank safe deposit box, with a 3rd party vaulting company, in your house (home safe or hiding place), or on your property. Dubai Islamic Bank or any other local bank offer safety deposit boxes starting from around AED 500 per year. A home safe can cost AED 250 for a 50kg sized safe to AED 2,000 for a 250kg sized safe with digital or key locking mechanisms and can likely be found in the furniture district of the city (in Sharjah, I was able to find them at Oman Al Qatari Furniture [06-5596943] and Hollywood Furniture [06-5217247] along Al Estiqlal Street). Unfortunately there are no private vaulting companies that offer bullion storage in the UAE for individuals, but do so for companies. Brink’s offers storage facilities in the Gold Center Bldg [04-2259228] and at the Almas Tower in Jumeirah Lake Towers [04-4336711]. Emirates Group’s Transguard offers storage facilities in the Gold Land Bldg [04-2183333 / Mr. Amish Sebastion 050-6589002].

Selling Gold and Silver
Well I wouldn’t advise anyone to sell their gold and silver, but there will always be times when people will need the cash, so let me give you tips on how to do so. As stated in the main guide, the best means of getting cash for your precious metals is to sell it directly to individuals who would be ready to pay for it with a premium. So either sell it to someone you know directly or through online or offline classifieds, etc. The other alternative is to sell it to a jewellery/coin dealer shop, but be aware that they will not repay any making charges/premiums that incurred when you purchased it. The dealers will normally purchase gold at 1 to 3 dirhams per gram below its fixed price and will purchase 1kg silver bars for 200 to 300 dirhams below its sale price. I recommend that you sell your gold bullion to Anjali and your silver bullion to Ceetees in Dubai and gold or silver to Abyad in Sharjah. If you wish to sell your gold jewellery or diamonds, I came across Al Khatib Jewellery [04-2266273] (located next to the Gold Centre building, on the way to the Gold Souq) which will buy, exchange or repair. I also stumbled upon Earth Precious Metals’ [04 2342203].

Alternatives to Physical

Though I don’t believe in the below mentioned forms of storing precious metals, I have included them in order to attempt be as complete as possible. Click here on general information about alternatives to physical precious metals.

Gold Certificates
Emirates NBD Gold Certificates (previously National Bank of Dubai [NBD] Gold Certificates) are available in multiples of 0.5 kg bullion bars for physical gold held by the bank through its certified security firms (Brinks and Transguard), which can be redeemed either in cash or physical gold at any time before their 5-year maturity. The certificates cost AED 50 and there is a 1% processing fee (AED 900 per 0.5kg – May 2011). At the time of redemption, the bank will charge a branch income charge of 15 fils per gram (AED 75 – May 2011) and a 0.30% (AED 270 – May 2011) charge for processing. A friend of mine recently purchased one of these certificates, which made me do some additional checking on the bank and I’m happy to say that 55% of the bank is owned by the Dubai government, which gives me a bit more faith in them, when it comes to normal fears about precious metal certificates from banks. The friend later on decided to take delivery and collected it from the Gold Standard DMCC Brinks vault on the ground floor of The Gold Centre, which turned out to be a 995 Emirates Gold bar.

Gold Stocks and Securities
Dubai Gold Securities is listed on the NASDAQ Dubai stock exchange since March 2009 and is the only gold security listed in the Middle East. Investors can trade 1/10th ounce gold shares at a premium/discount to the USD spot price through a NASDAQ Dubai approved broker. The security is an initiative of the World Gold Council (WGC) and the Dubai Multi Commodities Centre and the traded gold (5,000 ounces) is held in allocated form in vaults of HSBC in London. It is a Shariah-compliant security that gives exposure to the price of gold, less the daily management fee for physical allocation. What I like about it is that its a close-ended fund, where investors are trading physically allocated gold similar to Sprott Physical Gold Trust (PHYS). But I don’t like that the gold is not held in vaults in Dubai, cant be regularly audited locally, cant be redeemed for physical bullion, and that HSBC is the custodian, as they are also the custodian of the fishy Gold ETF ‘GLD’.

The Dubai Gold & Commodities Exchange (DGCX) is an initiative by the Dubai Multi Commodities Centre which opened in November 2005 and the commodity derivatives exchange allows investors to trade in gold (1 kilo gram) and silver (1,000 ounces) futures contracts.

Electronic Metals
There are a few means of purchasing digital precious metals in the Emirates, though I haven’t tried it myself and can’t vouch for their service.
• [04-4473635], which is part of Abu Alhaj Holding Group, allows account holders to trade a minimum of 1 ounce of or silver, which can be redeemed for physical in any available weighted coins or bars [verification].
• [04-42932648] allows clients to buy and sell 24k (999.9) gold, from as small as 1 gram, in its storage and insurance free accounts ($4/month account fee), which can be redeemed for physical gold, if equal to or over 1 kilo [verification - application form, passport copy].
• [04-4298690] allows individuals to purchase electronic gold dinars (22k 4.25 grams), silver dirhams (24k 3 grams) and platinum, which can be redeemed for physical coins [verification - certified copy of ID].

Media (Newspapers and Videos)

I will continuously be stumbling on local news that I feel those interested in precious metals should be aware of, so find those links below. (check comments for more news)

Dubai, the world’s largest re-exporter of gold – Emirates Business 24|7 [May 4, 2010]
Three top gold refiners in the UAE are more than doubling their processing capacities this year, sending signals that the flow of gold into Dubai, the world’s largest re-exporter of gold, may substantially improve this year.

Tons of gold imports turn to dust on arrival – Emirates 24/7 [Aug 15, 2010]
Several tons of gold imported into the UAE by traders and investors turned out to be fake on closer inspection, resulting in millions of dirhams in losses and high levels of stress to the victims.

Police seal outlets of leading gold merchant – Emirates 24/7 [Feb 14, 2011]
Several outlets of a leading gold and diamond jewellery merchant [Kanwar Jewellers LLC] have been sealed by the Dubai Police as per the Dubai court directive as the jewellery chain owner(s) have allegedly left the country as more than 500 kilos of gold and bullion worth several millions is alleged missing.

Dubai traders report 100% rise in gold bullion sales – Arabian Business [Aug 16, 2011]
Dubai’s gold traders have reported a 100 percent rise in the number of customers buying gold bullion as investors move to seek shelter from US and euro zone debt woes.

Jewellers struggle as gold bar sales surge – The National [Aug 28, 2011]
Abu Dhabi jewellers are struggling to cope with surging demand for gold bars from customers expecting the price of the precious metal to rise even further, despite increasing more than 25 per cent this year.

Physical silver running out, not reflect demand – Arabian Money [Oct 06, 2011]
Several readers of ArabianMoney have written to us over the past two weeks to express their astonishment at the current price of silver because demand where they live is so high that stocks have run out.

Physical gold to trump ETFs by 500% in 2011 – Arabian Money [Nov 13, 2011]
Physical gold will outsell ETFs by 500 per cent this year, Standard Bank’s Walter de Wet told the 8th Dubai City of Gold Conference today. Two years ago the position was completely reversed with physical gold sales running at only 20 per cent of ETFs.

Plot uncovered to smuggle gold into UAE from Africa – Arabian Money [Dec 27, 2011]
Security officials have foiled a money laundering operation that involved the smuggling of 94 kilograms of gold from Africa into the oil-rich state.

** Videos **

Peter Cooper’s Video Series on
Deira Gold Souk – Talks Gold, Talking Silver, Silver as an Investment
Dubai Mall – How To Invest in Gold, The Gold Souq
Sharjah Gold Souk – Gold Buying Trends, Outlook on Silver

Country Guides

United Arab Emirates | Qatar | South Africa | Canada | United Kingdom | United States | Australia | Saudi Arabia

617 Responses to Gold and Silver Buyer’s Guide – United Arab Emirates

  1. Howard O'Connell says:

    How much a 8 grams 22 K Saudi Arabian gold coin will be worth?

    • Yousuf says:

      At today’s gold price of AED 174.50 per gram and a 5 dirham making charge it would be – ( 174.50 X 8 ) + 5 = AED 1,401

  2. Muhammad says:

    Assalam Alikum brother,
    Your vast knowledge about all the types of gold sold in all the different shops in UAE is quite impressive and therefore I would like to ask for your help. I am really curious as to where do these gold sellers get their gold originally from. Are they importing it from the gold mines internationally or are they buying it from some authorized government body within UAE? In a conversation once, my friend told me that these sellers such as lakhoo, anjali jewellers and the like actually get their gold from a bank which actually surprised me because I don’t think there are any banks in dubai that sell physical gold to people. Could you clarify this doubt once and for all. I am also interested in investing in gold and your articles have been very helpful.
    Thanking you in advance for your help,

    • Yousuf says:

      When it comes to swiss gold and silver brands like PAMP and Valcambi, those will be sold through their local representative/exclusive agents. I’ve heard that around 70% of gold coming through Dubai is swiss gold. The local mints like Emirates Gold will mint their stamped bars for you if you give them the gold grains, so I presume many local shops import their own grains and have the mints mint it into bars for them. No, none of the sellers would be getting it from the banks. Glad that the article was helpful and its better not to consider gold as an investment, but more like converting (like what you normally do at a money exchange) your paper money into sound/sunnah money.

      • Robert says:

        Hey Yousuf,

        Please help me out. Where can I find 1 kg Pamp silver bars in dubai? Also what kind of premium should I expect?



        • Yousuf says:

          1kg Pamp silver bars are not easily available in Dubai and they will normally come with an additional 100 dirhams or so above the non-pamp silver bars.

  3. fang lim says:

    Does anyone know where I can purchase scottsdale silver stackers in Dubai??

    • Yousuf says:

      You wont find foreign silver bars in Dubai other than the PAMP Suisse, IAR, and some indian minted silver bars.

  4. Bumzi says:

    A very informative article…Which 1kg silver bar (Al Gaith, Emirates Gold or anyother) would you recommend to buy and from where in Dubai? and how is the premium over international price calculated in Dubai market for 1 kg silver ?

    • Yousuf says:

      All of them are priced the same, so I dont have any preference myself, but I have purchased more Emirates Gold silver bars as they are more widely available. The premium on the bars is calculated using an algorithm that I dont really understand, as it can very in percent depending on whether silver is going up or down on that particular day.

  5. fang lim says:

    what are the current premiums over spot in dubai for 100 oz of silver?

    • Yousuf says:

      I havent seen any silver bars over 1 kilo as that is the standard here and the premiums are between 2.5 and 6 percent over spot, as it can very from day to day depending on the direction silver is heading.

  6. George says:

    Dear Yusuf,

    Thank you for the amazing breath and depth of information. I have a couple of questions, if I may.

    I am interested in purchasing 1 kilo gold bars, that are 999.9 and not 995 which are common in this part of the world. Where could I get 999.9 1 kilo gold bars. Swiss gold better since it is easily recognized worldwide. Of course, the lower the premium the better.

    The second question is where should I store them? ViatMat, Brinks, Bank Safe Deposit? Any suggestions?

    I am also interested in kilo bars of platinum and palladium?

    Last question are there taxes on bringing or taking out of the country (UAE) for gold, platinum, palladium? Do I need a trading license, even if its for personal not business or trading purposes?

    Thank you,

    • Yousuf says:

      Hi George,

      You will find most of the local refineries (Emirates, Al Etihad, Al Ghaith, etc) will mint both 995 and 999.9 (or 999) bars. If you want the swiss brands, you can check the PAMP Gold office at 04-2261998 or Anjali and if you want Valcambi then check Lakhoos. There are no premiums on the ten tola and 1 kilo bars.

      About storage, as mentioned in the buyer’s guide, you can store it in your safety deposit box or in a home safe. If you want to store it in a vault facility, then you should check with Gold Standard DMCC [04-2291959] if they offer the facility for individuals.

      You wont find 1 kilo platinum and palladium bars, but Lakhoo will have 1 ounce bars.

      UAE is a tax free country, so I would assume they wouldnt charge you anything for bringing it in or taking it out when its for personal use, as its also available in the airport for all those doing some last minute shopping at the duty free.

  7. Chandan says:

    Hi,I bought 5 kilo Silver bar @AEd 4520/kg and now the current price is AED 4800/kg.When I go to sell it people are saying the selling price is AED 4525/Kg,how come.Means Silver prices have increased but for me no gains–need to have a better understanding on this please,urgently.

    • Yousuf says:

      Well all the places I buy silver from, will charge 200 to 300 dhs under the current kilo spot price to buy it back. Lakhoo gave me 4,566 and Ceetees gave me 4,635 (if you have an emirates gold bar) when i called them today, with today’s silver price at 4,766. I’m assuming you bought 1 five kilo silver bar, and wondered where you did so and which mint is it from.

  8. fang lim says:

    Is there any good online shops in UAE that I can buy silver kilos from? I am looking for about 5kg . Regards.

  9. Chandan says:

    Hi UF,
    MAny Thanks for the update.A good news for you also I’ve found a shop which charges only 1$/per oz.(silver) on buying and selling,equivalent to AED 129/Kg
    I tried many a numbers given above and off those 100 or 50 gram IAR silver bars can be found at Fine Gold [04-2256611] @AED 129/Kg instead of AED 200-300

    Yes I’ve 3pcs of 5 kilo bar,really mint and all is confusing.

    • fang lim says:

      what brand silver kilos do you have? I am waiting to see if we fall back to 36.50 to buy. FL

    • Yousuf says:

      Everytime i’ve called Fine Gold for their 1kg silver bar, they have never had any, so i never bothered asking them what their buy price was for silver. So where did you find these 5 kilo bars and what mint are they?

      • Chandan says:

        I do not know why but the moment I told him I’ve 5kilo bars he said he would buy it but a dollar less than the bid price,which,definitely sounded to be fair enough a deal.I’ll be visiting fine gold on firday and will post the outcome.

        I’m a novice in this trade so do not what mint it is and what difference does this mint makes in buying and selling.
        To me it’s 9999 Silver bar–But would like to learn what is mint and it’s value addition.

        • Yousuf says:

          Well as i had replied above, Ceetees had offer AED 131 that day which is close to the 129 that you found at Fine Gold. Most of the places charge AED 200 below spot for a 1 kilo bar, which is $1.7 per oz. Its possible they gave you a better price because it was it was 5kg bars.

          Well the mint’s name would normally be stamped on it and easily visible.

  10. George says:

    Where in the UAE can you get the best deal(lowest spread/premium/commission) buy 1 kilo 999.9 Gold Bars?

    Thank you.

    • Yousuf says:

      As state above, there are no premiums on the gold ten tola and 1 kilo bars, so any dealership selling it should have the same price. I personally would go for Anjali or Lakhoos for an Emirates Gold minted bar.

  11. ligendren says:

    can u guys tell me price of swiss gold for 1kg in market…….reply me as fast as possible… thx.

  12. Zorze says:

    Dear Yousuf!
    Great blog. I’m following it closely. I have a pending question to ask:
    I’m from India and with to buy silver grains from Dubai souk. My brother is there who can get it physically here. 1) Is it good to buy silver grains? 2) How reliable is it to get it from Dubai? 3) What are the charges that I may incur in bringing it physically to India? 4) Or you always suggest to buy it from one’s home country?

    • Yousuf says:

      Hi Zorze,
      1) I havent seen a benefit in buying gold grains, other than they not having any making charges.
      2) I cant vouch for how reliable it is, but believe it to be safe, but i feel safer having it in bar for with a minters stamp on it.
      3) You’d have to check the import taxes india may charge you to bring it in, but there wouldnt be any taxes when taking it from here.
      4) Its always best to buy locally so you dont have to worry about import/export taxes if the price is reasonable to the global market price and i’ve seen quite abit of silver bars being imported into dubai from india which are below 1/2 kg.

      • Zorze says:

        Dear Yousuf!
        1) You meant ‘silver’ grains right?
        2) Hmm… with the minters stamp. So you suggest picking it up from the banks itself or a good gold/silver jeweller?
        3) Yes I checked that. Thanks for that.
        4) I checked the silver rates in Dubai – ~58,200/- INR (Indian Rupees); And the price in India is 59,100/-. I guess by-the-time I pay the taxes for importing it may turn out ot be costlier rather. Would the purity be any different? Its like people saying that buying gold from Dubai is better even thou the rates are similar because the ‘quality’ of gold is much better. Does is hold true even for silver? So you suggest picking up 1/2 kg silver bars from India itself?

        • Yousuf says:

          Hi Zorze,
          1) Yes i meant silver. :)
          2) Well you have to find out what are the more popular/recognized refiners in india and find out what if it would be cheaper to get it from a bank or jeweller.
          4) Most silver bars are the same quality (999) and i wouldnt buy one that was lower than that. Well most of the gold sold here is swiss gold, so if you can find PAMP or Valcambi branded gold their, there wouldnt be a difference in quality getting them in india. Locally refined silver is the most popular here. Yes i’d suggest you get 1/2 kilo silver bars in india from a popular mint, as i’m assuming you’d want to sell it in india, and the more popular the mint is, the easier it would be to sell.

          • Zorze says:

            Thank you Yousuf! Glad to be at this blog. I’ll be closly waiting for more from you.
            God bless you!

          • says:

            best sikver can be bought from Bherumal shamandas in the uae ? He is selling siver bars in uae

          • Yousuf says:

            Would be nice if you could give us a telephone number for bherumal shamanas as i was only able to find them in india on google.

  13. ashrul says:

    Hi Yousuf!
    I’m from indonesia and just got my second 100g gold bar from gold souq and still planning to buy my 3rd one in the next few hours. And i just surprised(no…., shocked) now that the price of the gold keep going up, and exceed 210dhs per gram as per yesterday rate. But, after several days, i shocked (again) as i realized that in my 100g valcambi suisse, there is no serial number printed on the front side of the gold (not like my 1st PAMP suisse, there’s serial # printed on the front side, correspond with serial# on the certificate). This time, i only found it’s serial# on the certificate only. i asked grampa google and he couldn’t find me the explanation for this yet i found out that all images of the 100g valcambi suisse always has the serial# stamped on it’s front side. Is this normal for valcambi suisse that they put “24 karat” in the front side instead of put it’s serial #?? did somebody sold the fake 100g valcambi gold to me?? :(

    btw, i like ur article….it’s helpful. :)

    • Yousuf says:

      Hi ashrul,
      Yes the price has been skyrocketing since S&P downgraded the US and it nearly touched $1,800 per ounce. Yes the serial number should be minted on the bar, but there shouldnt be anything to worry about if the valcambi name is on it. What you can do is go back to the shop you bought it from and ask them why there isnt serial number on the bar and if they’d swap that one for one with a serial number. Then if you keep the same one and still feel unsure of it, simply take it to a couple of shops and see if they question it not being authentic by attempting to sell it to them. If they do question it, then i’d suggest calling the police about the shop. I personally only buy from the more well known shops, all that i have recommended above, as 1) i wouldnt be questioning the products they sell me, 2) shop is unlikely to close down, 3) i build a relationship with the shop and its staff, 4) i wouldnt questioning their price. Let me know what happens. :)

      • ashrul says:

        thanks for the quick reply. for now, i’ll keep my valcambi gold, and i’ll bring to a couple of shop when the price is good. i’m gonna wait for a few moment and will come back to you for sure. :)

        • Yousuf says:

          Hi ashrul, I just checked the valcambi bars in Abyad (sharjah) and non of them had the serial number minted on the bars. When i said earlier that the serial number should be on the bar, i was checking bar images on google and just assumed it was the same. So there is no problem with the one you have.

          • ashrul says:

            Thanks, Yousuf. That’s quite a relieve thing to know. You know, I did some research whether other people have the same gold i had in my possession(in terms of look), and i found this :


            Those both gold above has the same loooks as mine, no serial number minted and replaced by “24 karat” and have the same flower images on the other side. The only difference is the fact that mine is 100gram gold bar. I think from the start you were right, there shouldnt be anything to worry about if the valcambi name is on it. :)

            i also recall that one said “If you can fake a gold bar, you certainly can just as easily fake stamping some numbers on the bar – and even easier: you can fake a piece of paper or some bogus “certificate of authenticity” even easier than the bar itself.

            There’s no need to worry if you can’t find serial# minted on it. Gold self authenticates due to its density.
            A serial number doesn’t make it authentic. A piece of paper doesn’t make it authentic. :)


          • Yousuf says:

            Your welcome, Ashrul. It was just a coincidence that i actually did the check, but glad that i noticed. I believe that the local market is quite secure as you have major PAMP and Valcambi wholesalers in the market, but i prefer to stick with the larger dealers as an extra step of security. PAMP bars had the same serial number on the bar as on the certificate, but does it really matter to have it also on the bar if you never take it out of the plastic package.

  14. Chandan says:

    Hi Yousuf,
    Need your urgent help on this.Shopekeepers in Dubai say we follow Reuters rate–How to read this rate?I copied the rate as given in Reuters site but it says 5000oz.–Kindly,explain to help.

    US@SI.1 – Silver, 5000 Oz. COMEX
    Net Change
    45.6 Days High
    3923.5 Days Low
    3821.5 Last/Bid
    3,912 Ask
    Prev. Settlement 3866.9
    Last Close 3866.9


    • Yousuf says:

      Hi Chandan,
      The link you provided was for silver futures, so i wouldnt know how to read those rates, but i’d assume that you simply divide them by 100. I only follow Kitco charts and all the shops that I have been to always tell me to check kitco, and I just called and confirmed that at Ceetees and Jewel Trading. They use the bid price of silver (shown at and have their own calculation to calculate the price of the kilo bar. Ceetees said you take the bid price and multiply it by 118.123 (which is a oz to kilo and USD to AED value) and add 150 as a premium. Jewel Trading said you take the bid price add 1 dollar to that value (premium), then convert it to dirhams by multiplying it by 3.674 and then multiply it by 32.15 to convert it from troy ounces to kilogram and then add a 10 or 20 dirham extra premium to that.

  15. Tariq says:

    Dear Brother Yousuf , Thanks a ton for sharing such deep knowledge and information with all of us , Just wanted to share my experience of buying gold first time in my life and then ask you few questions , since last thrusday i am trying to but 1 kilo bar from gold souk dubai , it started with goggling about gold and its sellers and then a physical visit to gold souq , the whole gold souq didn’t have any swiss gold bar (although local bar were available) and i finally ended up in PAMP gold office at 3rd floor , there they said they don’t stock right now and come on saturday , saturday their shop was closed but staff working inside , they pasted a paper on the glass door saying ” stock taking ” which i found little strange , they asked me to call by sunday , i called them on sunday and they said no stock call monday , i called monday and they said sorry no stock come tuesday , here i started feeling fishy so i asked one my Arab friend ( i am from Pakistan) to call and inquire about stock and he was told to come and collect (un believable) so he went on my behalf and then purchased 3 kilo bars , i got so upset and entered their office and confronted them but it ended up in a nasty argument with some foul language used by their manager.. i left and then called PAMP Geneva office but the lady who answered from the head office simply said they cant help on this issue and pls try to find some other dealer in dubai , this is really surprising as if am asking gold for free , any how my question to you is can you suggest any other swiss gold brand which i can find in dubai/ Sharjah and where i can find it , secondly emirates gold is local brand , is it acceptable internationally ? will appreciate in taking out some of your time and reply , thanks in advance

    • George says:

      Dear Tariq,

      I am sorry to hear that happened to you. I had a while back, like a year or so ago, have a kind of similar experience with PAMP office. They don’t seem to like to sell. So did your Arab friend buy 1 kilo pamp gold bars?


      • Tariq says:

        Thanks George , yes my friend bought it already before i entered in their office ( which was for me only) and then i showed them their receipt and gold bar.. this is when they started arguing..

    • Yousuf says:

      Sorry to hear that you had such a bad experience, as i’d expected PAMP Gold to have better customer service, but to my knowledge they are the main dealership and their priority would be retailers/shops and not consumers. I just gave them a call and they said they didnt have supply due to problems from their swiss head office. I remember hearing recently that due to the crazy fluctuations in gold, that shops were rationing their gold, which could possibly explain the current situation. Well the only swiss brands you will find here is PAMP and Valcambi (to my knowledge), but you will only find PAMP 1 kg bars, and the shops i know that have it include Anjali in Dubai or Abyad in Sharjah. Any local brand will be acceptable internationally, but as they are not internationally recognized brands, the shop your selling it to may want to do a testing of the bar to confirm its quality, but you will likely be able to sell it at spot or alittle bit below spot. If i had to choose one local brand to take abroad, I’d stick with Emirates Gold, as it’s Dubai’s first gold refinery started in 1992 by a swiss national, its the most well known local brand, it has a good presence in Europe, its sold on APMEX in the US, and they are applying for LBMA status.

  16. Tariq says:

    Dear Yousuf , Thank your for the reply , I already called Abyad this afternoon they told me that yes they gave swiss bars (not PAMP but some other brand) available with 999.9 purity but they will not give any certificate , also they have emirates gold bars , any how i am going to visit them today evening and then let me share my experience later on..

    • Yousuf says:

      Hi Tariq, look forward to hearing what happened. I called Lakhoo to see if they had valcambi bars, but they sold Argor swiss gold 1 kg bars and that i should call back in the morning for confirmation. When i called Abyad today they said they had PAMP, Johnson Matthey [JM] and Etihad 1 kg bars. After I gather all this info about the gold kg bars and do the physical checking myself at the shops, will have to add another section to the guide for this. :)

      • Tariq says:

        Dear Yousuf , i called Lakhoo , although they mentioned that they have swiss kilo bar but delivery will be next day so i choose not to go , last night i wend to Abyad and they didn’t have PAMP bar and it was subject to availabilty , they were not confirming me delivery , they also didn’t have vacambi bar, from there i purchased National commercial bank switzerland 1 K bar , 500gm-Emirtaes gold bar and few credit swiss TTbar , it was an instant purchased as i just want to make mix of different size and brand .. not sure i made the right decsion specailly about NCB 1k bar , i did’t get any certificate but i get a proper stamped invoice with all the details on it.

        • Yousuf says:

          Glad that you were able to get such a variety from them. Didnt get what you meant by you not getting certificate, as the bar should be stamped with a serial number, thats all you really need.

  17. sanah says:

    Dear Yousuf,
    I really appreciate you for giving us with such a detailed info about metals in UAE.
    I am looking for copper bullion bars-1kg , where can i get them?Even pennies , coins would do, i just love investing in metals, kindly help…

    • Yousuf says:

      Dear Sanah,
      I calling up my favourite jewellery shops, but none had copper bars and i highly doubt you’d find bars here. If you want copper, i guess you can buy copper pipes or wire, but if your looking to protect your wealth from inflation by converting it to real money and dont have alot of money to spend, silver is always there for you.

  18. sanah says:

    thanks yousuf for the prompt reply.
    I already have investments in silver, but the future of copper looks extremely bright, this could climb from current levels, tried to get the bar price in ebay but have to pay for an ounce 6$ and shipping charges 2.9$ –expensive deal, as copper is only 4$ roughly per ounce, how abt getting scrap (which hardware would sell this?) and is there any smith who can help us cast bars in UAE! copper wires (storage?)

    • Yousuf says:

      always glad to help sanah. yes i remember copper looking like a good investment some time ago, as its rise was looking good, but you have to remember that copper’s price is heavily weighted in its usage in home building and as the economy still continues to slow down, i think the price of copper will likely go down. If anything, I’d go for the american or canadian pennies that are worth more than their face value and i think you can buy them in bag form. One of the shops i called said you can likely find copper grains, and if you can, i guess you could check with the various local mints, if they would be able to mint it into bar form.

  19. Greg says:

    Hi Yousuf.

    Thought you would be interested to read this article.
    It claims a supply shortage and increasing margins for Gold in Dubai due to high demand.
    Are you also seeing this from your dealers?

  20. Nadeem Ansari says:

    Hi, Yousuf.

    Can you recommend any shop where one can purchase Platinum bars/coins in Dubai?

    Do you have any advise on investment in Gold vs Silver vs Platinum? Just a general nudge in any direction would be very welcome.

    Thanks, Yousuf sahib.


    • Yousuf says:

      Hi Nadeem,
      You should be able to find 1 oz platinum bars at Lakhoo or G.B. Jewellers in Dubai. I havent seen platinum coins anywhere.
      About advice, I personally dont invest in platinum as its not a precious metal and hasnt been used as money in the past. Regarding gold and silver, I believe people should have a firm foundation in both gold and silver and if possible, add onto their holdings when they get paid each month. If you live paycheck to paycheck and have little or no savings, stick with buying the gold sovereign 1/2 to 8 gram 22k coins whenever possible. If you have savings, then i’d advice you to put more into gold than into silver because gold is more stable in price, possibly 70 percent. If you are okay with the volatility risk of silver, maybe you would like to buy an equal amount of gold and silver. I believe silver will rise percentage wise more than gold, and as such, i am weighted more in silver than in gold, but plan to convert some of my silver to gold once the gold to silver ratio reaches around 25 or so.

  21. Safwan says:

    Salaams Brother,

    Very nice article. i am interested in buying and selling gold tt bars to make profit from the fluctuations. what is your recomendations for the same?

    • Yousuf says:

      Salams Safwan,
      If your intent is to make profits on the volatility, then there isnt a benefit of taking possession of the metal, so you should look into electronic metal services listed in the article. I wouldnt advice you to do this unless you already have a firm foundation already in physical form.

  22. Beran says:

    Dear Yousuf,
    I find your blog very informative. Thank you in advance for taking the time to inform us about PM market in Dubai. I am planning to fly to Dubai to purchase approximately
    22 kg of sliver bars.

    I have the following questions and I was hoping you would be able to assist me.

    1. Would I be able to purchase gold/silver in Dubai using American Express credit card?
    2. Would there be additional charges made by the shop in addition of the norm due to method of payment which in this case is American Express Credit Card?
    3. I am interested to purchase the largest silver bars available in Dubai. I have noticed you mentioned about 1 and half kilo Emirates Gold silver bars sold at Ceetees. Do you think they can facilitate – say 15 bars of 1.5 kg Emirates Gold silver bars at once If I went to their shop in any given day? or you think it would be prudent to arrange for such order in advance?

    I will look forward to your kind response.

    Best regards,

    • Yousuf says:

      Dear Beran,
      1. You wont be able to purchase bullion with credit cards, only cash.
      3. None of the shops i’ve been to have silver bars above 1 kilo. If you wanted bars above this size, you should try contacting the mints directly, else have Ceetees or Al Bahrain Jewellery request the order for you. I’ve read that Al Etihad Gold mints large silver bars from approximately 23 kg to 34 kilos.

  23. RK Pillai says:

    Dear Mr Yusuf ,

    Thank you for this very very informative blog , thank you.

    Actually I am a bit confused.
    I have read your blogs , watched videos of Mr Robert Kiyosaki & Mr Mike Maloney and all, all are saying to invest in Silver and Gold , as the value of the currencies are falling in a drastic manner.
    But How long should I keep this ? When should I sell this ? ( As I wish to do this to generate some passive income )
    Its true the value of the currency is going down , but we need currency also for our day to day activities.

    If the economy collapses nobody is going to buy gold and silver from you?
    So kindly advise me a way to use this metals for income generation.

    Kindly enlighten me with your views.
    You may find the questions as childish , my apologies for the ingnorance…
    Thank you once again.

    Best Regards
    RK Pillai

    • Yousuf says:

      Dear RK Pillai,
      I personally dont consider that i’m invest in gold and silver, I’m converting my inflation prone paper currency into precious metal money. Once I learned how the banking system works, I have chosen not to keep the fruits of my labor in paper currency, atleast as much as i can. I convert savings that would be lying in the bank into precious metal and will leave what i use on a day to day basis in paper currency. I plan to keep precious metals until there is a return to a stable currency like the gold standard or until there is a precious metal bubble in the stock market like in 1980, which then i would likely use the precious metals to buy tangle assets like a house, car, etc. If the economy collapses, you would be able to trade your gold or silver for the things that you would need like water, food, etc, as money is a medium of exchange. Regarding making income out of metals, maybe you should open a bullion shop or if thats not possible, trade metals on the listed stocks, securities and electronic metal services. I hope that this helps and there is never anything childish about asking questions.

      • RK Pillai says:

        Thank you so much Mr Yousuf.

        • RK Pillai says:

          Also one more thing Mr Yousuf , I am planning to invest in Silver , I am in Sharjah, Kindly let me know the best place to buy , Silver (Bars, Coins).Which are the best brands? And do you also know the quantiy that we can take to India without any Tax.

          Also whats your views on Platinum , Palladium and Rhodium. Is it available here or in India?How about investing in those too?

          Hope to hear from you soon.

          • Yousuf says:

            The best place for silver in sharjah is at Abyad. I recommend getting the silver 1/2 and 1 kg bars which are locally minted. They also have small PAMP bars but the premiums arent good. All the silver coins in the market are over priced, so i would stay away from them. You will need to check in india what their import laws are for it.

            I dont purchase anything but gold and silver as they are the only metals that have been used as money for 5 thousand years. You will find platinum and palladium here as 1 oz bars (PAMP or Valcambi), but i would believe that you should be able to find them in india as well.

  24. sheikfathima says:

    assalamu allaikum brother yousuf.↲masha allah very good article to guide every one who is looking to buy gold. Brother, i am in dubai, basically from india. I try to save for the past 5 years but in vein. I was trying to generate extra savings through online trading but i am hesistant thinking that it is not as per our sunnah. I was trying to get into bullion trading to start saving as well as to earn profit from it. I am a beginner in this and i want few guidance from you. 1. Is it the right time to buy or should i wait for the price to go down (probably after eid, marriage season and diwali) 2. What should i buy 22 kt or 24 kt? Coin or bar? I will be investing little by little. 3. Can i sell to the same person from where i am buying from? Will u help me by choosing a sellar i want a reliable person as i do not have experience. 4. What i take care or be concerned before buying gold. 5. How much should be charges or premium for certificates? Thanking you in advance. Eid mubarak and salams to you and your family.

    • Yousuf says:

      Salams and eid mubarak to you and your family. Well as a muslim, i’d stay away from online trading as most islamic scholars would say that it is haram. I personally dont believe in bullion day trading as i dont see it any different than the regular online trading.
      1) Its always a good time to buy as you can never catch the lowest point, and if you keep waiting for it to come as gold continues to climb, you may never buy. If you purchase on regular intervals, like once a month, then it doesnt matter what the price is as you will get an average price over time. I personally bought small amounts (4 grams) last week and yesterday as the price isnt fluctuating on saturdays and sundays.
      2) Well if you can afford 1 oz of gold or more with the little by little you wanted to invest, then buy the 24k PAMP bars, if not, stick with 21 or 22k coins.
      3) Yes you’ll be able to sell it back to the shop you bought it from or any other shop. If you live in Sharjah then i’d choose abyad (speak to Baskaram or Jafar), if your living in Dubai i’d choose Vijaya (speak to Rajesh).
      4) You shouldnt have to worry about anything when buying gold from any of the shops i’ve listed on this page, but if you want to know more information, then you should read the general guide.
      5) If you’re refering to gold certificates, i have listed what Emirates NBD charges for the certificates.
      I hope these answers were helpful.

      • sheikfathima says:

        thank u brother. Thanks for your guidance. Insha allah i will not get into online trading as you have mentioned it is haram. I am residing in dubai and i will try contacting vijaya jewellers for pamp 24 kt. But can u let me know how much gms is 1 oz. If u can give me the contact number of vijaya jewellers it would be very much appreciated.

        • Yousuf says:

          your welcome. 1 oz is 31.1 grams and if you purchased the 24 kt pamp bar, you should pay around 70 dhs premium. You can call vijaya at 04-2264635, and when you speak to Rajesh, tell him Yousuf told you to contact him as i’ve purchased 22 kt coins through him many times, including last week.

  25. sheik fathima says:

    Assalamu Allaikum Brother,

    In Khaleej times in gold rates session they have given 24kt; 22kt; 18kt and they have also mentioned TT Bar. what is TT?

    Is there a place where you buy 24 kt Bars in Ajman?

    Brother you have advised me to buy PAMP Bars. What is the difference between PAMP; Swiss and Emirates gold. Will there be a difference while selling with the category of the gold (PAMP / SWISS / Emirates)


    • Yousuf says:

      Salams Sister,

      The TT bar or Ten Tola bar is a 116.6gram bar that can be bought without premiums.

      I have listed in the guide above a few shops in ajman that sell 24 kt bars, which are all located in the ajman gold souq. The premiums would be higher in ajman, which is why i normally buy in sharjah.

      PAMP is the most well know private minter of gold worldwide and is based in switzerland. There isnt any brand called Swiss, but Swiss is normally used as a secondary word after PAMP, Credit or Valcambi to identify that they are a swiss brand. Emirates Gold is the first and most popular local mint in the UAE. The costs of selling any of the bars will not differ if you are selling them locally, but if you plan to sell them when your abroad, then i’d stick with purchasing swiss brands.

  26. Amjad Saleh says:

    Al Salamo Alaykom ,
    thank you very much , I have found a real helpful information’s in this article , I am interested in buying a 1k of silver , do you know any place in Al Ain city .
    Thank you again and have a great day

    • Yousuf says:

      Salams Amjad, I’m sorry but i havent done the running around outside of Dubai, Sharjah and Ajman. All you need to do is find out where the gold souq/market in Al Ain is, and then ask the shops if they have the silver kilo bar. Before you buy the bar, do take a note of the price found on the khaleej times page, so you dont get ripped off.

      From a little searching online, its possible that the gold souq has been relocated to the Al Bawadi Mall or is still located in an area that houses Al Badia Jewellery [03-7667177], Al Nakhada Jewellery [03-7666997], and Jasmin Jewellers [03-7655006]. You can also call Malabar Gold [03-7218916 / 03-7640916] or Pure Gold [03-7655788] to see what they have to offer and if they can tell you were the gold souk is. Please let me know whatever information you gather, so that it can be added to the guide.

      • Amjad Saleh says:

        Thank you Mr.Yousuf for your prompt reply , I searched almost all Al Ain, the only one who had 1k Silver Bar was Jasmin Jewellers [03-7655006], he had on from Emirates Gold , and the other one Etihad Gold , he was asking AED 5250.00 Per kilo .
        The strange thing About Al Ain , I was asking the gold shops as if talking something strange that they do not understand or never heard of.
        I even doughted that people do buy Silver, it seems I have to pay a visit to Dubai or Sharjah Market to get a better understanding for the market.
        All in All and from your very good experience, do you recommend buying silver nowadays?
        I am really thankful to you for all the help you are giving to newly started people.
        Have a great day

        • Yousuf says:

          Your welcome Amjad. So was the gold souq in Al Bawadi Mall or in the Jasmin Jewellers area? Which district/zone and street was Jasmin Jewellers in? Did you find any other gold souq areas in Al Ain? Did you find any shops selling gold bars and coins?

          Glad that you did find a place that had the silver bar, but with a 200 dirham premium, it may be worth coming to Dubai to buy it. I felt the same way as you did when i was in qatar, as i wasnt able to find any silver bullion there. Silver bullion will always be available if there is a market demand for it from silver jewellery makers. More people go for gold over silver as gold is more popular as a storage of wealth, but now with gold’s rise in price, many people wont be able to afford gold, so they will go for silver. This will be easily seen when silver jewellery becomes more popular. Yes i do recommend people to buy silver, as i am of the belief that silver will rise more than gold in percentage, but i believe that everyone should store both precious metals.

  27. Malek says:

    Assalamo Alikom,
    I would like to thank you very much for all the information mentioned here .. I have been looking for this for long time as I bought a 1 kilo of Gold Etihad gold 995 in a hurry and I still have it now for more than a month.
    I have some questions to you that I still don’t have answers for them:

    1- What is the best price I would get in either Dubai or Sharjah for a 1 kilo of gold? Before reading this article all people guided me to Swiss Gold shop in Gold Center in Deira but I still think they are charging higher price .. today for example I called them and they said they are selling kg for 222000 and buying it from me for 220500 AED .. is this a good price .. I think they are selling 995 etihad gold .. would I get better prices from the shops you mentioned here? Can you tell me where to go next time to buy 1 kg of gold for a better price than this?

    2- last week I went to many shops looking for TTbar .. I wanted to buy 4 bars .. the best rate was 25550 dirhams in one small shop in gold center building ground floor .. other shops they asked 25650 .. in Qatar my brother got it from gulf exchange for 25200 Q ryals so where is the best place to buy TT Bars better than the prices I got which where too high in comparison with gulf exchange in qatar? of course all that prices were last week when market was closed last sunday.

    • Yousuf says:

      Salams Malek,
      1 – Well as its a 995 bar, shops would buy it from you at about 5-7 dirhams below the 24k price per gram. Whenever i buy or sell, i always check with all the shops i’ve listed here for the best price and recommend you do the same. If i were to be getting a kilo bar, i’d check with Anjali, Lakhoo and Al Bahrain. Swiss Gold is a good shop if you dont want to leave the Gold Center building and i bought my first silver kilo bar from them.
      2 – Try doing it this weekend (saturday or sunday) for the ten tola bar with the shops i’ve listed and let me know what happens. Its possible the way they calculate the gold rate in qatar makes it cheaper, but dont forget about the exchange rate, as 25,200 qatar riyals is over 25,400 uae dirhams and possibly the cost to send the money to qatar. I will do some checking myself to see if i can find a shop which sells the TT bar below the market price.

    • Malek says:

      Thank you very much Yusuf .. yesterday I went to Al Abyad in Sharjah .. a very nice place .. they told me the best to buy is either the one kilo bar or the TT bar as they don’t have extra charges .. but I didn’t understand this issue .. how come TT Bar which is less in amount is better for buying and selling than half a kilo as they said which is bigger .. what I always understood is that the bigger the bar the better the deal is .. can you please explain it to me.
      Also another question .. they used this way for calculation for the 995 bar I have 1810 – 25 = 1785 x 118.123 = 210850 .. that’s how they gave me the price to buy the kilo but what is the meaning of this number 118.123 ??

      You seem to be knowing all the extra charges added to the value of the bar when buying can you explain them to me .. when I want to buy a 1 kilo emirates gold or papm or valcambi how do they calculate the price from the price of the ounce in Dollers which I always can find on Kitco web site .. hwo to know the price myself by calculating the same way they calculate .. Yesterday Al Abyad explained to me they add to the price on screen of the TT bar extra 75 Dirhams .. my question if the price 1825 $ what will the price of TT bar be after they add their extra charges? How can I know it myself?

      • Yousuf says:

        Hi Malek, hope you told them that Yousuf Patan sent you. :)
        To my knowledge, anything over a TT bar has no premiums, so that would include a half kilo bar.
        I assume the – $25 would be because its a 995 and not 999, and the 118 would be troy ounces to kilos (~32.15) multipled by dollars to dirhams (~3.67).
        Well the TT bar cost is published everyday in the newspaper, so I personally have never tried to calculate it and wouldnt waste my time doing so, as i could easily call up Abyad and they can give me its current price. But if i wanted to know the kilo price from the TT bar price, just multiply it by 8.5714. Didnt know they were charging an additional 75 dirhams over the TT bar price, as there isnt supposed to be any premiums on it.

        • Yousuf says:

          Hi Malek, just checked Abyad and they said there wasnt any premium on the TT or kilo bar, but they charge a premium of around 600 dirhams on the half kilo bar. I asked why and they said it is not a regular investment size and as such, they charge an extra premium. I thought maybe it was just because they were in sharjah, but found out that Anjalee doesnt sell half kilo bars, which likely means that they are personally asking the mint to make the 1/2 kilogram bar and as such they are charged an extra premium to do so. I had also called Lakhoos about selling them a bar and they said they would only buy a bar that they sold.

          • Malek says:

            Salam Yousuf,
            I just came from gold souq in Dubai .. I have a paper full of prices for mainly 1 kilo bar, half kilo bar, and TT bar, I have been to most of the shops you mentioned in this blog.

            Just I’ll take some time to re-write all the information for each shop name then I’ll be posting it soon insha’Allah here in my next reply.

  28. JAy says:

    hi yousuf,
    thanx a lot for the info, like you mentioned i did contact Al abyad and they did not have PAMP SILVER BAR as really want them. Could you pls tell where esle I could find pamp siver bars and do you have any information scotsdayle silver bars available in uae.

    • Yousuf says:

      Hi Jay,
      Abyad had the PAMP bar last week and assume they would get more soon, but they were the only place i found them at, but i never purchased it as they had a 100 dirham over the local mints. Other than PAMP, you will only find locally minted silver bars in UAE.

      • JAY says:

        hi yousuf
        i did get the pamp silver bars from al abyad when i call them the next day, i aslo bought localy minted 5gms silver coin which charged 5dhs for the making they say its 999 silver but i was not able to find any 999 halmark on them as the same coin in gold which you get in vijaya jew have the 22k stamp. are the coin pure 999 silver or not?

        • Yousuf says:

          hi jay,
          glad to hear that you got the pamp silver bars. I bought the same 5 gram british sovereign silver coins from them and they dont have imprint on them for its purity. They told me its pure silver and i believe them, but i doubt it would be easy to sell in the local market.

  29. Syed says:

    Hey Yousuf,

    Any idea about gold in muscat/Oman? Is it costlier here or cheaper and any good reliable shops to buy coins or bars?

    • Yousuf says:

      Sorry Syed, havent been down to Muscat or Oman, so dont have any idea about the gold market there, but please let us know if you get any info on it.

      • Syed says:

        Hey Yousuf,

        I cheked the price at Malabar Gold in Muscat who had 8gm coins (Dubai Mint), 20gm bars (PAMP) and 5 Tola (PAMP). The guy at the counter told the 8 gm coins they charge 2.5 R.O, for 20 gm PAMP bar he told 12 R.O and for 5 Tola they charge 14 R.O.

        He said there is no fixed calculation.

        They did not have Ten Tola bars but he told they charge 5 R.O.

        • Yousuf says:

          Hi Syed,
          Glad you were able to find Malabar Gold [+968-24782916], but as they are a jewellery shop, their premiums will likely be more expensive than in the shops in the gold souq area of Muttrah and Ruwi high street. You should try calling Damas Jewellery [City Center +968-24558445, +968-24810547], Joyalukkas Jewellery [Ruwi +968-24797212, Muscat City Center +968-24558034], Devji Jewellers [+968 24835879] (Ruwi), Elite Jewellery [+968 24832414] and Sky Jewellery [+968 2 4832548] (Ruwi) to compare their prices. Though Malabar didnt have TT bars, you should be able to find them somewhere in muscat and also try money exchange outlets like Lakhoos and Purushottam Kanji.

  30. Malek says:

    Dear Yousuf,

    As I mentioned above I went today to Dubai gold souq because the market is closed and you really can tell which shop will give you the best prices, so here is what I got:

    Al Anjali:
    218,755 Dirhams for (995) 1 Kilo Bar Etihad Gold or Al Ghaith Gold.
    25,620 Dirhams for TT Bar.

    218,696 Dirhams for (995) 1 Kilo Bar Emirates Gold.
    219,795 Dirhams for (999.9) 1 Kilo Bar Emirates Gold.
    25,616 Dirhams for TT Bar.

    Al Bahrain:
    218,549 Dirhams for (995) 1 Kilo Bar Etihad Gold.
    219,648 Dirhams for (999.9) 1 Kilo Bar Etihad Gold.
    25,608 Dirhams for TT Bar.

    Al Abyad:
    218,696 Dirhams for (995) 1 Kilo Bar Emirates Gold.
    111,500 Dirhams for (995) 1/2 Kilo Bar Emirates Gold.
    25,850 Dirhams for TT Bar.

    Pamp office:
    219,080 Dirhams for (995) 1 Kilo Bar Etihad Gold.
    220,175 Dirhams for (999.9) 1 Kilo Bar Kaloti Gold.
    109,600 Dirhams for (995) 1/2 Kilo Bar Emirates Gold.

    Kitco price for gold is $ 1858.6 – $ 1859.6 for ounce.

    Khaleej Times prices are:
    222 Dirhams for 24 Carat.
    25,650 Dirhams for TT Bar.

    So from all this I have a conclusion that all the mentioned above shops have a very close price for TT Bar except Al Abyad that is really charging more price as I told you before .. actually I didn’t get the chance to go to Al Abyad but I called them and got that prices.
    Also Al Abyad are charging more for the 1/2 kilo bar and compared to Pamp office.

    As a conclusion .. Al Bahrain is giving the best rates for both 1 Kilo Bar of Gold 995 or 999.9 they have Etihad gold bars .. they also had the best rate for TT Bar.

    I hope that you and others would find this study useful when they need to buy gold bars anytime during the week because it is not easy to compare the prices like this if the market is not closed.

    Al Bahrain bullion division is located in the forth floor in the Gold Center building and they close at 6:00 pm.

    One thing was confusing for me that Pamp office didn’t have Pamp bars and they told me they have only local bars Etihad and Kaloti !!! I thought they are the main dealer for Pamp bars so how come they are selling local bars??

    Not all shops have 1/2 Kilo Bars but you may find it rarely in the market but it is not a special order as I checked the internet and found many pictures for 1/2 Kilo Bars with stamps from both Swiss and local gold bars.

    Thank you,


    • Yousuf says:

      Thanks Malek for doing the run around. I was planning to do it myself after so many people were asking about the larger bars and add it as a section to the guide.

      Yes its not surprising that Al Abyad would be charging more, as they are a main distributor for Sharjah and Ajman. About their TT bar, its possible that they have a different means of calculating it, but the number looks completely wrong in any calculation i have made, as it should have been around 110,000, so i will be double checking that this weekend. About the 1/2 kilo, yes i assumed the price was higher in Abyad as none of the other shops had it, which likely means that it does move as fast as the kilo or TT bars, but glad to know now that PAMP’s office does. The half kilo is likely not as common locally because only Emirates Gold mints it, or else all the other shops that had kilo and TT bars would also have it.

      Well as Emirates Gold bars are more popular than Al Etihad Gold bars, its not surprising that their prices would be cheaper, but its sad that they dont so do 1/2 kilo bars. Well Al Bahrain is located on the 1st floor of the Gold Centre building and i’d assume that you could get the bars from them as well.

      Yes its funny that the PAMP office only distributes PAMP kilo bars, it was even funnier to me that they dont distribute silver bars. I just assume that they have official distribution rights for PAMP’s gold products and are not necessarily a division of the main PAMP company.

    • mostafa ouseh says:

      let me thank yousuf for this informative blog….
      HI all living in dubai been purchase gold and silver from many dealers in gold souq after one year research for the best price quote is Al Bahrain jewellers is giving the best rates
      it located in gold center 4th floor. contact Mr. salah khalaf on 2269514.

      • Yousuf says:

        Hi Mostafa. Will definitely check them out the next time i’m in the area, as everytime i’ve been down there, i’ve always tried to visit their retail shop on the 1st or mezzanine floor but they were always closed.

        • Amjad Saleh says:

          Al Salamo 3alaykom Yousuf ,
          The one you are talking about is a different Bahrain Jewelry, the one with good prices and sells Etihad silver located at the 4th floor on the first elevator to your right when interring the gold center , they are charging a fair premium.

          I have a question Mr.Yousuf , I am looking to buy silver coins , like the Canadian Mable leaf or the silver eagle , or the u.a.e silver coins , were I can find a good dealer for this coins , thank you in advance .
          Best regards

          • Yousuf says:

            Will definitely check them both out in the next week or so. Well you wont find silver bullion coins anywhere, but you can find silver coins with high premiums at Abyad. The last time I was there, I met with the owners as one of the visitors of this guide went and bought 1.5 kilos of gold from them and mentioned i sent them, so they visited the site. Well as i said just now, they have silver coins but with high premiums, and the owners even showed me the Australian Lunar Series and Chinese Lunar Series sets, each with 12 coins bought were 6 to 9 thousand dirhams. I personally just got a batch of maple leafs that i bought earlier on in the year delivered to me just in time for Eid, so I’m willing to sell 5 of them to those who are interested. I’m hoping that a friend will be travelling back and forth from canada regularly soon, so if people are interested in the coins (silver maples, eagles, philharmonics or gold, platinum or palladium maples), it should be easy to purchase and have them delivered here. Those interested can just comment that they are interested and once its possible, i’ll be able to take orders.

  31. Amjad Saleh says:

    How much you are asking for your silver maple leafs , if the price is good I will take the 5 pieces

    • Yousuf says:

      I am willing to sell them for 200 dirhams each, but unfortunately i only 2 remaining now, but i have 3 johnson mathhew [JM] 1 oz bars if your interested.

  32. sheik fathima says:

    Assalamu Allaikum Brother,

    Today the gold rate is 210.50 for 24 carat. I am willing to buy 24 kt 20 gms bar. Are you interested in selling any of your collections? if so, i will start my collections from you.


    • Yousuf says:

      Assalum Alaykum Sister,

      All i had for sale was canadian silver coins, which Amjad bought. If your looking to buy gold bars, stop by at any of the dealers mentioned in the guide, as i rarely ever sell from my collection.

  33. reynard says:

    Hi yousuf,

    Nice blog. I’m planning to buy my first gold bar within few days, but there still some doubts in my mind. I’m thinking to buy 10 tolas but after some research in internet, I’ve found that 10 tolas only available for 999 purity, not like minted gold 999,9 purity. How this purity affecting the gold price? Should I just stick for 999,9 purity?Does it matter for it’s value if I want to sell it back?


    • Yousuf says:

      Hi reynard,

      The price of the ten tola bar are published everyday and you will see that the 999.0 purity bar is priced cheaper than the daily 24k gram price, as its an investment grade bar and doesnt have a making charge attached to it. Investment grade gold bars, normally any bar above 100 grams that do not come in assay/plastic covering, will normally be 995.0 or more in purity and as long as its minted by a reputable mint, there isnt much you need to worry about, so go for it.

  34. sheik fathima says:


    i want a suggestion. i enquired in 2 places for 24 kt 1 oz Bar. In joy alukkas they sell joy alukkas brand. the price is same but the difference is only the certificate charges. They say the brand is alukkas brand. Is there any difference from their bars and PAMP. Can you please let me know so that i can get it today as it is FRIDAY.


    • Yousuf says:


      Some of the popular jewellery shops have bars minted with their logo on it by mints like PAMP, Valcambi or Emirates Gold. If you think that you would ever sell the bar outside of the UAE, then i’d suggest that you stick with PAMP marked bars. Personally, i’d stick with buying PAMP bars from non jewellery shops, as jewellery shops will likely charge a higher premium.

  35. Mohamed says:

    Hello Brother,

    With the gold price going down further by the day where do you think the buttom will be?


    • Yousuf says:

      Well since the FED announced its ‘operation twist’ program on the 20th, the market has been going down and gold and silver have gone down as well with the market. I dont know how much it will drop, but as a general run that i follow, when gold goes down more than 10 percent, its a good time to buy. Right now its around 9 percent down. So if your interested in buying, maybe buy half what you want now, and if the price goes down or up after the market opens tomorrow, buy the other half and in this way you have bought cost average. I use this technique when i think the price may go down after a week or so, but still dont want to loose if the future price was higher.

      • Mohamed says:

        Thank you, of course dividing the risk is a reasonable strategy but do you think we will see the gold at $ 1200 like last year or no way considering the expectations for another wave of recession?

        • Yousuf says:

          I doubt we will see those levels unless deflation takes place and if so, everything will be falling in value, even our wages, which still means that gold is a winner. I’m expecting another recession/depression and anything can trigger it, europe’s debt issue, US debt issues, US interest rates rises, etc. So as long as things are not stable, i’ll be accumulating gold and silver.

  36. Nibal says:

    Thanks a lot brother Yousuf for this great guide,
    it’s true the premium (or what’s so called commission and manufacturing ) fees are considerably high in the market but through searching i managed to find some good bargains with sellers to lower this premium cost. if you’re interested or any other member/reader is interested you might contact me (after your permission brother yousuf if it’s allowed to add my contact details) and i’ll show you guys step by step how you can save yourself some money and buy more gold/silver with that difference in cost.
    by the way; the sellers are from the listed and recommended list by brother yousuf but what makes difference for them is how much they sell in each shot that’s how much they will lower the premium. this is just a clarification so no one thinks this is a scam or a kind of stealing your money :)

    • Yousuf says:

      Your welcome Nibal,
      I dont think the premiums here are high, as the premium on a 1 oz PAMP bar (AED 100) is around 1.6% at today’s price of AED 198.25 per gram, when you compare that to how much sellers in the US or Canada charge of about 3 to 5 percent. If the market gets heated up, yes the premiums may double to quadruple, but that only because of the shortages due to the demand and sellers knowing they can get that extra cash. Please mention whatever information you have here in the comments so that we can all benefit from your knowledge.

      • Nibal says:

        Greetings Yousuf,
        Yes, you’re right brother from the point of comparison with US, UK and Canada. but in comparison among UAE dealers, the premium reached 10% and even 15% for silver, when silver was trading around 5000 dirham a kilo, in the market they were selling it between 5400 – 5525 which is 8-10% premium and this is considerably high. on the other hand, believe me don’t think that you got a good bargain if they only charged you 5-6% when you buy; because the selling commission is also considered high. the same 1 kilo of silver with price of 5525 if you offer to sell it on the same day they will buy it from you with 4700-4950 :| which makes you wonder why would they take 10% selling and another 10% buying :| . gold in our market is having the same issue of commission but not as high as silver. As mentioned by you brother, the premium on gold is 1.6% and when the proper time comes to sell it i am not sure how much will dealers slaughter the public in order to accept buying it (let’s just ignore this because this is a very long future that may not happen). Anyhow; if you’re interested in buying gold with as low as 0.2% or even lower you can contact me and we can have a chat about this whenever you prefer.

        • Yousuf says:

          Hi Nibal,
          The daily quoted 1 kilo silver price already has a premium attached to it, thats why when you sell it they take around 200 dirhams off the price, but havent seen them buying it back for 5 to 7 hundred cheaper. Well when the time comes to sell it, you can always sell it to others rather than selling it to the dealer, if you want a better price. :)

  37. Malek says:

    Dear Yousuf,
    How are you?
    I did a very very big mistake last week .. I bought gold for the price 1813 $ and now the price is 1658 $ !!! I am so sad that the value of the gold I have dropped so much and also for loosing the chance to buy gold now for low price :( (

    Just I need you to tell me how long you think the prices will stay like this >> how long it will take gold to return back to 1800 $ .. any ideas?? Is it possible to see gold going lower and lower than this?? Is it possible to see it 1400 $ or even less?? I am so worried my friend .. please tell me what you think ..


    • Yousuf says:

      Dear Malek,
      I’m doing well and home you are as well.
      I bought gold last week as well when it was 1850ish, but dont look at it as being a mistake as i choose not to keep my wealth in paper. So i see the current drop as another opportunity to buy more, which i will be today, as nobody knows what the price will be tomorrow or next week. So what you should do is continuously buy in intervals (every 1, 3, 6, or 12 months, whatever suits your budget) and if gold goes down, you should buy more at that interval or simply save until gold goes down and buy then.

      Well the drop has been due to major drops in global stock markets, so once things stabilize, i presume the price will go back up. Nobody knows for sure how low gold can fall, but if it ever got back to $1400, i’d buy some more and then some. I believe that gold will be going up soon as Diwali and the Chinese new year is coming up in the next few months, and it always goes up at that time.

  38. Shuaib says:

    AsSalamualaikum. Yosuf, I am very glad to see your blog. Hope you have answers to my questions which is bugging me since long time.
    1. When I purchased 1oz Valcambi Bar few months back from Sky Jewelry, Abu dhabi, they charged me 150AED xtra. Now I buy 22k coins from Ajantha, which I get it for fixed price. Can you suggest me any other options?
    2. Which is the best place to sell the gold bar/coin- india or uae ? In Abu dhabi, jeweler shop purchase gold at 6 to 7 aed per gram below its fixed price. Do you know any shop which gives good price in Abudhabi?
    Even though we get a good price in India for pure gold, taking the gold to india is hassle (customs)!!! What is your opinion? Thanks

    • Yousuf says:

      Salams Shuaib,
      1. Didnt understand what you meant by the question. If you meant any options of other gold products to buy, there are only bars and coins if you want investment gold or jewellery if you want something that is wearable.
      2. Unfortunately, i havent done the run around in Abu Dhabi to give you suggestions, but see that they are charging around double the price of Dubai, so maybe you want to come down to Dubai if you want to sell it. I dont know about the prices in india regarding selling gold, so i can only suggest in the UAE and if you want the best price in UAE, Dubai would be the place.

  39. George says:

    Anybody know where I can purchase platinum bullion with decent premiums?

  40. Payman says:

    I have a question. If I carry several (say 4 to 5) 50g to 100g gold bars with myself when I leave Dubai, is there any problem in the airport? Is there any limitation? Thanks.

    • Yousuf says:

      There wouldnt be any problems taking your gold with you outside of Dubai in the airport, it maybe a problem if your are bringing it into another country which may require you to pay taxes.

  41. Kumar says:

    Dear Yousuf, please inform the following :
    1. In sharjah which is the best shop who is taking less extra money with respect to market rate for buying Gold 100 gram biscuit.
    2. Also in Sharjah which is teh best shop who is taking less extra money on 1 KG Silver bar.
    I tried Abyad but they are asking AEd 200 more.

  42. Shuaib says:

    Dear Yusuf, Thanks for your reply.
    In the blog, purchase of 24k gold bars (PAMP/valcambi etc.) is much discussed matter, though we need to pay premium. Any particular reason?
    Why can’t we go for the 22k coins where we don’t need to pay premium?

    • Yousuf says:

      Hi Shuaib,
      Its a matter of preference and a matter of budget. If one has limited funds, i encourage them to buy the coins which have 5-10 dirham premiums. If one has a reasonable amount and can purchase an ounce or more of gold, then i encourage them to get the bars. The bars are more recognizable world wide and as such come with a higher premium and of course they are being brought from switzerland, so shipping costs have to be taken into consideration, but the coins are minted locally.

  43. Shuaib says:

    Al Hilal Bank launched the Middle East’s first-ever bank-installed gold dispensing machine. Located at Al Hilal Bank’s Mall Branch in Abu Dhabi (near Spinneys Khalidiya Br.).

    • Yousuf says:

      Hi Shuaib,
      Gold dispensers will hopefully bring gold more to more people’s attention but i’ll only be surprised when a bank allows you to have a gold-backed bank account.

  44. Jam says:

    Thank you Yusuf for your Amazing Blog, your info is priceless. I am a new comer to the GoldBug Culture, and i seem to have become addicted. I have a question for you regarding premiums. In the states, the usual premium over 1oz Coins/Bars or even smaller fractions like 10 to 20G is no more than 3% . But Here in AbuDhabi & Dubai, i have noticed that the premiums on PAMP/Valcambi Bars (10G,20G & 1Oz) are usually 5% to 7% , i personally feel is very high…I’ve recently been buying them at 5% Premium over spot which is the lowest i found. Am i being ripped off? What do you think is the lowest premium i should be paying in the UAE on Gold bars ? Thanks ! Even Lakhoo sold me at 6% (maybe i suck at haggling :P ) or am i doing fine?

    • Yousuf says:

      Your welcome Jam,
      At today’s price of 194 dirhams per gram, a 50 dirham premium on a 10g bar would be 2.5 percent and a 75 dirham premium on a 20g bar would be 1.9 percent. The premiums here are much cheaper than the states, as i had mentioned in an earlier reply. Of course the foreign coins will always have higher premium compared to bars. Maybe the premiums in abu dhabi are higher, but these are prices i’ve quoted are prices i was given in a shop in sharjah. There isnt a need to haggle, as the premiums shouldnt vary from shop to shop, unless the salesman is trying to take more profits because the market is hot.

      • Jam says:

        Thanks so much for clarifying Yusuf ! I guess i was being ripped off so far, well atleast in Abu Dhabi, Most Jewelers here charge 5 6% The Cheapest in Abu DHabi was AlJazeera Jewelers and he still charged 4% to 5%…I guess I’m going to take a drive to Sharjah to the store you seem to go to and see how its like. Sorry to bother you further. But what premium would you suggest i should look for when buying Silver & Platinum Bars?

        • Yousuf says:

          Yes i’ve heard the premiums in abu dhabi were high, which is why a friend of mine who lives in abu dhabi drives to dubai to buy it there, so go to any of the shops i mention in dubai instead of coming all the way to sharjah. With silver, i’d go for the half or one kilo of silver, which come with no premiums above the daily price, but of course the daily price has premium already attached to it of about 3 to 5 percent over spot. I havent bought platinum bars, so i cant suggest what premium you could get for it, but know that you would only find 1 oz bars of it.

          • Jam says:

            Thanks again Yusuf, and keep it up your blog is awesome! Will start with the Dubai Stores i guess, Good to know i’m not alone, i have now given up entirely on Abu Dhabi Jewellers & Coin Shops.

          • Yousuf says:

            Hi Jam,
            Please dont give up checking in abu dhabi, as it would be great if someone from down there would their searches in the city, so it could be included in the guide, until i make my way down there.

  45. Arshad says:

    I would like to comment for Jam, I checked platinum bar 1oz from one of the dealers mentioned in blogs and they are charging high premium around 150 dollars, but if you wish to buy there is a dealer in gold & diamond park, you can check in Yousuf guide here, and secondly you are right abu dhabi is quite expensive when buying coins and bars. I would like to thanks Yousuf for the details above, I prefer Anjali as they have very good rates, Lakhoo is always the cheapest but when prices drop significantly low on friday’s they don’t sell, so I personally prefer Anjali for buying, they have big difference as compared to abu dhabi.

    Yousuf, I have a question, although I don’t want to sell gol

  46. Shuaib says:

    Jam, I think they charge you more. Few months back when the gold rate was around 180AED, I took 1oz Valcambi bar for 5600aed from Sky Jewelry. They charge me 90AED (i.e. 1.6%)

  47. Mahi says:

    Hi Yusuf,

    I really respect and appreciate the quality of information you have posted in this blog. I would be grateful for your feedback with the following. I am evaluating whether to purchase (a) 100 g PAMP bars or (b) ten tola PAM bars. My understanding is that there are no premiums on ten tola bars where are there are premiums of 1-3% on 100g bars in the Dubai market.

    1) I would like to understand why ten tola bars do not hold premiums?
    2) In the future when I want to sell these bars (in the West or locally), will the cost I will face for selling ten tola bars be greater than that of selling 100g bars?
    3) Do ten tolla bars have a lower brand value (and liquidity) perception in western markets vs in the UAE?

    Thanks and much appreciation for your guidance.

    • Yousuf says:

      Hi Mahi,
      Glad to be of help.
      1) ten tola have no premiums as they are investment grade bars and they dont come in plastic covering.
      2) Whether you sell the ten tola or the 100g, they will give you the same price of gold per gram, but as the ten tola has no premium, you would not loose the premium when you sell it.
      3) No the ten tola are globally known bars and can be sold anywhere. The popular brands that the guys in Abyad told me are Credit Suisse and Valcabmi.

      • Mahi says:

        Great. Thanks so very much Yusuf. You are an incredible resource :)

        I learned today that there is now a significant premium on gold because of the shortage in the local market. Do you have any insight into how long this shortage is expected to last? and whether it is reflective of a global increase in demand for gold?

        Best Regards,

        • Yousuf says:

          Your welcome Mahi.

          Well when gold or silver goes down in price, the resulting action is that alot of people start buying it, which makes the available inventory scarce, and then shops know they can charge a higher premium because of the shortage in the market. Once more gold becomes available in the market or the price goes up enough, premiums will return to their usual prices.

  48. Arshad says:

    I have been purchasing from abu dhabi only, but after reading Yousuf’s buyers guides and called lakhoo and anjali and ceetees, I found there is a big difference in prices between abu dhabi and dubai related to bars and coins.

    I missed my complete comments previously, Yousuf, I have a question for you, if you can help me, if I want to sell the gold bar to Anjali or any other dealer in dubai, which I bought from Abu dhabi, will it be difficult or they will buy normally, have you ever sold like that. I prefer not to sell like you said, but sometime you might need to sell, and selling is too much difference in abu dhabi.

    • Yousuf says:

      I have sold gold before without a problem and if you had to sell it anywhere, i’d say that Anjali would give you the best price. Yes there will always be a time when you may need to sell your gold, thats what savings are for. :)

  49. ashrul says:

    Hi Yousuf!
    Just a quick update for people who interested in silver. I just visited Anjali and bought 1 kilo of al ghaith silver bar. The price today is 3700 and they charge me AED50 for the premium.. I decided to go directly to Anjali after i found out that Ceetees would charge me AED95 for the premium. I also call al bahrain for the same and they said they run out of silver until upcoming tuesday. What do you think Lakhoo will charge me for the same as i called them but nobody answering? did i got a good deal in anjali?

    • Yousuf says:

      Hi Ashrul,
      One time that i checked anjali, ceetees and lakhoo, lakhoo had the cheapest price and anjali came in second. They used different algorithms to decide the price, which was why the price was different.

      • ashrul says:

        Thanks for all your quick reply, Yousuf !

        Do you have any smart way how can i buy 10 pieces of 100g silver bar in gold souq? will people in gold souq gave me a (premium) discount if i bought many pieces like that or maybe 20 pieces(of 50g silver bars)? what is the best shop in gold souq for such transaction?

        i once called Fine Gold for 100g IAR silver bar, and surprisingly, they said they only sell it for company only, not for sole buyer :(
        What is their problem anyway? do you have any idea regarding this issue?

        Appreciate for the replies,
        Ashrul :)

        • Yousuf says:

          Well if you want to buy 1 kilo of silver, i’d buy 2 half kilo bars as they have no premiums. If you want the IAR silver bar, you can get them at Jewel Trading on the 3rd floor of the gold center building as thats the place i bought it. You will not find anything cheaper than the IAR as all others silver bars or coins i’ve found have had a premium of around 33 to 50 percent.

  50. Abdul says:

    Dear Yusuf & Sunnah Money,

    What is your opinion on Wearable 22Karat Jewellery for Investment purposes ? Do you think it is a good idea, i am thinking to buy 22Karat Jewellery for my wife, this way to preserve wealth, and follow the Sunnah. But i want to know if it is a good idea for investment or if it is a waste of money, because i heard when you sell back Jewellery, the vendors charge huge premiums, which end up in big loss, compared to Gold BARS. I would like to know your advise and experience.

    • Yousuf says:

      Dear Abdul,

      22k jewellery is a form of investment, but know that you are paying a higher premium for the molding of the jewellery than you would pay when you buy coins and bars. I convinced my sister to buy gold, but she doesnt like the idea of the gold just lying there, so she went out and bought 24k pendant from PAMP as well as bangles. I think simple bangles and chains may likely have the lowest premiums you would find in jewellery. Whatever you choose to buy, see the amount over the current value of the gold content it has and see how much of a premium it is. That would be the best way to decide which jewellery to get, as you wont get that premium back when you sell it.

      • Abdul says:

        Thank you Yusuf for your reply, Yes my plan is to buy 22K Jewellery with no more than 4% Premium/Making Charge. I found good selection in JoyAlukkas of UAE made Gold jewellery Bangles with v low making charge (around 4 to 6 per gram). So i think i will proceed with this. Btw, PAMP Gold Pendant Premiums i found to be very high compared to PAMP Gold Bars. Although the pendant is just an oval shape i don’t understand why they charge so much premium over it!

        • Yousuf says:

          Your welcome Abdul. Glad you were able to find the bangles for so low of premium. Yes the PAMP pendants are normally around double the premium the bars are, but as the bar is around 2 to 3 percent, the pendant being 5 or 6 percent isnt so bad. Well they have oval shaped and even heart shaped pendants. :) Well i think the premiums are higher because they move slower than the bars and they produce less quantity of them, but still have to make the dices for minting them. From the oval shaped ones, i’ve seen various designs like a rose, the kabbah, disney characters, etc.

  51. Kumar says:

    Dear Yusuf,
    Above I understood Anjali is charging only AED – 50 for 1 KG silver bar , however on checking with Abyad Sharjah they are charging AED 150 to 200 on 1 Kg silver bar.
    Do you have any phone number of Anjali Sharjah.
    Or suggest who will take the least premium in sharjah..

    • Yousuf says:

      Hi Kumar,
      Well maybe because of the huge fall in the price of silver recently, they are charging these premiums, but I have never paid premiums for silver since i began buying. In sharjah, the only place i’d go for silver is at Abyad as they are the major dealer for sharjah and ajman. If they are charging 150 to 200, i’d drive to dubai for the savings.

      • ashrul says:

        Hi Yousuf,

        Yes i also surprised when i call Mikado Jewellers, they seem didn’t charge for the premium as well for 1 kg of silver.

        By the way, do you know how can i find Lakhoo in gold souk? They seem pretty busy as they didn’t wanna bother to answer my call….
        Thanks in advance :)

        • Yousuf says:

          Hi Ashrul,

          Well the only way to clearly compare their prices is on a saturday or sunday as the price of silver isnt moving, but i never go to Mikado as they are in bur dubai and i’m normally always on the deira side.

          Well if you click on the Lakhoo link, there is a map shown, but all you have to do is walk into the gold souq from the side road with gold center on your right, and take a right at the T intersection in the souq, then take the 4th right turn and the shop will be in that side lane on the right. If you get lost, ask anyone and they will tell you. Yes they are sometimes difficult to get on the phone. :)

  52. Mohamed says:

    Assalam Ulaykum Yusuf,

    Quick one: some shops in Dubai sell Gold Bars 250 gr from Commerzbank. What’s your opinion on that product? I only heard about PAMP and Valcambi in your web site as good Swiss product.

    thanks a lot for your response

    • Yousuf says:

      Alaykum Salam Mohamed,

      Well Commerzbank is the 2nd largest bank in Germany and they have bars minted with their logo from 1 gram to 1 kilo. To my knowledge, i havent seen any PAMP or Valcambi bars over 100 grams, so maybe this is a common quarter kilo bar. Please let us know which shops you found it at and how much the premiums were, though i believe there shouldnt be any as its over the ten tola bar size.

      • Mohamed says:

        Sorry don’t recall the name of the shot, it was in Dubai gold Souk, premium I calculated at that moment was around 2%

        • Yousuf says:

          Well if you ever do find the place, please make a note of it. If the premium was around 2%, i’d stick with buying 2 TT bars which are cheaper with no premiums.

    • Abdul says:

      Yes, recently most shops are Selling CommerzBank 1 ounce Bars, and they are hiding PAMP & Valcambi 1 ounce, they are only selling small fractions. I have noticed this trend since 2 days. Honestly i did not like the packing of CommerBank Bars, and i would definitely be careful from which shop i’m buying it, while it is largest bank in Germany, CommerBank bars are not very common in Dubai, so there is always that risk you never know.

      • Yousuf says:

        Well 1 ounce of PAMP, Valcambi, Emirates Gold or Commerzbank are no different from each other, its just to popularity of the brand.

        • Mohamed says:

          I do agree…
          by the way, just find out the accreditations for Commerzbank gold, look ok to me
          1961 London Bullion Market Association
          1974 New York Mercantile Exchange, COMEX Division
          1982 Tokyo Commodity Exchange
          2005 Dubai Multi Commodities Centre

  53. Abdul says:

    Dear Yusuf,

    I have one more question regarding Coins. I have purchased today an Australian Kangaroo Coin, premium of AED350 over spot. Is that considered a good premium ? As i know in UAE foreign coins carry larger premium. Panda, AE & Maple leaf had even higher premium (aed 400 to 600)

    • Yousuf says:

      Dear Abdul,

      Personally, I dont see any benefit of purchasing gold coins because of their high premiums, unless i lived in a country which was selling them, or atleast selling them at reasonable premiums. Well if we are normally spending around 1.5 to 2 percent on 1 ounce bars and a AED 350 is around 5 to 6 percent premium, i think that is way to high. If i had to get a coin, i’d go for the sheikh muhammad coins as its premiums are possibly half of that. I’m in talks with a shop i stumbled across in sharjah of possibly getting any gold coins for cheaper premiums, so if anyone is interested, please let me know.

      • Abdul says:

        Thank you Yusuf, actually i am a new comer, but Thankfully due to your Blog & many other resources i have learnt and learning alot about gold investment, so i may end up paying more premium than required sometimes :P . Honestly i am buying the 1ounce coins for my collection purposes, otherwise i focus mainly on bars. I am definitely interested in gold coins with low premiums, i’m looking for AE, Maple, Kangaroo, Panda 1 ounces. Would be great if you can hook me up with a good authentic vendor with low premium. Thanks !

        • Yousuf says:

          Glad that that blog was beneficial to you. I will check up on the shop this week and see what prices they would be charging.

  54. Arshad says:

    250gms CommerzBank is around 200 dirhams premium, still I prefer to go with tt bar, you are correct Yousuf. I do personally prefer tt bars as no premium on them. Lakhoo, never had any availability, although they are cheapest, what I have found out, but looks like they are only dealing with jewellers and big merchants, so no stock left with them

  55. Arshad says:

    Yusuf, I have seen them at Ajanta Jewellers in Abu Dhabi, they are charging 200 dirhams premium on it, there are 100 gms and less also, don’t know the premium.

    • Yousuf says:

      Is Ajanta in the madinat zayed gold center? Is there a gold souq area in Abu Dhabi like we have in Dubai?

      • Shuaib says:

        Ajanta is in Hamdan Str. where other bunch of jewelers exist.
        Madinat zayed gold center 1 km away from this place.
        Mostly people purchase from Hamdan str.

        • Yousuf says:

          Thanks for that Shuaib. I’ll be adding an abu dhabi section to the page, so all you abu dhabians please provide details of which shops you go to with their telephone numbers as well as their locations, and of course your opinions of the shops and their selection. So where on hamdan street are these jewellery shops as hamdan street stretches from Al Nahyan Street (Street 26) to Al Salam Street (Street 8 ) and abit further.

          • Shuaib says:

            Yusuf Bhai, Inshallah, I will try my level best to get details. Jewel shops are located in Liwa str-Hamdan Str intersection. (in front of DU office/ Ahlia Hospital).

  56. David says:

    To express my gratitude before my question, your blog is truly one of a kind. Thank you for sharing your valuable knowledge for free. I recognize your contribution in this area as both a labor of love and as having a pure passion for precious metals. Thanks again.

    My question has to do with selling, I’m in a position to source gold — in significant quantities — from a couple of African countries. Could you kindly point me to a list of buyers in Dubai? Thank you in advance and God bless you.

    • Yousuf says:

      Hi David,
      Its always a pleasure to share what little information i have gained and always great to hear others opinion on their thoughts of precious metals.

      There has been alot of suspicion about gold coming from african countries, so if you are interested in selling it here, it would have to be stamped by a reputable refinery there which is on the LBMA or NYEX approved list, else i would advice you to take it down to emirates gold, etihad gold or al ghaith and have them mint them into new bars, so that they can be easily sold here. You can sell them to any of the major gold dealers, which i believe to be Anjali (dubai) and Abyad (sharjah).

  57. Mohamed says:

    Salam Yusuf,
    As you are into this topic much longer than me I wanted to have tour view on the following:
    I took a look at some of the videos you posted from Mike Malone, Ron Paul and others. What it tells me is that the US and the $ is are in a bad shape as the FED printed $ like never before some the $ will be devaluated one day or another and the Gold price in $ will soar. Fair enough.
    But what about the price of the Gold in Euro or even AED? Today AED is pegged to the $ so we think the price in AED will also soar, but what if UAE decide to stop the USD peg to the $? Did the UAE print dirhams in a huge quatity? Is the UAE in the same situation than the US? May be Europe seem to be closer to US in terms of money issues, but Europe didn’t lunch any Quatitave Easing so far (I may be wrong but haven’t heard about that, just a 700 Billion fund to rescue banks “in case”).
    So just wanted to have your view on that. Of course this is excluding the fact that paper money is debt and therefore not sharia compliant.



    • Yousuf says:

      Salams Mohamed,
      Well the current situation is that the dollar is doing down in value and other currencies are following by devaluing their currency in order for their currency not to be to strong against the dollar. The dirham and about 80 or so other currencies are pegged to the dollar and as long as the USD is being devalued, these currencies will automatically be devalued to keep the pegged ratio. If the UAE decides to depeg from the dollar, then things would get cheaper here, but its highly unlikely for that to happen if saudi does take the first step. UAE was going to revalue the dirham against the dollar in 2008, but stated they would only do so if saudi did the same. The UAE does a number of different things to maintain the peg stable and i believe one of them is print more dirhams. No the UAE isnt in the same situation as the US as that UAE is a creditor nation. Well the situation in europe is a mess because all the euro currencies have the same currency and the poorer euro countries are heavily in debted to the richer euro countries and they are unable to pay those debts. Well the bank of england just came out with quantitative easing (aka printing money) last week, so things will only be get worse in europe. Yep paper money is haram as it has no link to gold and is a means of wealth being stolen from us whenever governments decide to devalue the currency. Of course the US is the worse with paper money, as they can print more up any time they like and buy real things with it like gold, land, and food and the people stuck with the US dollars when it crashes will learn, just like other nations in history, that paper money is worthless.

  58. David says:

    Thank you for your time. While browsing this morning, I came across the same article you shared here. I didn’t even know anyone could fake gold… Annoying!

    It gets in the way of honest deals. I will now have to exercise extra care in the procurement process and I will explore the options you suggested. Thanks again.

  59. Rajan says:

    I want to purchase 1 kg silver bar, please advise which brand and from where should I purchase. If i need money latter can sale them back also?

    • Yousuf says:

      Full details of brands and shops you can get 1 kilo silver bars are listed above on this page. You will be able to sale it back to the same store if you need money later.

  60. Mohamed says:

    Dear Brother yousuf,

    Thank you very much for your efforts and may I compliment your patience and attentiveness to this blog…pretty soon you will be the authority on gold in…

    Anyway, I have a question I know you list many shops but a of now if I wish to buy few 100 g PAMP, or Valcambi bars where is the best shop with the loswest premuim and would you advice to get 100 g * 5 = 500 g or one bar of 500 g?

    Thank you

    • Yousuf says:

      Brother Mohamed,

      Your welcome and i’m glad that i’m able to share my thoughts with those who are interested in sunnah money. Well each shop in the list has its advantages and i have given my recommendation next to each shop of what i think you should by from them. If you want PAMP get it at Anjali, if you want Valcambi get it at Lakhoos. The disadvantage of the 100g bars is that they have a premium on them from PAMP or Valcambi, but if you added 17 grams to the bar and went for the TT bar, you’d have no premium on it. So if i had to compare, i’d compare the ten tola bars and the 500 gram bar, as they dont have premiums. Well the advantage of the multiple tt bars versus the half kilo bar is that you can buy them in increments as the price fluctuates and that you can sell them in increments incase you need money.

      • Mohamed says:

        Thank you brother Yousf for the information, although I am wondering why the TT have no premium but the 100g has a premuim? does that reflect more value or just a preference? and do PAMP and Valcombi come as TT? also where would be the best place to get it?


        • Yousuf says:

          Well they used to make 100g roundish bars in a similar shape as the TT bar, but i heard it was easier to fake this size, so now the standard small investment grade gold bar is the TT bar. PAMP and Valcambi still produce 100g square bars, but they are sealed in plastic packaging and as such come with additional premiums. From what i’ve heard, the most common TT bars in the market are from Credit Suisse, but you will also find Valcambi bars. Well the best prices would likely be at Anjali and Lakhoo, but you can view Malek’s comment on September 11th for his price list findings.

          • Mahamed says:

            Dear Yousuf and Arshad,

            Thank you for your contributions, so basically from a better investment point the TT is better since the premuim is paid only for packaging!!

          • Yousuf says:

            The TT is better as it has no packaging, so your not paying a packaging premium. :)

  61. Arshad says:

    Dear Yousuf,

    With your permission, pamp and valacambi both comes in tt bar as well as 100 gms, there is a premium due to the design and packaging of 100 gms bar. TT bar is open without any packaging and design so there is no premium.

  62. Abdul says:

    Dear Yusuf,

    Did you find any update regarding that vendor is Sharjah who sells 1ounce coins (AE, Maple, panda, etc) at low premiums ? thanks !

  63. Shuaib says:

    Commodity bets: Sell gold, Buy silver suggest experts…( )
    Dear Yousuf, what’s your opinion? Can I sell some Gold & buy Silver?

    • Yousuf says:

      Personally, I buy gold for stability and silver for larger gains and plan to switch some of the silver for gold when the gold to silver ratio gets to around 30 to 1, so i could trade in my 1 kilo of silver for 1 ounce of gold.

  64. Yousuf says:

    Well i went out yesterday in the Gold & Diamond Park and visited the shops i recommended above and am happy to say that GB Jewellers and Classic Diamonds both have 1 kilos of silver as well as TT bars. At GB Jewellers, i noticed that they had Commerzbank TT, 250g, 100g, 50g and 1oz bars and when i asked why they werent stocking as many PAMP bars like they use to, the guy mentioned that the market was low on PAMP and as such the premiums were very high. He mentioned they could get 100g PAMP bars for a premium of 60 dhs six months back and now they get it for 150-200. I asked who was dealing in the Commerzbank brand, and he said that its coming through banks like Mashreq bank, but they only sell it in bulk to dealers and not in small quantities for retail. For details about my recent gold experience in qatar and dubai airport, check out my latest blog post.

  65. Rene says:

    Dear Yousuf,

    It’s nice to read your blog. It really brings me a new horizon of knowledge.
    This time I would like to ask you about 2 bars of platinum. This bar looks like as:
    1. There’s a JM logo and a horseshoe;
    2. Written as: John Matthew AZL 18 London, PLATINUM 9999, Assayers and Refiners 16 Ounces Troy, PT 4031
    Do you have idea about these bars?

    Thank you!

    • Yousuf says:

      Hi Rene,

      John Matthew (JM) is one of the most well known private mints in the world based in the US, which is approved by all the major exchanges.

      • Rene says:

        Thank you, Yousuf!
        By the way, do you have idea where should I sell them and at what price they could be sold?

        • Yousuf says:

          Wouldnt really know where you could sell it as its not popular in the market here, but i think you could sell it at Abyad in Sharjah or at GB Jewellers in Dubai.

  66. Asim says:

    I m thinking to start bussiness in buy and sell 10 tola bars of gold in dubai is it profitable. Plz give me suggestion

    • Yousuf says:

      Salams Asim,
      Well i think any gold and silver business would be profitable here, especially when more and more people are moving away from jewellery to bullion. Not sure that limiting yourself to only ten tola bars would be the best choice unless you were only wholesaling it to shops, but i’d assume that it would be your best bet to try to find a niche in the bullion market that you could easily fill, so you would have less competition.

      • Asim says:

        Brother Yousuf
        Thanks for your suggestions. I’ll planning to visit dubai week after eid for experience some real speculation in dubai. As i live in karachi most of people fimiliar the tt bars and trade into it also thats why i asked you about it.
        is there any possibility in dubai that we booked the rate of gold bars on phone and take/give delivery later whether buy or sale.

        • Yousuf says:

          Doubt you will be able to lock in a price if you dont have the cash in their hands at that exact moment. Its possible you might be able to do so if you had some type of deal with the shop/store, but i tried paying in cash when the shop was out of stock at today’s price and they said they wouldnt take the cash and that i should come back when they have stock and pay at that price.

  67. Chandan says:

    Hi Yousuf,
    Long time back I took your vluabe advice regarding 5 kilo Siver bars(Swiss Made).
    Just wanted to ask you that how come ther’s a big difference in Silver Prices in India and Dubai.In India the rate in News Paper has quoted INR 68000/KG(silver) wher as in Dubai,if we covert to Indian Rupees it comes to only 41000INR.

    Is it possible I sell my 3 Bars of 5kg each in India,somehow if i get better rate there.

    I bought 999Silver Bars 5kg @ 4520AED/Kg and want to desperately sell it off.Kindly,advice.

    • mostafa ouseh says:

      Hi candan ,
      i am ready to buy 5kg if it good price!

      • Chandan says:

        Hi Mostafa,

        What price are you looking for?I have the receipt and would have no problems furnishingit,while selling.

    • Yousuf says:

      Hi Chandan,
      I cant tell for sure how the silver market in india works as i havent done the ground work, but if you can sell them for 65% more there, you should definitely do so. You should consider not selling all of them or maybe trading in some of them for smaller bars. The guys at Ceetees will likely do that for you. By the way, where did you get the 5 kilo bars from?

      • Chandan says:

        Hi Yousuf,
        Many Thanks for the usual brotherly advice.I did equire about selling it to India but the legal complexities are real constraint,will have to wait to sell it here itself.

        • Yousuf says:

          Hi Chandan,
          So where did you buy the 5 kilo bar from as i havent seen any here over 1 kilo and would like to add it to the guide.

          • Chandan says:

            Vrajlal mohanlal & sons,Sharjah,but would not recommend any body else to get befooled.This shop buys it from Mohan Lal & Sons,Dubai-Gold Souq and further sells it.

            This shop charges you 4$+- /Ounce.Kindly,guide all across.

            If you want to have a look at 5kilo bar silver you just provide me with your email id and i’ll mail you across.

          • Yousuf says:

            You have there telephone numbers so i could get exact location. Its sad that they would be charging such a high premium when your buying such large bars.

  68. Shuaib says:

    Dear Yousuf,
    I regularly check gold/silver prices. Prices keep fluctuating. I think, we can make profit out of fluctuation on daily basis, which will give us more profit. What is your opinion?

    Is there any easier way to trade in daily basis / online?

    • Yousuf says:

      Dear Shuaib,
      I personally dont get involved in such things, as i trade in my paper currency for real money and that differs from electronic paper trades that dont have any real money behind them, because there will likely come a time when you cant trade back the gains you made in paper trades for real money.

  69. Chandan says:

    Hi Mostafa,
    I’ll mail you the snaps of the bars,by evening.

  70. Gary says:

    Dear Yousuf

    Just stumbled across this excellent blog and wondered if you could help?

    I am looking to buy an Australian 1kg silver kookaburra and 1kg silver koala coin for my kids, I know they will be well above spot price but I’m hoping they keep them as a long-ish term investment. Any idea where to buy them in Dubai if possible? Also given your wealth of knowledge is there a better investment for them for around the same price as the 1kg coin would cost? Gold coin?? Please be specific as I do. It know anything about silver or gold investing :)

    Many thanks

    • Yousuf says:

      Dear Gary,

      I have only seen the 1kg silver australian coin in sharjah. Well personally i’d go for the 1 kilo bar instead of the coin as the premiums for the coins are way to high. It would be cheaper to buy it there (australia) and have it sent here i think. If you wanted a gold coin for a similar price of the 1 kg silver coin, you could find the 1 ounce american, australian, and south african gold coins at various shops and the gold atm machines.

  71. Ravi says:

    Anybody can help me how much is a todays 22k gold 1g price

    • Yousuf says:

      Hi Ravi,

      You can always check khaleej times website or call up any of the gold shops and they can give you the daily price.

  72. charles says:

    i want to buy gold jewellery for wedding how many gold can take from dubai

    • Yousuf says:

      I dont think there is a limit on the amount of gold you can take with you, but if you do take it with you, make sure to take the bill.

  73. Shuaib says:

    Dear Yosuf,
    Which is the best place/way to sell Gold/Silver in Market otherthan shops? Do you know any particulars website to sell online?

  74. Alhaleem says:

    Dear Yosuf:

    I hope all is well with you. let me start by thanking you for this impressive, informative, and valuable blog. Second, I was wondering if you can help me decide how much silver I should buy? What’s the best allocation between Gold and Silver? As you mentioned on your blog you buy gold for stability and silver for bigger gains. So, If i have lets say $100,000 dollars I want to invest in Gold & Silver, how much of it should be invested in Gold Vs. Silver? Would you recommend 75% in Gold and 25% in Silver?
    Again, thank you very much for your valuable advice.

    • Yousuf says:

      Dear Alhaleem,

      Yes spending 75% on gold and 25% on silver is a good recommendation. If you are willing to stomach the huge swings in silver for the potential of higher gains, then you can possibly spend another 5 or 10 percent more and if you wish to be more safe/secure, you can spend 5 or 10 percent less. I’d recommend buying in intervals (possibly once a month), so that if the price goes down, you havent bought it all at a higher price, and if the price falls 10 or more percent in gold that you buy alot more at the moment.

  75. Alhaleem says:

    Thank you Yosuf for your prompt reply, I really appreciate it. I went to today to the Gold & Diamonds park and one of the shops there offered me a 100 grams PAMP Gold bar for 20,775 AED which is 206 AED/gram and 10 TT swiss made Gold bar for 24,027 which is 206 AED/gram. First, which one do you recommend the TT or the 100 gram PAMP for investment purposes? Second, is seems to me the price is a little bit below the global market rate which is around $1723/ ounces, am I right or wrong? (since, 100 grams= 3.5273 ounces, then 3.5273*$1723= $6077 which is around 22,200 AED) However, I’m buying it for 20,775 !!!. What’s going on here or what am I missing?
    Your valuable advice is greatly appreciated, thanks a lot.

    • Yousuf says:

      Go for the TT bar, as its the smallest investment grade bar available and it will always be 2 dirhams cheaper per gram than the market price and doesnt have a making charge. If you have to get it in the gold and diamond park, goto GB Jewellers and speak to Gaurav and tell him Yousuf Patan sent you. I just called them and

      About the local price being cheaper, no its not cheaper unless you get quote the fixed daily price rather than the spot price. Also you should know that 100 grams is 3.2154 troy ounces (1 troy ounce is 31.1 grams), so your calculation was incorrect and the correct calculation would be 3.2154 ounces * US$ 1,723 = US$ 5,540 which is around AED 20,332.

  76. Abu Abdul says:

    Dear Yousuf,
    Thank you for providing a very informative blog. A colleague of mine wants to buy a large qty of silver and doesn’t have enough place to store it what would you recommend?

    • Yousuf says:

      Dear Abu Abdul,
      Well silver is going to take up alot of space if you buy a large quantity, which is why many people decide to buy silver certificates. I dont know of any place that will store silver for you here, though there are a number of places that will store gold. If it is a large quantity, then your colleague should consider speaking with the various mints and see if they would offer storage facilities for the metal.

  77. Abu Abdul says:

    Dear Yousuf,
    Thanks for the response. Where could he buy silver certificates, that are stored locally similar to the NBD gold certs?

    • Yousuf says:

      Doubt there are any silver certificates locally, so i’d say go for the silver certificates from the perth mint through one of their dealers. Another alternative is, but you’ll need to verify your identity in order to use the account. The silver market locally is mainly focused on investors and jewellers, which is why you dont find any silver coins available here without huge premiums.

      • Abu Abdul says:

        Dear Yousuf,
        There are some doubts about the Perth mint:
        Mainly the issues are that:
        1. Perth Mint sells paper gold (Paper gold refers to any investment in gold which can default). Certificates for unallocated gold (like those sold by Perth Mint) are a mint’s equivalent of a bank’s certificates of deposit (CDs), except they use gold instead of dollars (or paper other currencies) and they don’t pay interest. When a bank/mint goes under, the same thing happens to the holders of these certificates: they become general creditors, with no lien/claim upon any portion of mint/bank’s assets.

        2) Australian law already has a mechanism in place to confiscate gold, by requiring delivery of gold to the Reserve Bank of Australia (RBA).

        3) The Australian Government is running big deficits

        4) Australia’s gold reserves are in doubt

        Conclusion: Avoid Perth Mint gold certificates, especially for unallocated gold (allocated gold is much safer, but still risky).
        the info was from this link:
        Do you have any alternatives please that are backed by physical gold?

        • Abu Abdul says:

          And do the above issues apply to silver as well, which was the original focus of the discussion?

        • Yousuf says:

          Dear Abu Abdul,
          I have discussed the perth mint in more detail in the alternative to physical guide.
          You were asking about silver certificates, which was why I suggested the perth mint, as you wont find many mints offering silver certificates. About the issues you mentioned, my favourite economist/stock broker, Peter Schiff, is their certified dealer in the USA and believe that he must have vetted them thoroughly before allowing his customers to buy certificates. They sell gold, silver and platinum (or is it palladium) certificates which are insured, which means if the mint goes under, the insurance company has to pay up. I think the silver certificates now have storage fees since the middle of this year. As a general rule for individuals with large amount of metal, no storage place is 100% safe, so you should store your precious metals in multiple places. Like i mentioned before, silver storage is more difficult and the two places that i can recommend and trust for it are perth mint and goldmoney.

  78. partha says:

    Thanks a lot for providing good informations. I am Residing in sharjah, I am planning to buy some 24k Gold Bar and Silver Bar. Please adivce th brand and shop

    • Yousuf says:

      Abyad is the only shop I recommend in sharjah and you can tell that Yousuf Patan sent you. For gold, get PAMP or Valcambi bars and for silver get Emirates or Al Ghaith bars.

  79. Partha says:


    Thanks for your valuable information. I checked with Anjali (Deira Gold ASouq), they are giving Dhs 1 less than curent market and No premium amount also. But they are giving only for cash. They dont have card payment.

    I checked with Al Abyad Jewellers in Sharjah, Abyad also giving same as Anjali Rate but here we can pay by card. But for card they are charging. Who are looking to buy with card can try with Al Abyad Jewellers in Sharjah.

    • Yousuf says:


      The gold market is a cash market worldwide and dealers dont normally deal with cards, as wiping cards cost them extra fees and the money isnt instantly deposited in their account and you also have the problem of credit cards being stolen, etc. So its less hassle when dealing in cash, as you get your gold and they get your cash and the transaction is finalized at that exact moment.

  80. Mohammed says:

    Thanks for the informative article & comments Yousuf.

    I will raise a issue that wasn’t addressed by anyone yet: what about counterfeit gold bars and coins? There seems to be tungsten bars (tungsten has the almost the same density & thus weight as gold) mixed with an alloy to make it non-magnetic, and then coated with real pure gold sold by China with fake certificate numbers that is nearly indistinguishable from real gold bars even by experts.

    There is a chance that the gold dealers in Sharjah and elsewhere are intentionally or unintentionally selling fakes. The only way to find out if it is a fake is to take one random sample and saw/cut it in half (gold is soft) and checking the color of the interior. My question is: if it turns out to be real; will the cut bar lose it’s value, and if so how much do you think (eg. would you purchase a gold bar if it was cut in half)? I am almost certain no consumer or even shops in the UAE cut their bars.

    • Yousuf says:

      We have touched on the issue of fake gold in these comments and there is a youtube video link about detecting fake gold and silver on the main buyer’s guide page.

      Well the likelihood of getting a fake gold or silver will always depend on where your buying it from and which mint’s brand is stamped on it. When you buy it from major dealers, who themselves buy directly from the mints, it is nearly impossible to get a fake that way. Even if you dont buy from a major dealer and the bar or coin has assay plastic covering it from popular private mints like PAMP or Valcambi (normal with bars and coins equal to or under 100 grams), it is highly unlikely that it could be fake. Most of the gold and silver sold in the UAE market (as stated above in the article) is privately minted swiss gold, locally minted gold and locally minted silver, so it is quite impossible to get fake gold or silver in this market. In the above article, I have stated my recommendations of where to get gold and silver from, as I personally trust the shops and have bought from them and know there reputation in the local market. If you wish to cut the bar in half to check how real it is, there shouldnt be a problem doing so as it wont loose its gold value, but it would be difficult for the shop you sell it to a customer, so they will likely send the cut bar to a mint to have them remint it, which means they will be spending money to do so, which means that you will likely loose that amount from the sale price. If you cut a kilo or half kilo gold bar, the costs would likely be minimum, in comparison to you cutting a 50 gram bar. :)

      From the links that you shared :-
      1) you can see that the tungsten issue is more common with investment grade bars (like the 500 gram gold bar in the picture),
      2) fake gold in/from africa is a thing to look out for,
      3) the hong kong fake gold only effected jewellers as they were buying the non-100% gold jewllery, scrap, and nuggets they were getting (not bars),
      4) chinese counterfeit gold and silver coins are becoming more prominent because people are buying them online or from other people.

      What you get from all the links is that companies (jewellery/coin shops) are buying alot of gold and silver and they are sometimes getting ripped off and have started checking alot more into the authenticity of the metal they are buying. You also get that people who are buying from individuals (whether online or in person) need to check when they are buying, so they dont get ripped off. So with this said, if you follow the rule i mentioned above, of only buying it from reputable shops, you can take a load off of yourself of wondering whether you have real or fake gold.

      I was introduced to the fake gold issue a year ago and have done enough reading on it to be at ease with what i purchase. I had come across those same images and videos, and have included below some of the other videos i watched on the subject.

      Tungsten Gold – The video of the tungsten picture
      The GoldMoney Standard – Ultrasound gold bar testing – How GoldMoney checks their bars
      Silver and gold bar testing – David Morgan discusses counterfeit metals
      Gold Plated Tungsten Bars – Bob Chapman discusses the tungsten issue
      Counterfeit coins from China turning up in Washington state (Chinese Counterfeit Coins)
      Threat of Counterfeit Coins from China
      How Chinese Counterfeit Coins are Traded
      Legislative Efforts to Stop Chinese Counterfeiting and Repeal 1099 Requirements
      Scams, Rip-offs, and Raw Deals to Avoid

      Some more reading for those interested -
      What about the Counterfeit Gold-Plated Tungsten Bar Stories?
      Fake gold bars out of tungsten a counterfeit story
      Millions Lost From Counterfeit Coins, Hobby Leaders Warn
      Counterfeit Coin Detection
      Inside a Chinese Coin Counterfeiting RingPhoto Gallery

      And lastly, I came across this 25-minute Al Jazeera English video that is part of their Africa Investigates show, showing the gold fraud in Ghana entitled ‘Fool’s Gold‘.

  81. ramesh says:

    yousuf im intrested in buying around 2-3 kg for a short term investment what and where would be the best place to buy gold bars in dubai thnks a lot

    • Yousuf says:

      the list is present on this guide page for the shops to go, and if you prefer to not take possession of the gold, then go for the dubai gold securities or

  82. Ely says:

    Dear Yousuf,
    Great blog. I am new to it and may start buying a 10 tola (TT) bar. But what is the purity of it? The KhaleejTimes’ price is without purity mentioned. Is there only one purity available? I am in Abu Dhabi.

    • Yousuf says:

      Hi Ely,
      To my knowledge there is only one purity and that 24 karat 999 (triple nine). If your living in Abu Dhabi, I would encourage you to check the prices there compared to Dubai, as i think if your buying a TT bar, it maybe worth the time and money to drive down to Dubai.

      • Shuaib says:

        Yes Mr.Yousuf, I too recommend the same. Dubai is the place to buy Gold compared to Abu Dhabi, as TT Bar also has premium here. As per my knowledge, the only Gold one can buy without any Premium in Abu Dhabi is –British Coins.

        • Yousuf says:

          Salams Shuaib Bhai. Still awaiting your feedback about details of the shops in Abu Dhabi, so I can add it to the guide, along with your preferences of which shops give the best prices for various products. Thanks. :)

  83. Mohammed says:

    I went to the Central Souq yesterday, but could not find Al Abyad jewellers! There are hundreds of shops, and no directory. It is supposed to be shop 33/34, but the other shops do not display their shop numbers and coerced me into buying gold from them instead of helping me find the place.

    Can you give a rough idea of the location inside the Souq?

    • Yousuf says:

      Well, we include telephone numbers with each of the names of the companies so that you can always call them to find their location. Its sad that the other shops wouldnt tell you its location, as they never did that to me the first time I went. As stated above, “they are on the 1st floor of the south-east corner of the building”. If that wasnt clear then if you were standing between the two souq buildings and you walked into the gold shops souq, turn to the left and walk down until you reach the end of the building. Once your infront of the glass doors, their shop is the last shop on the 1st floor on your left hand side. To reach it, turn around and take the first staircase on your right handside. Once you get to the first floor and can see the ground floor, you should be able to see the signboard of the shop at the end on your left. They have two shops at the end, so enter the one on your left hand with gold and silver products in the window.

  84. SYed Sajid says:


    • Yousuf says:

      I dont think you will find 22 karat gold biscuits anywhere as gold biscuits only come in 24 karats. You wont find a 30 gram biscuit, but you will find a 31.1 gm (1 troy ounce) biscuit. My preferences are Al Abyad in Sharjah and Anjali in Dubai.

  85. Shuaib says:

    Is it a good idea to buy physical gold/silver from gold. ae ? I got call from – GOLD. AE Mr.Jamal (04-4473635) he said they sell gold/silver in int. spot price !

    • Yousuf says:

      Shuaib Bhai,
      I called and they said if your using their trading platform, then you can purchase gold and silver at spot price and then take delivery of it whenever you want to, either by visiting their office or having it delivered to you. But for those looking to purchase physical, they said you should purchase it from their eshop and their eshop prices seem to be reasonable. The main advantage of the eshop is that the precious metal is delivered to your door (for an extra fee) and you can purchase it sitting at home.

  86. Gayan says:

    Hello Yousuf, are you excited and/or surprised at the number of people who are reading & commenting on this post and referring your name to Al Abyad and others? :) Do you get a share of revenue if someone refers your name because of the hard work you did on all this information/research?

    • Yousuf says:

      Hi Gayan, yes it has been surprising and exciting that people have read the information since I first posted it some 6 or so months ago and it has been a pleasure communicating with those people. No I do not make any revenue from my recommendations, as I enjoy recommending companies that I personally deal with and believe they give the best deals, so that others dont have to go through the same running around that I went through to find them. Its always nice to hear others recommendations in the comments and its always fun for me when I walk into one of my shops I recommend and they tell me that one of my friends passed by and bought something. :) One of the rules of precious metal buying is to get to know your dealer, as they will always give you good deals and you can rely on them to give you meaningful information if you for it.

  87. qasim says:

    Salaam Yusuf,
    I came across your blog and found it very very interesting and informative.

    I am very very new to this and would like to ask a question. How can we calculate the cost of a ttb bar from the current spot rate of gold. I just went and bought a ttb from abyad last week and bought my 1st ttb bar, and they charged me an amount. I want to lnow the formula to calculate the price of a ttb bar from the spot usd per ounce price that we see on kitco.

    • Yousuf says:

      Salams Qasim,
      Glad it was helpful. Well the current price of a TT bar should be 3.749 times the current kitco price and then multiply that US dollar amount by 3.674 to get the dirham equivalent. So in short, take the 1 oz kitco price and multiply that by 13.7745. I believe Abyad may charge you an extra 100 or 200 dirhams over that price, though they shouldnt as there isnt supposed to be a premium for TT bars, so if you dont get a good quote from them, then go for Anjali in Dubai.

      • qasim says:

        Thanks Yusufbhai,
        I did buy from them and it turns out they took 200dhs more from me. I am a 1st timer and what’s done is done. But I am surely not going to abyad again.

        Thanks for your wonderful and highly informative site.

        • Yousuf says:

          Your welcome Qasim Bhai,
          Its always a learning experience, so dont worry to much about it. I personally know two products that I wont by from Abyad if they decide to charge me more than 50 dirhams over the market price – TT gold bar and 1/2 kilo of silver. But all in all, their prices are the same as Dubai, so I wont bother myself spending gas, time in traffic, and searching around for paid parking just to buy them in Dubai. One of the main reasons for writing this guide and giving my recommendations about where to go to get each type of product was to help those whose who are new or dont have the time to search around for the best deals.

  88. Natalia says:

    Hello, Yousuf! Can you help with advice please about NIDR gold bars 999.5 is it good investment? swiss gold? Thanks.

    NIBR sorry if to buy used unsealed bar from shop is it good investment? Thanks.

    • Yousuf says:

      Hi Natalia,
      NIBR (National India Bullion Refinery) is a refinery in Mumbai, India. Unfortunately, I wasnt able to find a list of popular/recommended gold refiners in India, so I cant tell you how good their reputation is, and there are no indian refineries that are LBMA or DMCC good delivery approved. As long as the mint is popular in your area and you plan to sell it in your area, then its a fine investment. If you plan to sell it outside of your country, then swiss brands would be easier to sell. About unsealed bars, all investment grade bars like the TT bar and above will come unsealed.

      From a little bit of searching online, I did find the first precious metal refinery in india is the Shirpur Gold Refinery (also known as Agee Gold Refiners) which started in 2001. Also found out that PAMPs products are available in india through their rebranding by 10 private/government banks (ICICI Bank, Corporation Bank, HDFC Bank, IndusInd Bank, Indian Overseas Bank, Punjab National Bank, Indian Bank, Kotak Mahindra Bank, Bank of India, Union Bank of India, UTI Bank) as bars, coins, ovals and hearts from 2 to 100 grams. Valcambi products are also available in india through the ‘Reliance’ rebranding, with coins from 0.5 to 8 grams. The World Gold Council’s website provided a list of companies to purchase coins and small bars, which included ICICI Bank, MMTC, Riddisiddhi Bullions, and Tanishq.

  89. Nitin Sharma says:

    Many Thanks for this wonderful blog.

    I want to purchase gold for investment purpose only. Whatwillbe best Gold Certificate or physical gold?

    • Yousuf says:

      Physical gold is always the best. Gold certificates are paper promises for gold, which means that their is a possibility that the gold may not be available to you when you need it, but they are useful to those who wish not to take physical possession of the metal.

  90. Natalia says:

    Hello, Yousuf!
    I am grateful to you for the answer. My plan was to sell it in UAE at Gold Souk in Deira. Best regards.

  91. Yousuf says:

    Well I have a friend who’s travelling to Canada soon, so if anyone wants some 1 oz silver coins (american, canadian, or australian) or 1 oz and 10 oz bars, please let me know within a week.

    • mohamad rad says:

      yousef i would like to buy some maples and 10 once bars if you could call me . and ppl here if you would like to trade at spot price plz contact 055=6115544 rad

  92. Amir farooq says:

    Dear yosuf,

    I WANT TO BUY 24K GOLD BISCUIT OF 50GRMS, WHICH IS THE BEST PLACE. i am SUDIA ,JEDDAH kindly show me the right place.

  93. Fahad says:

    Assalam o alaikum,
    I came across your blog and found it very informative and helpful.

    I am living in Riyadh and very new into Gold & Silver. Recently I came across the reality of fiat currency and decided to gradually convert my saving into real money. Therefore I visited one of the gold market to buy silver coins but found out that there are only Saudi silver coins available in the market. There were no American eagles or Canadian maple leaf coins available. I did some research on Internet and found out that government issue Saudi coins are .917 fine silver. I want to start from small coins and then gradually moving into large size bars. What is your advice on Saudi .917 fine silver. Should I invest on these coins and are they going to pay me well when I sell them later in future? or I should strictly buy only 999 silver coins?

    Secondly, a dealer was selling 1kg Emirate silver bar at rate of 4900 Saudi Riyals. When I checked on Internet the price of 1gm is approx 3.50 riyals. Which means they are charging 1400 riyals as premium. Do you think that is normal on 1kg silver bar?

    Lastly, by any chance do you know any place in Riyadh where I can get eagle or maple leaf coins.

    • Yousuf says:

      Salams Fahad,
      Well you wont find american eagle or canadian maple leaf silver coins in Dubai, so dont feel bad that its also not available in Riyadh. You cant even find any government minted silver coins here, so if saudi is minting their own, buy it, but its sad that they are only 22k silver. I personally feel that people should stick with silver bars, if they can afford it, ideally ones that are 100 grams or more, but also having some silver coins, as silver coins will always have higher premiums. If you are buying the 22k coins, make sure you are paying 91.7% of the silver price of the weight. Please post some pictures of the coins (back and front), so we can see them. :)

      I think that you paying a 40% premium on a 1 kg silver bar is crazy. I’d advice you to check around to find any locally minted silver bars if you can or else look around for a better price at another dealer.

      Unfortunately, I dont know where you’d find eagles or maples in riyadh and dont believe it would be beneficial to you unless you plan to take them to the US or Canada, as the premiums would be high.

      If you dont mind, could you let me know where you are checking the saudi prices online and where in riyadh is the gold/silver souks.

      • Fahad says:

        Dear Yousuf,

        Thanks for your reply.
        The Saudi silver coins I mentioned are not actually minted by Saudi government, they were minted by US during WWII for Saudi Arabia to pay oil bills. I get this information from following links:

        The gold souk I visited is located in famous shopping area of Riyadh called Batha. There are few more souks like Deira gold souk or Tayeba souk (also called as Kuwaiti market). I might visit them in future.

        Normally I check prices of gold and silver on kitco but for quick reference I check on following website which provides rates on local currency.
        Can you please check on UAE price section and let me know if their prices are accurate as per local market.

        • Yousuf says:

          Dear Fahad,
          I would stay away from older coins which are more geared towards coin collectors as they were uncirculated coins, so they are not like junk silver and will likely sell for a higher premium to spot compared to other coins.

          Thanks for info. It would be quite helpful if you could make a note of the gold and silver shops you visit in each souk and the products you find in them, so that i could use them in the guide I’m currently working on for saudi.

          Well the price on goldpricedata was off by a few dirhams from the official published price, but its not that bad of an indicator. I believe it should be a simple multiplication to find the price, as the USD to SAR doesnt change. I also believe that the gold price should be published in some of the daily saudi newspapers, so I encourage you to find out which ones have it.

  94. KZ says:

    Emirates NBD is a RIBBA bank.

    You must remove it from this list otherwise you are endorsing transactions with a RIBBA bank under

    • Yousuf says:

      Salams KZ,
      Yes Emirates NBD is a interest bank and I wouldnt encourage muslims to open accounts with them, but I dont find it a problem of purchasing gold from an interest taking company, as i’m paying for the gold in cash and not on credit and paying for them to store it for me. The bank has another gold related service that I did not list in the guide as it deals in interest. I will check with some of the sheikhs I trust about this issue and will decide about it. Just for clarify, the friend I mentioned above who used the service is a non-muslim. It is unfortunate that islamic banks dont offer such a service.

  95. KZ says:

    In rereading my comment, i feel that the way I wrote it is very harsh and not in the manner I intended.

    Your blog is great & I have gotten a lot o good information from it. You doubtlessly put in a lot of effort into helping us, jazak allah 5ayr.

    I will continue to frequent your blog and hopefully add my own information as I learn more. I’m still very new to real money. However may I ask that you please consider removing NBD from your page.


    • Yousuf says:

      Salams KZ,
      You were expressing your views on the issue and its always good to hear different people’s point of view. Yes I’ve gathered and shared the information for the benefit of others and hope that more people can benefit from it and exchange their paper for real money. Look forward to reading the information you add in the future.

  96. Mohamed says:

    Salam Yusuf,

    I hesitated before making the point below but I wanted to share it with you in total humility and looking for knowledge and not for polemic.
    I know everyone has a diffent approach to religion and Islam, so I wanted to know more about Sheikh Imran Hussein by watching some of his videos on Youtube. I understand the statment he is making on Sunna money. But some of his opinions, like the Dajjal, are a bit strange. He is saying that the Dajjal is already on Earth. I know this has no link to gold and silver (maybe it has I don’t know) but this is putting some doubts on his Aquida and his overall level of knowledge.

    Do you know other Imams or Sheikhs who spoke about gold and silver and the financial system?


    • Yousuf says:

      Hi Mohamed,

      Seeking knowledge is what makes the internet such a wonderful tool and has brought us together today. :)

      Well Sheikh Imran is a knowledgeable man like any other scholar and deserves atleast the opportunity to be heard by those of less knowledge and for them to decide whether what he says makes sense or not, as they continue their journey of knowledge. Sheikh Imran’s investigation of things have led him to the conclusions that he speaks of, and he encourages all those who listen to him to investigate what he says and not just accept it because he says it. His interpretation of things is based on the knowledge he has gained, which may be different to the interpretation of those same things by other scholars, but as we know only Allaah is all knowing.

      Muslim individuals that I have listened to about the financial system, banking system, and/or gold and silver include Mufti Taqi Usmani Muhammad Rafeeq, and Tarek El Diwany, but none in my opinion are as knowledgeable about the system as Sheikh Imran. I think you can find more individuals on the dinar and dirham page, as well as at websites like and

  97. Ahmed says:

    I want to sell my TT Gold bar having weight 116.6 gm. The jewellers in abu dhabi are asking for 5-6 dirhams per gram when buying back. Can you advise me where I can sell the gold bar in the best possible price.

    • Yousuf says:

      Whatever they are giving you is a rip off and you should try to find someone ready to buy it from you for around 200 dirhams below the market value. If you cant find a shop to do so in Abu Dhabi, take a trip to Sheikh Zayed Road in Dubai and visit GB Jewellers in the Gold & Diamond park as they will sell it for 1 dirham below the spot price per gram, or if your ready to head into the gold souq in deira for a slightly better price, then visit lakhoo or anjalee.

  98. tipsy says:

    I want to buy 24k Saudi Gold necklace, when is best time to buy? I saw that gold now is going down and little up…you think 24k will down to UAE 175/gram, if yes, i will wait if not, how much is the safest price in buying 24k?

    • Yousuf says:

      No one knows the future of the gold price, but it is possible that the price will be going down in this month or next. Personally, I think the price has fallen enough for you to go straight a head and buy it without any concerns of the price.

  99. Yunus says:

    Hi ro Yusuf,
    Thank you very much for putting together this blog. For a person new to investing in gold&silver, this was very enlightening.

    I need your adivice please..
    Yesterday, I visited Abyad in Sharjah central market..I wanted to buy some silver, but I was surprised to find out that they charge $1.5 over spot for silver 1 Kg bars and for Swiss made, they charge $2.5 over spot. Is this normal? I thought that for 1Kg silver, they should sell at spot!!

    Also, I do not want to rely on one dealer only..Any other dealer you would recommend for silver?

    My last question is related to local vs. Swiss silver..I plan to invest in the long terms and maybe taking my silver to my country..This is whay I am planning to but Swiss only..I this the right approach?

    Thanks again for sharing and may Allah bkless you..


    • Yousuf says:

      Salams Yunus,
      Your welcome and i’m happy that it has been beneficial.

      No dealer sells at the spot price for 1 kilogram of silver, but they all normally sell for $1/ounce (approximately AED 120/kg) above the spot price, but this can increase when the market goes down. This $1 or more above spot is normally quoted daily in the newspaper, which I would call the AED kilo price for silver, which is a good indicator of what to expect when you visit dealers. I visited Abyad recently and they had swiss silver bars (Credit Suisse) for 100 dirhams over the AED kilo price, but I personally dont see any benefit in getting it.

      If you want a second dealer in Sharjah for silver, I just found them today and added them to the guide, Vrajlal Mohanlal & Sons.

      I have only found swiss silver bars in Abyad, which likely means that they are not in heavy demand in the Emirates. I would assume that if there was a high demand for swiss silver, then you would find it in Dubai and the premiums would be alot lower. I believe silver is silver no matter where you go, but it always easier to sell bars in other countries, if the mint is more popular in that country. If you want to take silver with you abroad and pay the market price, i’d stick with Emirates Gold from the local brands and Istanbul Gold Refinery/Istanbul Altin Rafinerisi [IAR] as a turkish brand (they are LBMA gold approved list).

  100. Yunus says:

    Thank you Brother for clarifying.

    One more question..I am thinking to buy also some Silver Coins like Maple leaf in order to diversify. I compared the prices from to prices from and it seems is still far less expansive even when adding shipping&insurance.

    The question is:
    First: what do you think of that approach?
    Second: if I order from and they ship to me, do I have to pay customs/other fees when I receive the shipment?

    Thanks again and may Allah Bless you.

    • Yousuf says:

      Well I think one should have some smaller denominations of silver in their collection but dont think they should have high premiums like the international silver coins you find here, which is why I encourage individuals to get the 50 and 100 gram turkish silver bars as the premiums are low. According to the price on, is selling it for a 60 dirham premium over that price, which turns out to be around 66.67% over spot. only lists monster boxes for maples and will likely only take orders over $1,500 if they would be shipping to UAE, but you should check to be certain. Also when you import orders over US$ 270, you will be charged a 5% import tax, plus another 100 dirham customs fee. If you do end up going to Vrajlal Mohanlal & Sons, ask for Bhavin, as I told him you would be coming to buy the silver bar from him as his price will be lower than Abyad.

  101. Louisa says:

    Hi Yousuf,

    We have been saving money for our son and its currently sitting in a bank account earning little interest, we were considering bonds but someone suggested we should invest it in gold, we have 12,000 AED to invest in it.

    Do you think this is a good idea?


    • Yousuf says:

      Hi Louisa,

      Interest or profits offered by banks in this economic environment are very low, but along with that we are having high amounts of inflation (likely 3 to 5 percent), which means the purchasing power of the money you leave in the bank is being eaten away even with the additional interest/profit. I personally only keep the money that I need for my day to day living in paper currency, while the rest I keep in gold and silver and encourage people to do the same. I do this because i believe central banks will continue to prop up this crumbling monetary system by printing more currency, which results in things becoming more and more expensive. So I think you should definitely invest some portion of it in gold (maybe 70 to 80 percent) and some in UAE’s national bonds.

      • Louisa says:

        Thank you so much for your response. I have been reading this blog and your very helpful responses to other people.

        Its a very kind gesture to give your time and knowledge to others, so thank you for that.


  102. Abdul says:

    Hi Mr.Yousuf

    I would like to invest 5,000 AED,inshallah.What would be a better option,gold or silver bars,at the moment?(considering an increase in either of them in a short period of time).Also as I am a complete beginner and have never invested before,if you could tell me,how is the buying and selling process carried on?Much appreciated.


    • Yousuf says:

      Hi Abdul,

      Well I believe both gold and silver will increase in value in the short term, but believe silver will outperform gold in percentage as the gold to silver ratio is around 1:50 now, when it was nearly 1:30 in the middle of 2011. I dont treat gold and silver as an investment, I treat it as a means of protecting myself from currency inflation, and as such I treat it just like keeping savings in the bank. If you would like to treat it as an investment, which I’m assuming that would mean that you want to make money on trading the metal, then you want to buy it when its low and sell it when its high. In this investment scenario, a good time to buy is when gold declines 10+ percent and when silver declines 25+ percent, and a good time to sell is when gold goes up 20+ percent from the price when you bought it and when silver goes up 35+ percent from the the price when you bought it. You can buy simply by visiting any of the shops listed on this page with the necessary cash to purchase what you want, and when you want to sell, go back to the same shop with the invoice and a piece of ID. With the 5k that you have, maybe you want to get 1/2 ounce PAMP gold bar (approx. 3,200) and a 1/2 kilo of silver (approx. 1,900).

  103. Abdul says:

    Thank you for your valuable advice.By buying at 10% and 25% less,you mean at the current price,yes?Would you suggest opening an account with Dubai Exchange(the one in deira) and buying from them?And if you could also suggest me a few online sites,where I could check the prices of gold and silver.
    Thank you very much,once again


    • Yousuf says:

      Gold and silver are currently below the 10% and 25%, so now is an excellent time to buy, as gold was in the 1800s and silver was in the 40s. Not sure what you mean by Dubai Exchange. Well the sites for checking the gold and silver price are listed in the guide, which includes,, and (only gold).

  104. Hajar says:


    I really interested with Pamp Suisse Pendant with Ayat Al-Kursi and would like to buy it in bulk. Where i can get this product?


    • Yousuf says:

      Salams Hajar,

      If you want bulk silver PAMP Ayat Al Kursi pendants, then goto Jewel Trading’s head office in the gold centre building. If you want gold PAMP pendants, you should check out the PAMP Gold office in the gold center building.

  105. david says:

    hi great page and very informative

    i rung al abyad today as i wanted some silver 1kg pamp bars but they only have credit suisse bars in now and the price seemed ok i am sure he will come down on that price a little

    also i want some pamp smaller silver bars so what do they normally charge on top of spot and packaging fee ?

    i also asked the guy about the 1kg coins and he quoted something stupid like 9,000 so im a bit hesitant to go down there if he is going to be silly with the prices

    also i wanted some lunar dragon gold bars as well as silver bars so dont know if they have them in but anywhere else good for pamp silver just in case al abyad is going to be too expensive

    • Yousuf says:

      thanks david,

      well abyad charges the same extra premium (100 AED) over the current value for both the pamp and credit suisse bars, as both are swiss brands. For the small pamp silver bars, they will charge a premium of around 50 fils per gram above the kilogram bar gram price, and then an addition packaging price (80 for the 1oz, 100 for the 50g and 200 for the 100g), so in total you might be paying over 50% premium over the spot price. So personally i would stick with the turkish silver bars, which you can get at Beach Jewellers (will be cheaper in dubai if you can go there). I recommend staying away from pretty much all silver coins in this market as they are way over priced (approx. 70+% premium) and would be cheaper to get it online and have it shipped here. The local market isnt heavy into non-locally minted bars, so dont expect to find any lunar dragon bars here. I havent found PAMP silver bars anywhere but at abyad.

  106. Abdul says:

    Hello Mr.Yousuf

    Due to a few reasons,I could not buy the gold and silver bars suggested by you.I just wanted to confirm,since the prices have gone up,should I wait for some time or buy it today itself?Thank you once again,really appreciate your help.

    • Yousuf says:

      Salams Abdul,

      Well I believe the prices are still low enough for you to buy and feel fine, else buy in increments every few weeks/months.

  107. Greg says:

    Hi Yousuf,

    Happy to see your blog is still going well, and continuing to grow.
    I’m interested to know if you have any information on import duty on gold or silver products into UAE. I was thinking of ordering some product from online and couriered to UAE. But I’m not sure if I will have to pay the 5% import duty. Do you know if it is applicable on Gold or Silver.
    Anyone you know done it?

    • George says:

      Is the 5% percent import duty on platinum and palladium?

    • Yousuf says:

      Hi Greg,

      I called fedex few weeks back and they stated anything over $270 dollars will have an import duty of 5%, whatever it is, plus another 100 dirhams or so service fee. So it is applicable to gold, silver, platinum, and palladium. It all comes down to the price quoted on the invoice.

  108. Abdulla says:

    dear Brother Yousef,

    I have more than a Million Dhs that I want to trade in precious metals. is today/this month the right time to buy? from where (Pure Gold, a good place). Im from Abu Dhabi, so i prefer a nearby reliable shop/person to deal with. pls advise

    • Yousuf says:

      Salams Abdulla,

      Its always a good time to buy precious metals, and the best way for most beginners is to buy in intervals over a few weeks or months, as mentioned in the ‘How Much, When, and What to Buy?’ section of the guide. If you want to buy precious metals i recommend buying bullion and not jewellery, so Pure Gold isnt the place to go. A friend of mind told me the best place to buy bullion from in Abu Dhabi is Sadeeq Jewellery [02-6326565], so i would recommend that until i heard otherwise.

      • Abdulla says:

        thanks. but I called Sadeeq shop & they are selling coins (are they bullions?) of 22 K Gold for 195 Dhs/g while they would buy it back minus 6 Dhs/g of each day price!!! is this a good deal? I dont believe so. is there other ways to buy & sell fairly for beginners like me?

    • George says:

      The store’s name is GB Gold Bullion, it is located 2 buildings next to the ARAMEX Office on Mooror/4th Street across from the Bus Terminal near Al Wahda Mall. The owner is Thani, you can reach him at 02-650-0777.

  109. Shaukat says:

    Salam Yousuf,
    I recently recieved a 1971-1976 UAE 5th anniversary commemorative gold coin can you tell if its worth any more than its face value. I did quite a bit of research but didnt find much.

    • Yousuf says:

      Salams Shaukat,
      As the coins is 22k gold, of course its worth more than the value written on it. At today’s prices, if you have the 20 gram edition, the gold content is worth around 3.9k and the 40 gram would be worth double that. You could possibly get more for it if you sold in online classifieds or auctions.

  110. George says:


    I know of a good place in Abu Dhabi across from the Bus Terminal/Taxi Stand that sell gold and silver at excellent prices. It is not in Madinat Zayed or Hamdan street. If you like to know more let me know. The store is called GB, Gold Bullion.


    • Yousuf says:

      Hi George,
      Please do let us know the number for GB, and the bus terminal you are talking about is near the Al Wahda Mall right?

      • Shuaib says:

        I checked with GB AbuDhabi (02-6289649, 026216816), They have only 2 shops in Abu dhabi, which is located in Gold Souq(Madina Zayed). Can I know the other one pls. George?

  111. George says:

    The store’s name is GB Gold Bullion, it is located 2 buildings next to the ARAMEX Office on Mooror/4th Street across from the Bus Terminal near Al Wahda Mall. The owner is Thani, you can reach him at 02-650-0777.

    • Shuaib says:

      Thank you very much, George.

    • Yousuf says:

      Thanks for the info George and i wouldnt mind adding them to the list of possible places to buy bullion if their selection and prices are good. So George and Shuaib, please let me know what you think of them.

      • Shuaib says:

        I visited “Gold Bullion” shop in Abu Dhabi. They have Emirates fine Gold Bars, Gold Bullion Bars (new brand) & coins of e-dinar. Premiums for Gold are reasonable compare to other shops in Abu Dhabi (100g of Emirates gold bar premium was 166AED on 11.02.12).
        They have also Emirates Silver Bars upto 1kg. Silver prices are too higher than market price.
        “Gold Bullion” address as given by George. To make you easier, Its next to Indian Embassy/Passport Office in Muroor Road. Website

        • Yousuf says:

          Thanks for the info Shuaib. Are you sure they had the e-dinar coins, as i saw coins minted by Emirates Gold that had the same e-dinar sign on the back, but had the Emirates Gold logo on the front. Checked their site and they have a map on it.

          By the way Shuaib, what is the best priced place for gold and silver in Abu Dhabi in your opinion.

          • Shuaib says:

            Dear Yusuf, See this link for e-dinar picture . This is what “Gold Bullion” shop has.
            I think they call this “MADINA COINS” But, Arabic text of LA ILAHA…font style slightly revised.

            To buy Gold, as per my understanding “GOLD BULLION” gives good price. But, they have only Emirates Gold, GB & e-dinar (Madina Coins)Brands!!!

            For Best collection of Gold & Silver Bars is “Ajantha Jewelers” Tel. 02- 6325223. For location click this link They even have 5kg Silver Bar :) .

            Next preference for Gold & Silver Bars “Al Jazira Jewellery” Tel. 02 6344141. Shop is next to “Ajantha” in Hamdan Street. If you want to sell Silver – Jazira gives good price.

            I recommended both of these shops COLLECTIONWISE. DUBAI would be the best place to buy Gold & Silver at good PRICE. Abudhabians, please let us know if you find something better than this. Thanks.

  112. Mohamed Haffejee says:

    Please advise as to where I can buy 22k 1oz gold coins with Kaabah printed on it. Preferably online from a trustworthy dealer.

  113. kaaya says:

    Dear Josefu,
    Kindly i need your guideline, i have gold nuggets
    can you get me a market?
    Hope to hear from you

    • Yousuf says:

      Dear Kaaya,
      Do you mean that you are looking to sell your gold nuggets to the local market in the UAE?

      • kaaya says:

        Dear yousuf,
        Am a project coordinator of a certain Ngo which is looking after of orphans, and we have got some one who has raised a donation of gold nuggets to support this ministry. We need the buyer to come and test it and pay at kampala.
        i need your advise too

  114. abdulla says:

    im trying to buy 10 K of Gold. but the seller is asking for $10 premium/ounce above the spot price. i feel this is too much. what do you think? is there any other alternative?

    • Yousuf says:

      Is it 10 kilos of gold or 10 thousand dirhams of gold. If its kilos, then you should be able to get it at spot and if its 10 thousand dirhams of gold, you should be able to get 50 grams for that price with a premium of about 200 dirhams.

  115. tracey says:

    where can i get the rate of selling/buying of gold per day in grams.

    • Yousuf says:

      Well the gold sale rate per gram are displayed in the souks as well as you can check them online at khaleej times’ website. The selling price per gram will likely be around 2 or more dirhams below the gold sale rate.

  116. ZERO 5 ZERO says:

    Hi Yousuf,

    Your comment:
    (Is it 10 kilos of gold or 10 thousand dirhams of gold. If its kilos, then you should be able to get it {{{at spot}}} and if its 10 thousand dirhams of gold, you should be able to get 50 grams for that price with a premium of about 200 dirhams.)

    {at spot} is DISINFORMATION,

    I have been buying gold for the last 12 years by the (kilos and 400 ounces ~12.5kg bars) I have never seen someone sell on spot, Maybe as close as to spot.

    Thank you

    • Yousuf says:

      Well to be 100% accurate, yes no 1 kilogram gold bars will be sold at spot, but as they are being sold for a premium of around 0.1% over spot, that is virtually at spot.

  117. Mohamed99 says:

    Salem 3alikoum
    Je suis à la recherche d’une adresse grosiste bars silver sur dubai ou Quatar .
    Merci de me laisser une information ?
    I am in search of an address grosiste bars silver on dubai or Quatar.
    Thank you for leaving me an information?

    Si de votre côté vous souhaité avoir une information de FRANCE ?
    Je reste à votre disposition.
    If from your part you wished to have an information of FRANCE?
    I remain at your disposal.

    • Yousuf says:

      Salams Mohamed99
      The guide on this page has the address information of silver wholesalers in Dubai, like Ceetees and Lakhoos, but there were no silver wholesalers in Qatar that I know of. I am currently working on a similar guide for france and europe and would appreciate your help in completing it.
      – French –
      Le guide de cette page a l’adresse des grossistes d’argent à Dubaï, comme Ceetees et Lakhoos, mais il n’y avait pas d’argent grossistes au Qatar que je connais. Je travaille actuellement sur ​​un guide similaire pour France et en Europe et j’aimerais avoir votre aide pour le remplir.

  118. Abdulla says:

    where is gold being sold with a premium of around 0.1% over spot??? I wamt to buy 10 Kg of gold bars & the best the offered me isalmost $6/ounce premium at aroung 0.35%. in addition, when the buy it back from you after some time, they will buy it 1% below spot price?? I checked with two specialised shops as mentioned in the messages above and both are robbbing the customers through the so called system price!! can you advise me of a better places.

    • Yousuf says:

      When I called a number of the shops, they were selling gold at a premium of around 300 dirhams over the spot ask price per kilo bar when gold was around 203,500 per kilo, that translated to around 0.1%, while the premium on the TT bar was around 100 dirhams, which translated to around 0.3%. In Dubai, I recommend checking the price at Lakhoos, Al Bahrain and Anjali for the best prices.

  119. Chandan Satsangi says:

    Hi Yousuf,
    I bought three bricks of 5kgs each(Silver)@38.30USD/Oz.and now facing financial crisis.Instead of selling it is it not ,possible to get loan against the same from Bank or elsewhere.



    • Yousuf says:

      Hi Chandan,
      Unfortunately, I dont know of any banks or elsewhere that do it. Sorry to hear that your now facing financial problems and wish that you had also bought some gold along with the silver, so that it could have balanced out the fall of silver since you bought it. Ultimately, the gold and silver we buy is our savings, which we will dip into when times get rough. As the shops will give you below spot for it, try to sell it on or dubizzle. If you would like to trade any of the 5kg bars for five 1-kilo bars, you can possibly do that at Ceetees.

    • neel says:

      i m interested in ur 5kg silver..please call me on 0558230328

  120. ZERO 5 ZERO says:

    Hi Chandan Satsangi,

    I am willing to buy your hree 5kg (bars) from you at spot, if they are known hallmark.

    Thank you


  121. ZERO 5 ZERO says:


    I have some (1 Tola bar in certificate) I want to sell at spot.

    Thank you

  122. Mohamed99. says:

    Je viens de visité ton guide FRANCE rien n’a dire parfait tu pourras toujours l’amélioré à l’avenir petit à petit .
    je souhaiterais avoir un lien pou une raffinerie Gold and silver sur doubai pour achat de gros professionnel. Pour mille deux cents kilos grammes par an.

    I come of visited your guide FRANCE nothing has to say perfect . you will always can the improved in the future little by little.
    I would like to have a link louse a refinery Gold and silver on dubai for purchase of big professional. For one thousand two hundred kilos gram by (year)


  123. neel says:

    I have igi certified sealed 1.73ct G VS1 diamond. VG VG VG NIL

  124. Yousuf says:

    Hi Guys,
    I will be ordering silver and have it shipped here, so if you want anything, please email me (info [at] sunnahmoney [dot] com). I can bring in 1 oz silver coins (america, canada, austria, australian) and 1 oz silver bars (engelhard), which will have an overall cost of around 30-40% above spot. If you want the coins in air tight casings, they costs an additional $1 each. I will be making the order in 2 weeks (14th March) and those who order will need to pay for 50% of their order.

  125. kaaya says:

    Dear yousuf,

    Can you give me contacts of local mints in dubai, where i can sell my nuggets.
    Hope to hear from you

    • Yousuf says:

      Dear Kaaya,

      If you click on the names of the mints at the beginning of the page, you will be linked to pages from the yellow pages which provide telephone numbers and websites for the mints.

  126. neelam says:

    hello Yosuf,
    Can you arrange perth mint coins of queen elizabeth and other nuggets and what wil be the costing..please let me know

    i would like to which is best machine for making gold coins . i wanna buy a machine for making gold coins as per customers need and so i am looking fully automatic machine..please help me guys

    • Yousuf says:

      Hi Neelam,
      I can arrange the koala perth mint silver coins and they will cost around 55 percent above spot. If your looking for the gold perth mint coins, then you can find them in a number of shops with a premium of around 400-500 dirhams.

      Unfortunately I havent dealt with minting my own coins, so I couldnt tell you which machine to use but believe that if you went to the mints, they could mint the coins for you at a reasonable price. But I will check with a friend and see what he knows about minting machines and let you know.

      • neelam says:

        Hello Yosuf,
        Thanks for Your reply.
        I want the australlian gold coins and that also in big quantity. I would also like to know what all sizes are available in perth mint coins.
        And I am looking for laser machine for minting coins on big quanity . so i need good company who manufactures such machines. it can be from germany, italy.
        I was talking to emak from istanbul but there machines are manual.

        • TBD says:

          Hi, If you need help with Coin Making Mechines.

          Call me at +971506611554

        • Yousuf says:

          Hi Neelam,
          The perth mint puts out coins in the denominations of 1/20, 1/10, 1/4, 1/2, 1, 2, 10 and 32.15 ounces. Please be alittle bit more specific on what you mean by big quantity.

  127. reynard says:

    Anyone had experience buying phisyically gold from

    I just compare between and anjali,seem they are cheaper than anjali.
    And also the price in is on spot price,so when the price comes down you can buy directly on that moment.

    for comparasion for 100gr pamp suisse:
    anjali -19700 – 19602

    • Yousuf says:

      I have been meaning to try it but still havent yet. Well as would be quoting at live spot and anjali would be going with the market fixed price, there would likely be points during the trading day that would be cheaper. The real time to check their prices would be when the market is closed on saturday or sunday, to see the real difference with the premiums they are charging. I have purchased at spot at GB Jewellers at the gold and diamond park and a bit over the spot at Abyad, for lower denominated bars under TT.

      • reynard says:

        As you suggestion to compare them while the market close, today (Saturday, 17 March 2012) I tried to compare between Anjali and

        For PAMP Suisse – 100gr
        Anjali: 19.830 : 19.758

        I Think time to change my favorite shop to….

        • Yousuf says:

          Well as the dubai fixed price is normally 2 dirhams above the spot price, I think thats where some of the addition 60 dirhams comes from, but would suggest checking Lakhoos and GB Jewellers to see how they compare.

        • Willing Banker says:

          Great site – I wish I had found it earlier!

          With regard to Reynard’s post, I bought on 17 March at Lakhoo for 19,930 for Valcambi bar 100g, so that is more expensive than Anjali.

    • rad says:

      dont buy at any shop without a screen that shows u the spot price and the shops price (spot plus premium) no screen ur the loser anjali has no screen despite knowing that the buyer is at a disadvantage u ask for a price he gives it to u verbally and u cannot compare it to spot coz no screen. no screen no deal

    • Andrew says:

      I just completed a transaction with to buy a “Victoria Coin” 8 grams which I bought to try them out to see if I will do regular business with them.

      It took them 6 weeks to fill the order after I transferred the money to their bank account – I think they lost track of the order. However, they offered free delivery of the coin to make up for the long delay and were very apologetic. I received the coin just now. It is minted locally (ignore their website saying it has the P for Perth mint mark – it is minted locally as Yousuf says here), and I received a George V coin not a Victoria coin as ordered.

      I appreciate that they delivered the coin for free to apologize for the delay and because of that I might give them one more try, but I thought your readers would want to hear from somebody who had bought from them.

      • Yousuf says:

        Thanks for the notice as i had recently went to their site and saw the pictures and thought it was a uk-minted coin.

        • Andrew says:

          I have done some sums on’s prices and I thought your readers might be interested in what I found. All of this is based on prices on and the official Dubai gold prices on 6 December 2013. I have listed the mark-up of’s price over spot for most of their gold products:

          22ct Half-Sovereign 4g – 24.23% Mark-up
          22ct Full Sovereign 8g – 13.89% Mark-up
          24ct Kalima 21.25g – 5.92% Mark-up
          24ct Kalima 4.25g – 23.42% Mark-up
          24ct Khatim Rasool 21.25g – 6.96% Mark-up
          24ct Khatim Rasool 4.25g – 25.13% Mark-up
          24ct GoldAE Round 10g – 10.49% Mark-up
          24ct GoldAE Round 1 ounce – 3.88% Mark-up

          Suisse 24ct Bars – weight and mark-up:
          1g – 58.68%
          2.5g – 50.25%
          5g – 33.69%
          10g – 20.31%
          20g – 16.07%
          50g – 9.08%
          100g – 5.10%
          1tola – 23.42%
          2tolas – 15.32%
          3tolas – 11.38%
          5tolas – 7.95%
          10tolas – 4.32%
          0.5 ounce – 19.74%
          1 ounce – 12.6%

          If we assume all forms of gold are equal, then the best-value way to buy gold from then is in 1 ounce rounds, where the mark-up is only 3.88%. The Islamic Gold Dinar coins in 21.25g are also comparatively low mark-up (5.92% for Kalima, 6.96% for Khatim Rasool).

          The gold bars are only comparatively low mark-up in high weights – 100g (5.1%) and 10 tolas (4.32%).

          I do not recommend for gold purchases below 1000AED, but the best value products in this range are the Islamic Gold Dinars in 4.25g with a mark-up of 23-25%.

          Between 1000AED and 2000AED the Sovereign (13.89%) and GoldAE 10g round (10.49%) are the lowest mark-up. Since the Sovereign is minted locally not in the Royal Mint, I guess the GoldAE 10g round is best in this price range.

          Between 2000AED and 5000AED there are three products with relatively low mark-up (3.88% to 7%), from lowest to highest: 1 ounce GoldAE Round, Kalima 21.25g, Khatim Rasool 21.25g.

          For 5000AED and above, the best buys are 100g and 10 tolas Suisse bars.

          Maybe this will be helpful to your readers thinking of buying gold through

          • Andrew says:

            Sorry by mark-up here I mean the percentage of the price which is profit for the seller over spot. This is not technically mark-up I suppose but still, the lowest % is the best value for the customer!

  128. Ely says:

    Saturday 17 March the TT (Ten Tolas) gold bar was 22900 AED at the Khaleej Times’ page and I decided to compare prices in Abu Dhabi Madinat Zayed Gold Souq. I did not enter all shops but most of them asked 23300+ AED and one asked 23130. They mostly sell jewelry. Then I found a small shop (GB GEMS, with a PO Box in Dubai) with mostly silver bars in its window. They asked only 22925 AED for a TT bar. Does that mean the markup is 25 AED?

    • Yousuf says:

      A dedicated bullion shop i recently visited in Dubai said they sell the TT for $1.5 above the spot ask price per ounce, which calculates to 21 dirhams premium, while Anjalee said they charge $1.25 (17.25 dirhams) above spot ask. The price quoted on Khaleej Times is the local market price including premium, so the supposed AED 25 is an extra cost. You have to take into consideration that when the market goes down, many shops will increase their premiums. If you have to compare prices at shops in Madinat Zayed, I recommend checking Al Siddiq and GB Gems. I called up Gold Bullion and they said they dont charge any premium over the local market price published in Khaleej Times.

  129. Michael says:

    Hi all. I have 4 PAMP Suisse 10 oz silver bars. They have the famous lady fortuna design on them and come with their own assay certificate, still in hard plastic covers as you get them from the mint. If anyone is interested in buying please email me at Can meet up either in dubai or abu dhabi. Yousuf, any idea what a decent price is for these? When I was looking for some silver PAMP 100 gram bars a while back I was being quoted nearly double spot. Great blog by the way.

    • Yousuf says:

      Hi Michael. Well each of the bars has a market value of AED 1,240 today, so if you can someone to purchase it for that price it would be good. As it is a pamp bar, i think you could raise the price a bit more though.

  130. Rami says:

    Dear Yousuf,
    Al Salam Alikum
    Thank you for the amazing and very informative article. I do appreciate if you can update or add a quick reminder or NOTE indicating that we are as a Muslims have to do a Zakat on gold .
    just visit this website for more information, and even there is calculator for your Zakat.
    Site :


    • Yousuf says:

      Salams Rami,
      Insha allaah i will make a note at the end of the guide about the zakat on gold and silver, with a list of charities that it can be paid to.

    • TBD says:

      Are you sure you have to pay zaka for gold??!!!

      Zaka is based of gold :)

      Have you wonder where is 2.5% come from?

      Have you wonder what is Nesab?

      You Pay 2.5% because the Zaka is Half Dinar (2.125 Grams) for every 20 Dinars, So (2.125 grams/85 grams) = .025 (2.5%)

      What is 85 Grams (20 Dinar) It is the Nesab.
      So if you have less than Nesab (85 Grams) you don’t pay Zaka, If you have 85 or more you Pay 2.5% of it as zaka.

      1 Dinar is 4.25 grams (gold)

      1 Dirham is 2.975 grams (silver) Silver Nesab is 595 Grams (200 Dirhams)

      If you have 595 grams (200 Dirhams) you pay 5 Dirhmas (2.975 x 5) 14.875 grams (2.5%)

  131. George says:

    I have some new silver coins for sale that are in their original packaging:

    2006 1 oz Silver American Eagle MS-69 PCGS (First Strike) – AED 200
    2008 1 oz Silver Austrian Philharmonic – AED 200
    Ten Silver Dirham 30.00 Grams .999 Silver – AED 250
    2003 1 oz Silver Canadian Maple Leaf – Lunar SHEEP Privy – AED 300
    2008 1 oz Silver Australian Koala – AED 400
    2002 1 oz Australian Silver Kangaroo w/Card – AED 500
    2000 1 oz Silver Lunar Year of the Dragon (Series 1) – AED 600

    Also some circulated coins:

    1947 Silver Walking Liberty Half Dollar Value (United States) – AED 50
    90% silver, 10% copper – 12.5 grams

    1964 Silver Quarter Value (United States) – AED 30
    90% silver, 10% copper – 6.5 grams

    I also have various silver coins from Colombia and Venezuela dated from 1900 to 1960 and some copper wheat pennies from 1920 to 1950.

    If interested you can reach me at

    Thank you,

  132. mathew says:

    Hi Yousuf,

    A great blog with very interesting information.

    I am new to this , and did like to get an idea on prices … for these two silver bar for straters.

    1oz silver bar
    10 oz silver bar
    Could you advise me what would be the additional premium I got to pay on the spot price

    Thankyou so much for the assistance

    • Yousuf says:

      Hi Mathew,

      Well the premium will depend on how available the bars are in your market. 1 and 10 oz bars are not common in Dubai, so the premiums would likely be high here, while in canada they are very common and the premiums are quite low.

  133. mathew says:

    OK, Yousuf …. is grams and kilo a common measurement in Dubai…… what sizes are good good to buy and easy to sell in uncertain times.

    Kilo vs grams …. could you give me pro and cons of these

    Thank you so much ……

    • Yousuf says:

      Yes grams and kilos are common in Dubai. All sizes are fine for uncertain times, with small sizes used for barter and large sizes for savings. The advantage of larger size bars is that you pay less premium on them and the advantage of small bars is that they are easier to carry and barter with.

  134. Apsara says:


    I am hoping to visit Dubai and interested in buying 22 carat gold jewelery. I want to know current approximate selling rate of a 22 carat gold sovereign in AED.

    Appreciate your early response.

    Thanking you

  135. Sam says:

    Hello Mr.Yusuf

    I was just wondering,what could be your possible predictions for gold,in the coming few months?,as I’ve invested some money in gold and not very sure,whether I’d want to invest some more too.Hoping for an early reply.Thanks

    • Yousuf says:

      As I keep gold as savings and not investment (investments you want to make money off of them over time), I dont really pay attention to gold price unless it falls, and when it does, i take it as a good opportunity to buy more. So unfortunately I cant predict its possible price over the next months, but believe that i should continue its rise this year, as it has over the last 11 years. If you want to invest more, do dollar cost averaging so you dont feel worried about whether you got a good deal buying it any particular day, or else wait for a fall in the price to buy more.

  136. Dimitri says:

    Hi all. I have a 2 x rolls of 20 Australian Koala Silver Coins, 2012 mintage, so 40 coins altogether. They are still in the original plastic wrapping seal, exactly how you get them from the Perth Mint. Never opened. Asking price is 170 per coin, but you will need to buy either 1 or both rolls (20 coins per roll) because I dont want to break the seal. If anyone is interested please email me Can send photos. Thanks Yousuf for the great blog!

    • TBD says:

      Hi Dimitri,

      I will buy all the coin from you if you like, for the SILVER VALUE at 114.5 AED per Coin, Contact me if you are interested.

      Thank you

      • Dimitri says:

        Dear TBD,

        Thank you for your very generous offer but no thanks.

      • Dimitri says:

        Australian Koalas are all sold. I have a mint tube of 25 Canadian Silver Cougar coins also if anyone is interested, email On they are selling for 215 AED each today. My asking price is only 180 AED each. Again, one buyer for the whole tube. These are limited edition 2012 coins, number 3 in the popular Canadian Mint Wildlife Series. Can send photos.

  137. says:

    very interesting blog !! i dont have any gold till date!! looking at your websites i feel that i should start

    Ok so lets see –i would like to start by buying 5 gms gold bar –can you advise me where to go in dubai???

    • Yousuf says:

      Well the article lists companies that I recommend to visit depending on where you live in dubai, so find the closest place and get your first gold piece.

  138. akbar says:

    Dear Yousuf,

    I wish to buy gold bars in small sizes like 20 to 50 grams.

    How much will be the price for Swiss Pamp 24K (999.9) gold bar of 20 grams and 50 grams in today’s rate?

    Is there is any difference between Emirates gold and Swiss Pamp bars?

    • Yousuf says:

      Hi Akbar, with a gold rate of 198 dirhams a gram, I was quoted AED 4,020 for a 20g (60 dirham premium) and 9,990 for a 50g (90 dirham premium) pamp bars from Abyad. Pamp is a swiss brand recognized worldwide, while emirates gold is a local brand that is not as recognized worldwide. I believe the prices of bars from the two brands will be the same, which is why more people simply buy the swiss brand.

      • akbar says:

        Salams Yousuf,

        I got my first 20 gms gold bar in Al Jazira Jewellers, Madinat Zayed, Abu dhabi for 4015 AED (65 Dhs Premium).

        Thanks alot and also i appreciate your good work and sharing your knoweldge and thoughts for all of us. It gives an interest and gudies new comers like me.

        Thank You.

  139. Khalid says:

    Salam Yousuf,

    First I would like to say that this is the most informed blog / site I’ve seen about Gold and would like to thank you for your time and support.

    I’ve been in the market for 500 g (as there is no premium) for the past week. But not found it as they tell me there is no demand.

    I found one in Dubai mall but was charged extra 1 AED per gram from the market spot price + 300 AED for certificate.

    Can you please guide me to the right direction? Where is the best place I can buy and still be able to sell it back in the future.

    Thanks and best regards,


    • Yousuf says:

      Salams Khalid,

      I am glad that the site has been beneficial to you. Well if you want a 1/2 kilo bar of gold in dubai, i’d advice you to check dedicated bullion shops, like the ones i’ve listed in the “Investment Grade Bars” section of the guide which are all in the Deira gold market. As you stated you went to Dubai Mall looking for it, I would suggest you check GB Jewellers at the Gold and Diamond Park opposite Emirates Mall. I would recommend you consider getting 4 TT bars as an alternative, as they are more easily available and if you wanted to sell of some of the gold, you wouldnt have to get rid of the whole 1/2 kilo, you could simply sell 1 of the TT bars.

  140. kumar says:

    as salaam walaikum yousuf bhai!
    can u tell me that is it profitable to buy gold from dubai duty free rather than skyrocketing price in india??? or should i buy frm dubai local shop? i want to buy gold jwellery for my sisters wedding. so as prices compared from whre should i buy it and will indian customs will charge me duty, if i have those jwellery on myself or on someone with me to be looking less suspicious?

    • Yousuf says:

      salams kumar bhai,
      well it would be cheaper in a dubai local shop over the dubai duty free, but i’m not sure about india’s import duties.

  141. Kishor says:

    I want to purchase 100gm PAMP Gold Bar Swiss Made, All Shops ask 100 TO 120 AED as extra premium. Even for 31.1 gm PAMP Gold bar these shops charge min 80 to 100 AED. When we ask they said these are PAMP certification charges..etc all execuses. What is the fact.
    Q1. Why do I need to pay this additional amount.
    Q2. How much is standard premium for 31.1gm, 50gm , 100gm PAMP Gold bar

    • Yousuf says:

      A1. The premium is the price charged for the fabricating (shaping) the gold into bar form as well as the certificate plastic packaging.
      A2. The premium prices will vary from city to city and will also vary between jewellery shops and bullion dealers. The premium prices you gave for the 1 oz and 100 gram bars seemed very reasonable.

      • Kishor says:

        Thank Yusuf Bhai,

        I see Gold rate fluctuation in recent days. Currently trading at AED 184, what you think how much it will be lowered. Will it be stable or further fall. First time in last 2 yrs gold reach to 184. In dec it went 188 again it is coming down.

        As a buyer when should we buy or wait for market to fall further.

        • Yousuf says:

          Kishor Bhai,
          Once you have a good quantity of metal, the best thing to do is to save up for them to pull back and then buy. If gold drops 10% or more or silver drop 25% or more, its a good time to buy, but dont buy all at that time, keep some money encase it falls even further.

    • TBD says:

      Hello Kishor,

      I would like to answer your Q1,

      I don’t think you need to pay the additional amount, unless you want to buy it. and 120 for 100 gram is not only reasonable, but GREAT.

  142. Chuck Squires says:

    Yousuf, What is the official policy for carrying (exporting) gold and silver bars purchased in Dubai out of Dubai through the airport? Can one just carry them in their carry-on through security and onto the plane with the purchase receipts? Will the security personnel even care? Are any forms required? US law only requires that the import of bullion be reported to the Customs Officials – no taxes, duties, etc, when bringing bullion into the country.

    • Yousuf says:

      If your taking gold and silver through Dubai airport, especially a large weight amount of it, I’d advice you to have the receipt with you, as they may ask you for it. Yes you can carry it with you in your carry-on, as you thats where you would be carrying it if you had purchased it from the airport terminal. I had a run in with Dubai airport customs in October when i was bringing in silver I purchased in canada and I didnt have the receipt. The main thing for them is that they want proof that its yours and not stolen, so a receipt clarifies that. No forms will be required.

  143. Rocky says:

    Dear Yousuf,

    I’ll be in Dubai for a 3 hour transit, and I’m just wondering whether I can buy few oz of Perth Mint silver coins? Few questions:

    1) are there any jewellers who sell Perth Mint oz coins?
    2) what’s the mark-up/premium that one has to pay on these coins?
    3) how much is the price difference from the international Spot price? and
    4) can I pay in advance over the internet, and pick-up with a quality certificate (just to save time in transit)?

    Thanks and kins regards from


    • Yousuf says:

      Dear Rocky,

      I dont think a 3 hour transit will be enough to get it, as it would take you atleast 1 hour to get out of the airport and as they recommend that you check-in 2 hours before the departing flight, you’d simply have to turn around and go back into the airport. If you had 5 hours transit, I think it would be safe to do it.

      1) Yes there is one shop that i know of that has the silver perth mint oz coins (Wajdi Jewellery).
      2) The markup was around 120% the last time i checked, but as silver has dropped recently, I think the premium would likely be even more.
      3) It will be over double the spot price.
      4) Unfortunately, they only deal in cash, so you’d have to physically go there and pick it up.

  144. nasir says:

    salam mr.yousuf

    this is nasir i would like to invest on silver shall i get it here or in india?

    suggest me please.

    best regards.

    • Yousuf says:

      You have to weigh whether its cheaper to buy it here and take it into india with possible import tax or to simply buy it in india.

  145. Priya says:

    Hi, Yusuf,
    Where can I find Gold ATM in Dubai airport? I am travelling through Dubai, one of my Friend told me that I can get gold from gold ATM in Dubai Air port? I have 3hrs Time. I want to Buy some gold. Can you please provide me information, where I can find ATM. If you give directions or Map That will be fine for me.

    Thanks and best regards,

    • Yousuf says:

      Hi Priya,
      I checked the Gold ATM website and they dont have an ATM in the Dubai Airport, but you will find an outlet to purchase gold in the airport terminal. The prices are a bit more expensive then if you came into the city though.

      • Priya says:

        Thank you very much for your Response. Can you please mention which Terminal I can find an outlet to purchase gold. Can I see gold shops in every terminal ? Do you know any name of Particular shop. I appreciate your help.
        Thanks and regards

        • Yousuf says:

          I have personally see the outlet in terminal 1 and I have read other people saying they saw it in terminal 2 as well. If your travelling Emirates Airlines, then you’ll be going through terminal 3 and if not, then your likely going through terminal 1. Which ever you go through, please do check what they have and let us know.

  146. Saeid says:

    Hi Yousuf,
    Thanks for all the wonderful info. Per your suggestion, I went to al Abyad in Sharjah, which was very convenient, since we live in Ajman and did tell him that you sent us.

    My question is, every one talks about buying gold. But how about selling it back? The few shops I spoke to seemed reluctant in buying the gold back. Al Abyad said that they would buy their own gold back. But seemed like it’s not something they like to do.

    I’m buying gold and silver for investment and like to keep them for 5-10 years. But at the end, I will need to sell them and get money for them. Any idea what the solution is? Is selling back really a big problem?


    • Yousuf says:

      Hi Saeid,
      I have bought and sold gold and silver multiple times without any problems. Abyad has said they would only buy back what they sold to me, but I have sold it to other shops in Sharjah, if I didnt like their buy back price. In Dubai, Lakhoo acts the same way, but I could easily go to other shops and sell it. You will always have buyers to buy your gold when your ready to sell it, whether it be stores or individuals.

      • Saeid says:

        Thank you very much Yousuf for your answer.

        Wish I’d bought on Wednesday. Now it’s p 45 $ per ounce. OUCH!

        • Yousuf says:

          Dont feel bad about it, just go out and buy as many people have in the last few months paid more than the price you can buy it for today, so feel happy about that. :)

  147. widi says:

    Where can I buy a gold dinar and a silver dirham coin Medinah version in Dubai??

    • Yousuf says:

      I personally havent seen them in any shops in Dubai. I had seen the gold dinar with the Emirates Gold logo on its front instead of the madinah masjid at Abyad in Sharjah and had seen the official coin at the Gold Bullion shop in Abu Dhabi.

    • Jose says:

      I have a gold dinar and a silver dirham, for sale if you are interested. You can contact me at

  148. Kumar says:

    Dear Mr. Yousuf, Thanks a lot for such an informative article.

    I am venturing into buying gold for the first time. I had a market survey, specifically for 1OZ PAMP bar. The Jewelers listed in your article are charging 100 to 130 AED on Dubai Gold group’s price. Damas quoted the lowest.

    Now, I was also watching online prices. I find that their gold price is less by 2 to 3 dirhams than the gold group’s price and hence the overall price for the same bar is less than what is Jewelers are asking for. In short, if I opt for pick-up myself from office, the price for 1Oz bar is cheaper by nearly 100Dhs. And more over, their prices fluctuates every second, so that one can watch for the best deal at any time of the day.

    I would request your opinion on buying from, as one of the most informed person online about UAE gold market.


    • Yousuf says:

      Dear Kumar,
      Quite hard to believe that Damas quoted the lowest price for the 1oz pamp bar, as jewellery shops normally charge more than bullions shops. Well if you went to bullion shops, they would be quoting similar prices to, as they go with the fluctuating price rather than the fixed price. As it is your first time buying gold, you shouldnt be worrying about the fluctuation in the market, you should just go out and get it from the closest convenient place which has a reasonable price. You should always put the time consumption and transportation cost into the calculation. Like for me, I wouldnt travel to the deira gold souk to save 50 dirhams from the price I can get in the sharjah souk, as the gas i would consume, time wasted in traffic, and worrying about parking is definitely worth more. If the overall price of getting it from’s office is still cheaper than other places for you, then go for it. I personally havent bought through them, so I cant give my opinion of their service, but if you do, please do let us know how the experience goes.

  149. Yang says:

    Dear Yousuf,

    I have just spent quite some time reading your blog, by far it is the most informative piece of article I found over the internet regarding buy/selling gold/sliver in UAE. Thank you so much for contributing your knowledge to us.

    I am planning to purchase gold from small mines in West Africa and bring it to Dubai for selling. Is there any taxes for importing gold into UAE (personally, or in the name of a company)? Also, as the gold I am able to purchase are not minted (comes straight from the mines), should I find a local refineries such as Emirates to mint the gold before selling? (what would the mint charge be?) Also, is there any large realiable company that purchase un-minted gold in Dubai/UAE? or is there company that buy/import gold in large quantities?

    Again, thank you for your help, I wish you all the best.

    Kindest regards,

    Yang Su

    • Yousuf says:

      Hi Yang,

      Please be careful about buying gold in that region as many people get scammed. If you have a gold company here in the UAE, then there would be no taxes to bring it in. If you dont have a company and your bringing in gold to sell here, then the UAE government would like there cut of the profits. :) Yes you would ideally want to get the gold minted into bars, ideally in africa before bring it here, or else minting it here before selling it. I’m not sure about the costs of minting, but i’d assume that it isnt that expensive. I doubt there would be any companies here wanting to buy unminted gold, as they would want the gold tested for purity. Yes there would be many companies here interested in buying large quantities of gold, if it is real gold. :)

      • Yang says:

        Dear Yousuf,

        Thank you for your reply. I do understand that scam is a possibility and I shall do my best to verify that the gold I buy is “real gold” =) I am going to find out how to set up a gold company in UAE, I hope it’s not that complicated =)

  150. Chandan says:

    Hi Yousuf Bhai,
    After a long wait I finally want to sell my 5kg Swiss Silver bars(99.99%)–I have three such bars.
    Where to sell it is a big question?Need your advice on urgent basis.



    • TBD says:

      Hi Chandan,

      I will pay you for your Silver 25.40 USD per Ounce.

      Call me if you would like to sell. +971506611554

      Thank you

      • Chandan says:

        Hi TBD,

        I am interested is selling at a price which is more mutually beneficial.

        Anyways,my number is 0503509729

        Thanks for your ineterst.

    • Christian says:

      Hi Chandan,

      I can pay you Spot price minus 1 USD/Ounce. Can also switch for gold (some 1/4 Ounces Maple Leaf, One ounce China Panda, Mexican 50 Peso etc…). Will be in UAE from 13th July till 19th.

    • Yousuf says:

      Hi Chandan Bhai,
      Sorry to hear that your selling but hope that your not selling it at a loss. Well I just came across the best place to buy and sell silver in the UAE last week. Its at the branch office of the Nadir Mint (turkish) located at the Gold Centre building on the 6th floor of the Zone 2 (you have to head up to the mezzanine floor near Vijaya to get there). They have 1 kg silver bars being sold at US$ 0.50 above spot per ounce and they buy it at US$ 0.10 below spot. You can contact them at 04-2350609 and if you head down there, tell Atamer that I sent you. :)

    • amar says:

      hi chandan,

      i would like to buy 3kg of your silver, what would be the price for that.

      please call if not soled 0508225134


      • Chandan says:

        Hi Amar,
        Many Thanks for the keen interest shown.I am willing to sell but I possess 3 bars of fine Silver–99.99% of 5kg each,so partial Qty is not an option for selling purpose.You can buy one bar i.e,of 5kg.Call me at –0503509729.



        • Amar says:

          Hi Chandan,

          is the 5 KG bar Silver still with you, am interested to buy 5KG but how much is the final price you offer?
          am in Abu Dhabi 0508225134

  151. Chandan says:

    Yousuf Bhai,

    Commendable is your selfless effort as it not only reflects your business
    accument but your helping nature.The combination of duo is seldom
    found,keep it as an asset.

    I will contact Atamer and revert with their response.


  152. Saravanan says:

    Dear Yousuf,

    I am in a business trip to Dubai. I would like to buy PAMP Bloom collection of 1/5 OZ gold bar. Can you please suggest some retailer ?

    • Yousuf says:

      Dear Saravanan,

      My first bet would be the PAMP Dubai office if your looking for it in gold and Jewel Trading if your looking for it in silver.

  153. Azeem says:

    Yousuf Bhai,

    I want to buy 10 tola Gold bar, is this a right time to buy it ? and from where should i buy it? which gold bar is better emirates gold bar or swiss gold bar? what are the differences between them?
    Need your guidance.



    • Yousuf says:

      Azeem Bhai,

      The right time to buy your 10 tola is the earliest you can get to the store. I’ve listed all the best places to get it from, which will normally either be Lakhoo or Al Bahrain. Swiss gold is to your advantage if there is a possibility that you would be selling it outside of the country where the emirates gold brand isnt widely known.

  154. Chandan says:

    Yousuf Bhai,
    Ramzaan Mubarak,

    Atamer at Nadir mint is not picking the phone,are they closed for the whole month of Ramzaan.I tried their number after 9pm also,nobody is responding.Kindly,guide through.



    • Yousuf says:

      Ramadan Kareem Chandan Bhai,

      I was down there on thursday but Atamer was out of the country but the office was still open. They open from 9.30 to 6.30 daily except for fridays.

      • Chandan says:

        Salam Yousuf Bhai,

        Many Thanks for the info.once again,I went to Nadir and was able to sell my stuff(3 Bars–5kgs each).But to update you they pay 50cents less than the curret rate ,hope this piece of info.helps others.They told me Atamer is out of station for long days.



        • Yousuf says:

          Salams Chandan Bhai,

          Yes I asked if you had come and they said that you had. Its possible they charged you 0.50 cents below spot because they would have to melt it down into their own bars. :)

  155. rad says:

    1 kilo PAMP silver with certificate for sale at spot price no below spot plz .

  156. rad says:

    i will sell it on wednesday morning what ever the spot price is then . call 0556115544

  157. Dimitri says:

    I have a 10 oz (311 grams) silver MINTED bar for sale from PAMP.

    Beautiful bar, exactly the size of a credit card but thicker. It comes in original PAMP plastic case with certificate. Serial number is 001513, so its one of the first 2000 ever minted by PAMP. This will demand a very big premium in the years to come due to the low serial number alone, so its an excellent investment. Asking price is 1,700 AED. To see how the bar looks, type “10 oz pamp silver” in youtube and watch the video. Available dubai and abu dhabi only.

    • TBD says:

      I will pay you for your 10 oz 1100 Aed
      You keep the certificate and the number and I will buy the bar only and in the years coming you can sell the certificate and the number to a Colector.
      Thank you

      • Dimitri says:

        Thanks all for your interest and offers (even the ridiculous ones, at least they made me laugh). Bar is now sold. And thanks Yousuf for keeping this blog alive. Price on Apmex today for a 10 oz PAMP bar like this? $ 498 US (1,830 AED) someone picked up a bargain!

  158. Syed says:

    Salam Yousef,

    Thank you for the blog, it is really helpful. Anyways, I wanted to buy some Silver Maple Leafs ( or some other intl silver coins) and you said you have a friend going back and forth from Canada? Is that still happening? What would be the premium on each ounce coin?

    I bought some locally minted Silver coins from DB jewelers but they are very small (4 grams IIRC ), I wanted some bigger ones. ( I already have silver/gold bars, just wanted to get some coins.)

    Jazak Allah.

    • Dimitri says:

      Jazak, email me on, I may be able to help you.

      • Syed says:

        Hey, thanks for the offer but I already placed an order with Apmex. They are doing trial deliveries to the UAE for minimum orders of $1500. I’ve placed an order of $2200 for various International silver coins.
        Thanks for the offer though :)

        • Dimitri says:

          No problems. Glad you have everything sorted :)

        • Roy says:

          Hi Syed,

          Appreciate if you could provide more info on your order via Apmex. Like you, I too have been keen on ordering from somebody like them but am not sure whether we need to pay any customs duty, clear paperwork etc. locally in UAE (Dubai) to actually receive the package from them. Could you please provide more clarity round this since you have already ordered from them?

          • Syed says:

            Hi Roy,

            Sure Ill provide any information I can. I called FedEx and they said the duty might be from 1%-5% but not more. It will depend on what the shippers write on the invoice. Plus, there is an ‘ancillary’ jewelry inspection charge. I informed him that this is not jewelry, just silver coins but he said he could not confirm how much duty I would be charged as I think this is sort of new for them as well, they did not seem very sure. Finally, APMEX said there is likely to be a $100+ delivery/shipping charge. After considering all these charges, it is probably better to make a big order (cannot be above $5000, as per the government rule), that’s why I increased my order to about $2500, so I don’t have to pay these annoying charges multiple times.

            I think I will be better able to help you once the order actually arrives and I find out about any added duties. It might take a couple of weeks as it is being sent via FedEx economy mail.

          • Yousuf says:

            Hey Syed,

            Whatever you posted was similar to the info I got from FedEx when I was thinking to order from APMEX, but there is a definite 5% percent duty for any orders over $270 (AED 1,000), as even the post office said the same thing. Additionally there is a AED 100+ clearance/service fee that they will be charging you. Do let us know the full details once it arrives.

    • Dimitri says:

      Sorry, I meant Syed.

    • Yousuf says:

      Salams Syed,

      Unfortunately I didnt do much with bringing in the silver from Canada, as there wasnt much of a demand. But luckily I have a shipment of 50 maples, 20 philharmonics and 5 eagles that I should be getting a hold of in the next couple of days, so I will be offloading them to those who are interested. I will be selling them for 40 – 50% above spot depending on the quantity.

      If you have to buy any silver coins in the local market, I would recommend the 1oz silver coin by nadir (you can get it at Akbar Khan Jewellers 04-2269441) as the premium is much better than the international 1oz silver coins you can find here, but would still encourage people to go for the 50g or 100g silver bars from nadir for an even lower premium.

      • Syed says:

        My order came a few days ago and I was not charged any duty. The total extra charges I had to pay were about 250 dirhams (my order was for around 9000 dirhams.) If I am not mistaken they were mainly shipping and handling and jewelery inspection charges.

        • Dimitri says:

          Interesting. Thanks for sharing Syed! Are these costs on top of the shipping charges from Apmex or including? How much did Apmex charge you to have an order of this size shipped? Were the bank charges a lot to wire the money to them in the US?

          • Syed says:

            Hey Dimitri,

            Apmex charged around $90 for shipping, and the extra 250 dirhams were handling charge from UAE. It cost around 100 dirhams for the wire transfer so all in all, it cost an extra 600-700 dirhams everything combined.

          • Yousuf says:

            Quite a shocker that there wasnt any import duty. Which courier company did it come through?

  159. Arsh says:

    Is it a good time to buy gold tomorrow. i want to buy 10 tola bar in abu dhabi. does anyone any shop selling without any premium?

    • Yousuf says:

      Hi Arsh, anytime is a good time to trade paper for real money. You will find the best price at Gold Bullion [02-6500777] as they are the only dedicated bullion shop in abu dhabi. Tell Thani you came from

  160. rad says:

    i withdraw the deadline for the 1 kilo pamp , spot price is low hope all interested stackers undrestand

  161. Simon says:

    I have read a lots of commets here.. On Dubai if i want to buy some silver bullion i have to pay some special tax like VAT ? or i have to pay the spot price plus some point for the dealer ?


    • Yousuf says:

      There are no taxes on the purchase of bullion anywhere in the gulf region. All that is added to the spot is the premium, which is the cost of making the coin or bar.

  162. Keith says:

    Great site, very well researched and presented, I am about to go into market for my first purchase. Any updates of places to get gold 1kg bars would be wonderful.

  163. Syed says:

    Hey Yusuf

    I believe you are correct. Either way, I will write down all extra expenses I had to pay once I receive my package.

  164. Cliff says:

    Hi, thanks so much for your informative guide, it has already saved me money (bit of a novice, but have been running demo accounts for a while) I also do a lot of reading and watch Bloomberg etc. In any case its now time to get into the real thing with say 200 000 AED and am taking your advice to buy in traunches of 50k at a time. I am a little weary of buying gold at the current spot price, but every time I think it must come down it continues its bullish behaviour – so I am going to buy the Emirates ETF’S 35000 and then go shopping in A.D. for silver based upon your guideline for another 15000 and do this every two weeks for 2 months – what do you think? – better than just leaving it in the bank? – thanks

    • Yousuf says:

      Hi Cliff, wish you had stepped into the game a bit earlier as the price of the metals was pretty much down at its lowest for most of the year until last month, but its never to late in the end. I think your plan is good and if the price drops heavily during that time, you should speed up on the plan. I wouldnt encourage you to buy the ETF, but would encourage you to buy the 10 tola bar with your gold purchases, as they are small and have low premiums, and you should be able to purchase atleast 5 of them over the 2 month period. With the 60k in silver, you should be able to purchase around 14 kilos of silver. If your in abu dhabi, head down to Gold Bullion for the best price and I think Thani could give you an even better price if you tell him that you’d be spending that 200k at his store.

  165. Peter says:

    Hello Yusuf

    Just a quick question.I just observed today,that there’s a lot of difference in gold prices,the one’s given on financial times or kitco(which are way too higher) and the ones we get to see in dubai.For example,going by today’s rate,there’s almost a difference of a 1000 $ per ounce.Could you please,explain?

    Thank you.

    • Yousuf says:

      Hi Peter,

      I think you are mistaken about this, but if you could provide the exact numbers and where you found them, I could look into it.

  166. kaosar says:

    hi yousuf,

    i am very new in dubai.and would like to invest in gold.but i dnt know hw much to invest at d very begining.plz guide me as i am a new investor.plz sugest me .

    • Yousuf says:

      hi kaosar,

      I cant really advice you on what you should do, but can tell you want i do. Firstly, i dont consider myself as a gold and silver investor, i consider myself a gold and silver saver. So just as i could convert my UAE dirhams to US dollars to save money in dollars, i convert my UAE dirhams into gold and silver to save, as i see them as a currency. I dont keep any money that I want to save in the bank, I keep my saving in gold and silver, I only keep the money I need on a day to day basis in the bank. Each month I convert the money I want to save into gold, or wait a few months for a dip in the price to buy it then. If i wanted to invest my money, I would open up a company rather than putting the money into stocks (shares of another company) or bonds (loaning money to a government) as these are all inter linked into the corrupt banking system we live with today.

  167. rad says:

    1 kilo silver PAMP for sale at 4300 contact 0556115544

  168. Yousuf says:

    For those interested in buying, I just received a collection of silver coins – 50 maples leafs, 20 philharmonics and 5 american eagles. I’m selling them for 180 each (44% above today’s spot), for those interested can contact me at O5O-5379491. 175 each for orders above 10 pieces.

  169. silver man says:

    1 kilo etihad silver bars for sale at ,,,,,,,SPOT,,,,,,, contact 0555557779

  170. James says:

    hi yussuf, i purchased Emirates Gold 1ounce bar and 1 ounce pendant. it was from a legit store with its sealed box and everythign. after opening the seal, 2 weeks later i noticed discoloration on the face of the bar, red spots and some black spots, this led me to believe that the manufacture process is poor which means different metals are mixed on the surface of this bar.

    I took this bar for high grade X-RAY examination and found out that emirates gold bars are only 99.2% PURE , contrary to 99.9% as advertised. while minimal (not really if you’re a Goldbug every decimal counts) it does tell me that EMIRATES GOLD bars are inferior quality and not honest about their product purity grade. You can test this for yourself as i tested 2-bar with the same result using x-ray analysis .

    Let me know what you think. PAMP & Valcambi produced accurate 99.9% purity result. I am truly dissapointed by emirates Gold.

    • Yousuf says:

      Hi James, good to see that there are some dedicated silver bugs around. I had noticed some discoloration all over (except the bottom) one of the Emirates Gold bars i purchased a few years back and had also noticed some discoloration on the left and right sides of all the Nadir bars that i purchased a few months back. I mentioned this to the people at Abyad in sharjah and they say that it happens and isnt much to worry about. Even some of the maple leafs I’ve purchased which have 99.99% purity have had some discolorations on them of some sorts, so i assume it happens and its nothing to worry about.

      So where were you able to get this high grade x-ray analysis done and for what price? If you can, do test out some of the Etihad Gold, Al Ghaith, and Nadir 1 kilo bars if you have some. If not, I got some and can tag along for the testing. :)

  171. silver man says:

    1 kilo silver bars NADIR for sale at spot contact anytime at 0555557779

  172. silver man says:

    TBD i can sell them back to nadir 50cent less than spot so if SPOT is ok at around 4100dhs per kilo you and others are more than welcome,,,ppl if u guys want us not to pay all these premiums to shops we need to start trading with each other at spot otherwise we are left with very little profit, you cant expect a person to sell for less than what the shop would buy it back from him . happy stacking to all

  173. silver man says:

    JAMES some bars are not as pure as they say like you found out, pamp silver bars have 1 or 2 grams extra weight, 1 kilo etihad gold 995 i weighed was only 999.9 grams instead off 1000grams (maybe due to it being an open and old bar ) at the end of the day if its a kilo bar it will be treated and priced as a kilo bar like a bank note unless a couple of grams are off ,,, same goes for purity if it says 999 dealers treated as that and will charge the extra premium even if it is 992 however JAMES as YUSUF said the colour and shine not being upto standard is common and happens more in silver than in gold ,but here there is something (different ) you got less pure bar and paid extra fees for a 999 when its not even a 995 its as the xray test says a 992 my advice is take it back the two pieces to the shop with the test result and say you want a refund at “todays ” price or to be replaced with a swiss bars (pamp ,credit suisse , or valcambi ) these sealed boxes are a problem you dont even get to see the back of the bar or even to weigh it ( coz the box adds extra weight) and they say dont open it coz it will loose value these things that happen to gold bars today lack of purity is what romans used to do with the currency the gold coins would be debased by adding copper to them ,, i heard kaloti does those tests YUSUF . happy stacking to all

  174. Syed says:

    The order came through FedEx, I was surprised that there were no duties as well, since the FedEx rep initially said I would have to pay it. However, after doing some online detective work, it seems the UAE does not have any import duty on coins. Have a look at this site, scroll down to UAE

    • Greg says:

      It’s interesting that you did not have to pay import tax. I have never tried to import coins because I thought I would have to pay the duty.

      The site you link to is usefull, but I’m not sure all the information is correct. For example importation into Australia is tax free for investment grade (99.9%) bullion, not 10% like it states.

  175. Mohamed Fayaz says:

    Assalamoualaikoum Yousuf

    I have 1 Kilo gold bars 999.9 purity to sell. I checked with one jewellery shop in Gold Souk and they are proposing to buy back 3 dirhams less than the market price of 24K. Could you please suggest me some jewellery shop in dubai where I can get a better deal to sell my 1 Kilo gold bar.

    • Keith says:

      call me on 0501491099 and lets chat.

    • Yousuf says:

      I would check the bullion shops like Anjalee [04-2253487], Van Gold [04-2254277] and Gold Bullion [02-6500777] for the best possible prices, but the posted dirham price per gram is always 2 dirhams above the spot price, so you were really being quoted 1 dirham below spot.

  176. Bart says:

    Dear Yousuf
    I spend over an hour reading -”learning” from your answers on the questions. Very interesting.
    I am in the process of opening a gold mine in two African states. On the one hand I have 5200 houses to build and payment will be done in gold which I have to mine myself. In the other country I could not believe my eyes as gold can be striped from open rock in a mountain. I battle to find buyers in South Africa as the market here is so protected. Can you perhaps advise me where to sell in Dubai. I am licenced in South Africa and would like to have a face to face meeting with a buyer before business. I am a youg 71 year old and would not like to be caught. Best regards

    • Yousuf says:

      Dear Bart,
      Glad that you have a business in south africa and hope that it is fruitful. There are alot of gold buyers in dubai, but many are skeptical about gold coming from africa as alot of people have been defrauded over the years. But if your gold is real and reliable, i can put you in touch with some of the contacts i’ve made in dubai that would be happy to buy from you. My email is on the about page if you want to contact me.

    • Bart says:

      Dear Yousuf
      Please forward me your emai address. I could not find it on the “about”.

      Best regards


  177. Begi says:

    why in dubai they are charging seperately for certificate when buying sussie gold bars.

    • Yousuf says:

      they dont really charge a separate certificate charge, they just charge one making (fabricating) cost.

      • suresh says:


        They don’t provide certificate for swiss TT bars usually. Most TT bars sold here doesn’t come with serial number too. other denominations comes in sealed pack with certificate. correct me if i am wrong

        • Yousuf says:

          Bars 100 grams or less come in a plastic packing, while TT bars and above do not. The TT bars do come with serial numbers but not necessarily with certificates.

  178. FATIMA says:

    I am from Al Ain and I want to start buying gold with my small savings.
    I have right now only 3500 aed . What u adviced me to buy?
    Or should I wait to gather more money?

    Thank u so much
    Nice blog with plenty of information, mashallah

    • Yousuf says:

      With that amount, i think you can purchase around 15 grams of gold, which you can possibly buy as a 10 gram gold bar and maybe a 4 gram sovereign coin. If you can save some of your salary each month, purchase a gold sovereign coin with that amount, but do set some money aside for when gold pulls back, so you can get more bang for your buck … i mean dirham. :)

  179. وزيره says:

    السلام عليكم ورحمة الله وبركاته

    لدينا طلب كميه كبيره من الذهب الخالص بسعر جيد بنسبة جيده ان يكون من البنك
    ارجو الافاده

  180. omar says:

    I was on your website. i was wondering if you could assist me on how to properly calculate the cost of gold dust say for example i purchase gold dust say around 42,000 add 3% for export taxes..and say i want to buy 10kgs of dust. how much would it be say 22k 95% purity include the taxes and like to know what im paying for etc and final cost..after that how then would i sell to a refinery say at a discount of 2% on secondary lbma prices..if you can provide me a detailed explanation id be grateful salam

  181. Rayan says:

    Dear Yousuf,
    What is best for long term investment, Gold Coins of UAE like Vision of Dubai, or PAMP certified bars of 5 Tola/ 50 gms/100 gms, etc.
    I am not comfortable with investing in unsealed bars like TT or similar cast bars.
    Thanks for this great informative site!

    • Yousuf says:

      Dear Rayan,
      I would go with PAMP as it is world recognized. Dont be scared of the TT and cast bars as they are the best bang for your buck.

  182. thierry says:

    thank you so much for the good informations given in this forum. I am living in west africa and have a 10kg silver bullion stock. I need some advise about selling them in dubai. Is it a good idea importing from here to dubai ? Will they charge any taxes at the airport (knowing that i am going to sell it) ?

  183. Dimitri says:

    Hi Yousef,

    Eid Mubarak. I am in Europe at the moment and in the market for a couple of gold coins. Do you know what is the best price I could get either Austrian Philharmonics or Australia Kangaroos in the UAE? Just trying to do a price comparison. Thanks

  184. Dimitri says:

    Hi All,

    I have a mint tube of 25 limited edition 2012 Canadian Silver Cougar 1 oz coins, .9999 pure. These are the purest silver coins you can get and are guaranteed by the government of Canada. Price is 4,125 AED for the tube (165 each) If anyone is interested, please send me an email to by Thursday 8 Nov latest. Thanks

    • TBD says:

      Hi Dimitri

      Since the silver price is down I will pay you 2,750 dirhams for all or 110 dirhams for each.
      Let me if you would like to sell.
      Thank you

  185. Zainab says:

    I purchased a Valcambi 1Oz bar last year and now I noticed that it does not have a serial number on the bar. But the certificate has a number.
    Is this a normal thing?

  186. Rayan says:

    Dear Yousuf,
    I want to buy a 1kg silver bar and to decide between Emirates and Nadir.
    I found out that Nadir Silver has now been accredited by LBMA and is relatively cheaper. For the price and accreditation, I prefer Nadir, but is there anything which makes Emirates Silver more costly and should be the preference?
    Please can you help me decide..

    • TBD says:

      Hello Rayan,
      Silver Spot right now at 5:10 pm UAE time is ~ 32.10 an ounce, so 1 kilo silver will be 3,800 AED.
      I have One Kilo of Silver and I will sell it to you for 3,700 AED (this offer finish by midnight today) 09/nov/2012
      I am in Abu Dhabi and if you are out side Abu Dhabi I will sell it for 3,650, (so 50 AED is for your transportation cost)
      It is Emitates Gold Brand.
      You can email me at

      Thank you

    • Yousuf says:

      Hi Rayan,
      Well emirates gold isnt LBMA approved as well so you cant compare that with nadir. Both mints are approved by the DMCC so that is what is really important for the local market. I believe that you should always go for the cheapest price if you can find it from a reputable mint and Nadir is reputable.

  187. Rantanplan says:


    I was wondering if this informative blog was still live and if it is…
    Could please tell me what negotiation can take place when buying gold in Dubai ?
    I mean, say I become a regular client (500 grammes per month), would I be able to get a better deal with than for my first one or than a guy who has done it only once ?
    If so, where is the “room to manoeuvre” when dealing ?

    Thank you and I hope the blog continues.

    • Yousuf says:

      Hi Rantanplan,
      Well i believe that if you are buying half a kilo of gold per month that you should try to deal with major dealers and attempt to possibly have some type of agreement with them on it so that you can possibly get the best deals, but ultimately there is little maneuver room in the market as the margins are quite low already.

      • Rantanplan says:

        Thanks Yousuf,

        I thought there was little room indeed… The only way I could imagine was that say the supplier (at Goldpark in my case), had say bought gold at 1600 a while back and instead of selling it to me at spot price on the day (say 1730) plus the charges (packaging etc), they would let it go at 1730 and no extra.
        Not sure if that is unrealistic or not.
        When you refer to the major dealers, are you including the ones like GB Jeweller, Classic Diamonds or you referring to others more prominent ?

        On the subject of your blog, I have been reading it for some time and I have learnt a lot from it. Very very useful and factual. Frankly a must read for those willing to buy here in the UAE.
        So very pleased to see that you are still monitoring it.

        Thank you for your help and for this blog. Both much appreciated.


        • Yousuf says:

          Hi Rantanplan,

          Well if you deal with major dealers like the ones found on the upper floors of the gold centre building (ex. Bahrain Jewellers, PAMP Gold, Nadir), you will always get the best deals if you are buying large volumes. Glad that you and others have benefited from the website as that it was enjoyable to learn from people’s comments.

  188. Hamad says:

    Dear Yousuf,
    Today, I’ve been to alabyad in sharjah and bought 2 PAMP 1oz bars. He charged me per gram 204.18 AED and then added 60 AED as making charges of the packing. Is it normal to charge for the packing? Thanks.

  189. Rayan says:

    salam Yousuf
    what’s the usual premium on Canadian and Australian silver coins in Dubai. Is it worth paying 50% over spot?

    • Yousuf says:

      Salam Rayan,
      Well silver coins normally come with around 10-15% premium over spot when you buy them, then there are shipping costs to bring them here, so it can reach around that. Is it worth paying for it? Well I mainly buy the half or one kilo bar, but also like having a few small coins, so i’ve paid that amount before. I would never pay 100 to 120% over spot like one store in the gold souq (Wajdi Jewellery) was selling it for.

  190. richard says:

    Hi i would like to bay some gold either 18 or 24k at least 100grams can u tell me prices for this grams thank you.

    • Yousuf says:

      Well you can only really know prices by going down to the market or else check the section of the article where you can see the daily prices.

  191. Jules says:

    Excellent blog and well done.

    I’m looking to import 92% aurum Dory into Dubai to have it refined (at somewhere like Kaloti). Can you point me in the direction of any potential major buyers?Ideally we’d like to organise them in advance, dependent on the assay report obviously. You seem to know everything that goes on in Dubai – perhaps we can have a chat personally and come to a mutually convenient agreement?

    • Yousuf says:

      Hi Jules,

      If your product is assayed here, there are many buyers in the market who would be willing to take it off your hands and i would be glad to assist in any way that i could.

  192. Sarah says:

    Thank you for the very informative article.

    Are you able to give me an indication how much the “UAE 5th National Day” gold coin (1,000 dirham face value) is worth today? Also, do you know where I can find a buyer?


  193. Madhan says:

    Dear Yousuf,

    Have you tried or know anyone bought gold bars through online website like
    Is it reliable to buy from them, are they charging less packing charge for swiss package gold.

    • Yousuf says:

      Hi Madhan,

      No unfortunately i havent done it or know anyone who has bought from, but i have been down to their office in the jumeirah lake towers. I find their prices reasonable, especially for their 1 oz silver coins, but i dont find their method of cash payment very feasible (atleast the last time i checked).

      • Rayan says:

        Hi Yousuf and Madhan

        I used and found their prices competitive and at times lower than market esp. if you use their online trading account and then convert to physical. For TT bars, their prices are a bit higher though. They are reliable.


        • Madhan says:

          Thanks yousuf and rayan for the information. I also talked with them yesterday, i found there payment option is little bit unconvenient.

          I have another query yousuf, In abudhabi, When i purchase the gold tt bars, they use 24k gold price per gm to calculate for 1 tola. Is it same across dubai or sharjah. in your blog i found at some place they will charge 2 AED less than the 24K gold price. can i know the shop which is selling like this.


          • TBD says:

            Hi Madhan,

            Go to Gold Bullion in Abu Dhabi, (02-6500-777) they are near Abu Dhabi Bus Station and Al Wahda Mall. Next to ARAMEX.

          • Yousuf says:

            They wont normally use the 24k gold price rate when quoting tt bars, as the tt bar price is quote daily in the newspaper, and normally is around 2 aed less than the 24k gold price per gram. You can get it for a good price at most shops, but in abu dhabi, i’d only head down to Gold Buillion as TBD suggested as they are a dedicated bullion dealer and not a jewellery shops.

  194. Madhan says:

    Dear Yousuf & TBD,
    Thanks for the information. I went to GB bullion just now and back home. They quoted the price of TT bar as per khaleej times rate which is appx. 2 aed less compared to 24 K gold price. But other jewellery shops quoted only 0.5 aed less compared to 24K gold price. It really helped me a lot. One more query, they sell other bullion bars like 5gm, 20 gm, 5 tola with GB brand printed on the gold. Is it worth to trust the GB brand gold or buy emirates gold or PAMP like that

  195. Kamran M says:

    Hello Yousuf,
    Excellent Blog/info on gold & silver in UAE, I have a question iam planning to visit in Jan to purchase gold bars maybe aroung 400 grms ,not sure if the shops you stated like Anjali or Lakoos, do they take Credit Cards as payment,since mine are from Canada they have pin&chip Technolgy for security. Iam not comfortable carrying large cash with me. Thanks

    • Yousuf says:

      Hi Karmran,
      The gold and silver market in the Emirates is a cash market. A few shops will take credit card, but you will pay a bank transaction fee of about 1 or 2 percent if it happens. There are atm machines in the gold souq area, so you can always take out the money that way right before walking into the stores to pay.

  196. Ethan says:

    Hi Yusuf, been doing some shopping in Dubai & finding good prices & products – much much better experience than Riyadh!
    I was wondering what you think about this idea- since foreign silver coins are such a terrible deal here, what if I, an American with easy access to silver coins, brought over a great deal of them – just made a trip of it? Bring something like 300 1oz maple leafs, etc. – would it be easy to move them? If they sell them for a 130% premium @ the shops, what could I expect to get for them? I’d even be interested in trading them for gold if the price was right.
    Any ideas?


    • Yousuf says:

      Hi Ethan,
      Sorry i didnt get back to you earlier. Was hoping that i’d be back in UAE to go with your on your shopping spree, but still awaiting my entry visa. :(
      About the foreign silver coins idea, unfortunately they wont move that well in this market, as i’ve tried to do the same with a much smaller quantity, selling them directly to bullion dealers. The problem is that there isnt much demand from buyers, so shops wont be carrying products that they have to wait a long time to sell and if they do, then they sell them at ridiculous premiums like 100% and more. I’d say you should try to get some and take them back with you to saudi and when people out there are looking for it, they can come to you.

  197. Gino says:

    Hello all and thank you yosouf for this helpful blog,, I have 100g PAMP gold bar and smaller sizes as well wanting to sell .. anybody interested they can contact me,, at least i will help you save the premium shops charge when you buy from them.. contact me at


  198. abs says:

    Hi Yousuf – Thanks for your tips above.

    I am seeking to purchase a large qty of gold and I have a seller ready. I however am concerned about independent quality verification and the assay report being supplied may not be genuine/exhaustive. Accordingly I thought of doing a bank to bank custodian transfer whereby the bank in the seller country could inspect the quality and take custody, and instruct its other branch in dubai to release an equivalent amount of gold of the same quality. Do you know of any merchant/commercial banks that offer this facility in dubai?


    • Yousuf says:

      There are many reputable bullion companies here that you can deal with for any quantity you wish to purchase. I’m assuming you can deal with the mints directly if you purchase a large quantity.

  199. mohamed says:

    dear Yousof, thank you for this blog, can you help me find a good place to sell few gold bars as i have 100gm , etc and I want to sell them but I found out that only few shops pay you back cash. And clearly I am not interested in getting gold for gold!! so, whats the best place that buys back with the best price?


  200. Varun says:

    Dear Yousuf,

    Thank you very much for this guide. I recently decided to put some of my money into gold and just returned from GB Jewelers. I bought a TT bar for AED 23,000 (Kitco spot was $1667.5/oz). Classic diamonds quoted 23,150. When I asked about selling back, GB said they would buy back only their own gold and at AED 4 per gram less than market price. Is that normal? Would I be able to sell this bar at another shop, maybe in Deria for a better price? Not expecting to sell it anytime soon, just wondering (Actually plan on buying a few more in the coming months). Also, would the price be much less at al bahrain or lakhoos or anjalis?



    • Yousuf says:

      Dear Varun,

      Glad you were able to get a good price on the TT bar. Yes a number of shops will only buy back gold that they sold to customers. Its normal for shops to purchase it back for a few dirhams below the gold rate per gram, but I would check with Anjali in Dubai to see what they quote. I would think that the price wouldnt be that much difference between all of them, but would advice driving all the way into dubai to try and save a few dirhams.

  201. Sarah says:

    Thank you for the very informative article.

    Are you able to give me an indication how much the “UAE 5th National Day” gold coin (1,000 dirham face value) is worth today? Also, do you know where I can find a buyer?


  202. Varun says:

    Hey, just a heads up. Was at Nadir office in Gold center building 2 days ago. I bought 2 kilos of silver. They charged $0.65 over spot. I told them it should be $0.50 but they said no. Atamer was not there that day. They also took the Ask price as spot instead of the bid price, which makes a $0.10 difference.

  203. Clover says:


    Can you please email or post me some links for online stores where i can purchase and have my silver bullion shipped to the US from over there?

  204. Anukumar says:

    Dear Yousuf,

    Can u pls tell me where i can buy Valcambi CombiBar in uae. Is it available here? Is it safe to buy online from Valcambi if not available in here?


    • Yousuf says:

      Dear Anukumar,

      I doubt they have the combibar here, but you can check with Lakhoo if they have it or can supply it. Yes it would be safe to get it online at their website if you choose to, but make sure you take into account that there would be import duties.

  205. sachin says:

    I had been to UAE this week. I got the best deal on PAMP bars @ PAMP Gold LLC (wholesale dealer ) located in first floor of Gold Centre building in Gold Souk.

  206. ali says:

    mr yousef, is buying physical gold through is compatible with the islamic banking rules??

    • Yousuf says:

      if you are buying the physical gold from them then its no different then buying it from a store. when it comes to their online virtual purchasing system, i can not say whether it is or not islamically acceptable.

  207. Dutch says:


    I feel compelled to complement you on the quality and accuracy of your blog. You have proven to be a great local resource! Thanks for all your time and effort!!

    P.S. Just made my first purchase of PM; 3 Kg’s of silver from GB Jewelers in the Abu Dhabi Gold Souq. After checking countless shops they are by far the best I could find, charging only a 90.50 AED premium over this weekend’s ask rate per Kilo. One shop, I wont name names, told me they charge 1 AED per gram premium all the way up to a kilo! Wow!!

    P.P.S. Is 90.5 AED a fair premium for 1 KG 99.9 IAR silver, in your opinion?

    • Yousuf says:

      Hi Dutch,

      Glad the information was useful to you. From all the places i have bought from, they all charge $1 above spot per ounce for the kilo bars, which is around AED 120, so AED 90 seems to be fine.

  208. Abdul-Rahman says:

    Dear Yousuf,

    I just wanted to express my thankful for your detailed guide to buy and sell gold in the UAE. I followed your recommendations and I can’t express how much your guide was accurate, complete and beneficial.

    Thanks again and hope you keep on updating the guide for UAE in buying and selling gold investment bars, coins and rounds.

    The only thing that I couldn’t find easily is islamic gold dinars at reasonable premium. Hope you can shed some light on ways to invest in islamic gold dinars

    • Yousuf says:

      Dear Abdul Rahman,

      Glad that it was beneficial to you. Yes the islamic gold dinars were difficult to find and the only place if found them were at Gold Bullion in Abu Dhabi. You’d think that having the office of the company that mints the coin located in Dubai, that you would be able to easily get it. I remember wanting to get them at one point in time and they said i had to go online, purchase it there and then i could come to their office to collect it. Wouldnt have minded doing that if it was a simple shopping cart site, but nope, i would have to sign up, verify who i was and a whole this of other things and then i could purchase it with high premiums. Wasnt for me. :)

  209. David says:


    Just an update concerning Dubai Gold Park and its gold sellers.

    - GB Jeweller is currently closed (02 Mar 2013) and I imagine for some time as the shop is under refurbishment. There was a number to call but no indication as to how long this will be shut. I hope they are not gone for good, however Classic Diamond is still operating as usual.

    Best wishes

  210. Mohammad says:

    Assalam Yousuf

    I invested in 2011 in gold bars with a value of AED 205 per grams in 24 K. I am a bit afraid now that the gold price is on the decreasing trend. As a professional gold adviser , what is your opinon do you think the gold price will continue to drop in the future?

    Thanks for your reply
    Allah Hafeez

    • Yousuf says:

      Salams Mohamed

      Well i dont buy gold as an investor, i buy it to get out of inflatable paper money which would just be lying in the bank anyways (my savings). So for me, when the price goes down i buy more of it and put it away.

  211. Dez says:

    HI Yousef, I have been reading your blog and advice with interest as I am too now starting to invest in physical gold..

    I have looked into various options and have recently tried opened a trading account as was told its cheaper than the eshop they have which is true as you pay 4% on a credit card payment with paypal on top of the charges so its not economical.

    I also have now checked the premiums on the trading site to buy and get delivery in Abu Dhabi (which adds quite a bit to the price) and I found the following as an example which may be of interest to others here as well:

    1oz pamp online trading with delivery to Abu Dhabi total added cost is $ 80.75 (premium above spot 5.11%)
    Ten Tola bar eshop with delivery to Abu Dhabi total added cost is $ 273.72 (premium above spot 4.61%)
    Ten Tola bar online trading with delivery to Abu Dhabi total cost added is $ 335.40 (premium above spot 5.68%)

    It seems if you buy a TT bar online it is slightly cheaper than buying on the trading platform as they add additional costs for service charges plus purchase costs of a min $ 10 or 0.2% whichever is the higher.

    The delivery to Abu Dhabi is a killer if you buy on the tradesite as that is a minimum of 200 – 350 AED over and above all the costs to purchase.

    My question is what is the best option to buy securely and reasonably. I went to the gold souk and feel that you are not welcomed there as a buyer. I want to buy gold but not having a big issue and additional costs added.

    Gold has to rise by 5% plus to break even at the premiums charged. there must be simpler way to do this?


    • Yousuf says:

      Hi Dez, if your in abu dhabi i’d say go to a bullion dealer like GB, else if you are buying a large quantity and its economical to take a trip to dubai, thats another good bet. Well if you’re looking to break even quickly, then you should buy atleast a tt bar, which is around 100 dirhams above spot, so as long as gold goes up 200 dirhams, you’ve broken even.

  212. Abbas says:

    Salam Alekum,

    I really appreciate the time and energy that you have spent on this comprehensive guide. Your wisdom is indeed a blessing for us.
    I have a question brother, regarding Gold Investment. Buying Gold is one thing and transporting it across borders is another.
    I was wondering how much GOLD and SILVER can i carry on me to Pakistan (Karachi).
    What is the Legal amount i can take out from UAE and How much is permitted for import in Pakistan based on Customs and Duties.

    I have tried asking Customs in Pakistan.. Only got vague replies. Perhaps cause of corruption and bribes is the primary Slogon of Pakistan Customs.



    • Yousuf says:

      Salams, there is no limit on how much you can take from here, as they are selling large quantities at the airport, so it will all come down to customs in pakistan.

  213. Noob says:

    Assalaamu alaikum brother,

    I made my first buy yesterday, 1 kg Emirates silver bar from Ajanta and they charged me AED 3670 while the marker price was AED 3401. Is a AED 270 premium reasonable?

    • Yousuf says:

      Salams noob, as stated on the page, a premium for a silver bar is around 120 dirhams, so i think 270 dirhams is more than double that, which is why i tell my abu dhabians to buy from the only bullion shop in abu dhabi, Gold Bullion.

  214. Doug Watson says:

    Hi Yousuf, thanks for the very informative site, and some great information. I am planning on buying some gold TT bar (1 kg) but a bit confused, on some of the comments it says there is a premium on TT bars , on other comments it says there is no premium, can you clarify this. Also can you confirm if you wanted to buy 1.5 kg it is better to buy from the refinery.Do you have any contact details who would supply this.
    Many thanks
    Kind Regards

    • Yousuf says:

      Hi Doug, if you are planning to purchase 1 or 1.5 kilos of gold, i’d encourage you to purchase an arrangement of half kilo and tt bars. About premiums, yes there are premiums but they are quite minimal of 100 to 300 dirhams. Unfortunately, i havent dealt with the refineries but if you want to get a better price than that of the retail outlets, i would say go to the offices in the Gold Centre building for Al Bahrain Jewellers and Nadir Gold.

      • Doug Watson says:

        Hi Yousuf, thank you very much for your prompt reply. My apologies, when I said the refineries, I actually meant would it be cheaper to buy the TT bars at the mint, If you would have any information on these I would be most grateful, or do you still think it is better at the outlets you have mentioned.
        On another note thankyou for a very informative website, and for giving so much of your time to the subject. It is not often these days you come across people who are willing to give their dedication and time.
        I also am in strong agreement with you regarding the toxic banking system, and feel it would be very liberating if more people were to move to precious metal, and stop the corruption that the banking system has become
        Kind Regards

  215. Jose says:

    In my humble opinion the best price and customer service in Abu Dhabi, is Gold Bullion. It is owned and run by a local gentleman, Thani. The selection and price is unbeaten. It is located across from the Bus station/Taxi Stand on the other side of Muroor St(4th).

    His number is 971-2-6500777.


    • Yousuf says:

      As Gold Bullion is the only dedicated bullion shop (shop not dealing in jewellery), they will naturally have the bet prices in Abu Dhabi. Do mention that your a visitor of Sunnah Money if you go there and buy.

  216. Andre says:

    Thank you for the comprehensive article. I will be traveling through Dubai on a regular basis for business and would love to buy some more international flavors of silver. I would like to get some AED stuff as well as some European.

    Can you recommend some specific locations at Dubai Festival city that I can look for near spot and low premiums for coins?

    Thanks for the good work. Looking forward to doing some shopping in the near future. Kicking myself for not exploring the Dubai Festival City mall further last time I was there.

    • Yousuf says:

      Glad the article was helpful. Unfortunately you wont find low premium coins in the Dubai Festival City area or in the Festival City mall.

  217. Nadeem says:

    I am residing in Dubai, i want to invest my money in 10tola gold bars, and also King Edward VII gold coins.can u please inform me about the bought n sell these without trading license or a shop. If license is necessary for same how can i found the same what are the actual expense and please the actual process.

  218. Nadeem says:

    Sir, I want to open a gold shop, can u please tell me the process detail along with the license fee regarding trading fee, commodity fee etc. thanks,

  219. Khaled says:

    Hi there,
    Would you be able to kindly tell me what would be the price of the late HH Sheikh Zayed Al Nahyan commemorative medal like coin 1996 ( 30 years of the reign ) Gold.
    Is it an item that would be auctioned, sold to jewelry shops or to collectors?
    Looking forward to your advice..

  220. Sofian says:

    Dear Sir,

    Is the grade/quality of gold bar sold by local jewel shops like Joyalukkas using their house-brand Joyalukkas, has the same quality with PAMP Suisse gold bar? Many thanks for your answer!

    • Yousuf says:

      Most jewellery is between 18 and 21 karats, so they will not be of the same purity as the pamp gold bars which are 24k, which is why you shouldnt buy jewellery if your looking to save your money in gold, as jewellery has high manufacturing costs that you cant get back when you sell.

  221. Robert says:

    hello. Am glad you respond quickly to the comments and i need assistance. I have a alfa mirage gold and platinum tester gks 3000, but it has problems with the % purity readings.e.g when i test a gold piece 5 times for purity, it gives 5 different percentages. I would like to know first of all how to balance the machine to make it get a stable reading or any necessary conditions to help regulate it. Secondly could you kindly let me know of the shops in Dubai where i can purchase gold testing machines that can provide accurate purity readings/percentages. I am a gold dealer and i would like to sell in Dubai, with the current pricing today ($1384) how much can i get per kilo in Dubai, and which is the best buying company in Dubai that you could recommend for me. I look forward to your reply. Thanks in advance.

    • Yousuf says:

      Not sure of any shops that sell gold testing machines, but there are companies that do the gold testing for you in the deira gold souk market.

  222. Jerry says:

    Hello Yousuf, great blog – an ideal source of information for a beginner investor such as myself!
    I’m looking to buy a small quantity of UK gold sovereigns and the information you give suggests that the ones available in Dubai are all minted locally. I’m curious – is there any difference between these sovereigns and those minted in UK (distinguishing marks, quality/carat etc); can I find UK-minted sovereigns in Dubai, and which dealer would you suggest for small purchases? Thanks and regards!

    • Yousuf says:

      Hi Jerry, the gold sovereigns available in the market are locally minted. Other than the locally minted ones, i saw the valcambi had minted their own version of the sovereign which i saw in lakhoo.

  223. doug watson says:

    Hi Yousuf, I hope you are well. I recently enquired about purchasing a 1 KG investment bar (Emirates 9999). The price quoted included the spot price plus approxamitely 500 USD, (1836 DHS) for a ” certificate charge”. I have not heard of this charge before, do you have any knowledge of this, or can possibly explain if this is correct. many thanks
    Kind Regards

    • Yousuf says:

      Hi Doug, though they say certificate charge, they are likely talking about the fabrication and markup they are charging.

  224. Jeevan says:

    Is the gold sold 22k in th ekuwaiti market in ras al khaimah and other markets are having the quality ? They are selling 2-3 diramhs less per gram than the gold sold by branded shops like (ATLAS, DAMAS, JOYALUKAS). Please advice whether to depend on branded shops or we can buy in these shops? And purity will be same?


  225. ks says:

    Please can anyone tell me if Combibar gold bar’s are available at Dubai duty free at airport? Thanks

  226. jaya says:

    Hello yousuf bhai ,
    Ramadan Kareem ,, Thank you very much for the great work . God bless you .
    I bought some 22 carat 8 gm gold coin from malabar gold .Is it OK to buy gold coins in such shops . Can I sell them back in India ?? Is it better to buy 22 carat or 24 carat gold coins as an investment. And where to buy the silver bars ,in India or UAE , will the price be same in uae and india ?? Pardon my ignorance in these things ..
    Thanks in advance.

  227. vamsee says:

    Appreciate your patience to attend the query.
    Thought to shoot a question but it has been answered in your blog.

  228. Jawed says:

    Salam yousuf
    Hi Yousuf, thanks for great information, i planing to start Gold bar trading in Dubai monthly average requirement of100kg-300kg gold bar(Local refinery preferred), with Good discount on LBMA. So brother help me where to buy gold bar wholesaler, direct refinery, any suggestion and reference if any?

    • Yousuf says:

      Salams Jawed,
      Once you bring the gold into dubai and its appraised by a local refinery, you should find it difficult to find buyers.

      • sunny says:

        hi..iam working in sales from past years in Dubai n also I have experience in gold n silver refinery, as we have refinery in india. I can do melting n purification of gold n silver.. so iam planning to build my carrier in dat I need more details about how to put new shop in Dubai for refinery.

  229. Ali says:

    Hi Yousuf,
    i have to purchase 10kg-50kg monthly gold bar(1kg Bar) for trading purpose, where can i buy 10kg of gold with good discount on International Spot price. Any reference or suggestion for Bulk Purchase with discount in Dubai..

    • Yousuf says:

      Hi Ali,
      You’ll find the best prices at the wholesalers located in the business office at the top floors of the gold center building.

  230. Tariq says:

    Dear Yousuf Salam

    I need to sell some of my gold ( 3 Kg Bars) which i bought from Abyad sharjah , need to advise where to sell to get best price and do theywill give me same price of the day or less than that as i heard they pay 2-3 dirham less.

    • Yousuf says:

      Salam Tariq,
      Well i would call Abyad and Anjali and see what prices they give you and then decide whether a trip to dubai is worth the better price.

      • Tariq says:

        Dear Yousuf

        Thank for the reply , would you mind sharing any contact person who can help in these 2 shops . May be using your name i will get good rate :)



  231. Harry says:

    Dear Sir,

    I’m really impressed by your website. So many relevant information. Very useful especially when you’re not muslim.
    I’m from a country based in Indian Ocean.
    I would need some help. The reason is that the group I’m working for (based in Africa) has gold for sale.
    I would need contacts of serious buyers in UAE. Could you advise me?

    Best regards,
    God bless you,


    • Yousuf says:

      Hi Harry,
      If you can get the gold into the country, there are no end of buyers to purchase it, but you would need it to be assayed before they buy it.

  232. Salam says:

    I just bought 100 gm PAMP from wajdi int and I was surprise that he charge me 2.5% because I pay throw the machine not cash. I don’t think that anyone will walk with 16k in his pocket really I don’t understand. Any explanation. I bought 100 gm with the price of 15800 before 2 days and he charge me 16200

    • Yousuf says:

      The company gets charged i believe around 2% from the credit card company, so he’s just passing on the fee to the buyer. Yes you should always take cash and there are atm machines in the gold center building if you dont want to carry it from your nearest bank.

  233. Salam says:

    Just to update the above subject there are no machines in both Dubai and emirates mall currently.

  234. Naty says:

    Hi Yousuf,

    i have done some research but wasnt able to find out if there is a law or regulation in UAE on how much mark up retailer/manufacturer can add to the produced/selling golden item. i.e. so many times you see in Golden Souk golden pendant of a say 7gr 18k gold. to my understanding the cost of the item is around AED 900, i would add another 40% as a making cost/shop expenses and purchase item for 1200. however the shop price would go over 4,000. obviously depending on how good you are in bargying you can reduce the price, but at some point they will stop and wont go down, whilst i feel there is still a lot of room for discounting. would appreciate your advise

  235. David says:

    Hi Yousuf

    I hope you are well.
    On the subject of buying 1kg Silver bars in Dubai, I do have a question.
    It appears that once you have bought them and if you want to resell, there is about the price is about 4-500 AED under spot.
    I enquired to GB Jewelers and Classic Diamonds at Gold Park and both have said that a bar paid 2500 AED (1kg) would be bought back at around 2000-2100.
    Thats pretty much 20% under the purchased price, which when compared to Gold you are reselling, is quite a significant difference.

    Is this normal ? If so, where would be the best place in your opinion to resell (inside or outside the UAE) ?
    How do you explain such a price drop compared to the purchase price ?

    Thank you very much and all the best to you.


    • Yousuf says:

      Hi David,

      Well if you wanted to resell it, i’d say go to the gold souk in deira is your best bet. The normal resell price is $1 below spot per oz which would be 120 aed below the spot price per kilo. They normally sell it to you for $1 above spot, so the difference between buying and selling is 240 aed.

  236. Khalid says:

    Salam Yousuf, I am thinking about buying Gold this month (100 g gold bar). Do you think there are any advantages for buying in Dubai this DSF? If so, where is a good place?

    Thanks and best regards,


  237. Russ Sandlin says:

    I have Gold and Silver that I want to send back to the United States. I tried, but it is not legal to send gold and silver via any carriers like Fedx or DHL. I am in Qatar. I am thinking of driving to the UAE and sending it all from there. Does anyone know if you are allowed to send Gold and Silver Coins from the UAE to the US? Please let me know, it is too much to take back on a plane. Thanks!

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