A stroll down street of gold

By SHAMLAL PURI

As I saunter into the Gold Souk in Dubai’s Deira business district, I am dazzled by a long line of shop windows with massive collections of gold bangles, necklaces and rings. I have emerged into the golden haze of one of the world’s largest jewellery outlets. The sheer size of the souk is enough to make anyone dizzy.

I am drawn to a crowd outside the Kanz Jewels showroom; they are gawping in awe in front of the toughened glass. I inch closer to have a look at the display, and come face to face with the Najmat Taiba, or Star of Taiba, the world’s largest ring.

Resting on a sturdy, polished table, this hunk of a gem is reflective of the opulence of the Gold Souk. Priced at more than $3 million (Sh260 million) at today’s market price, this 21-carat gold ring weighs almost 64kg and is studded with 5.17kg of precious stones.

The stones come from Swarovski, and a total of 615 pieces have been used. The main stone is 180mm by 120mm.

It took 55 workers a total of 45 days to manufacture this ring, working in ten-hour daily shifts.

Dubai-based company Taiba owns the gasp-inspiring ornament. Interestingly, the ring cost $547,000 (Sh47 million) to make in 2000, when gold prices were as low as $250 (Sh21,500) an ounce.

As I walk away from the display, thinking Dubai really knows how to create headlines, I notice skirts, jackets and other clothing items made of 18-carat gold on display in the shop windows.

These are some of the peculiarities of the Gold Souk, a covered market of more than 150 square feet. There are 300 jewellery shops selling 24, 22 and 18-carat gold jewellery, ingots and precious stones. It is also from here that Dubai originally derives its other name, City of Gold.

DIAMONDS

The amazing thing about this souk is that the gold jewellery is displayed openly in the shops, and shoppers are allowed to touch the temptingly dangling chains in the same way one would feel a shirt or dress elsewhere in the world.

At any given time, the Gold Souk has ten tonnes of the yellow metal in stock, in addition to platinum, silver and an array of diamonds for visitors with deep pockets.

It is possible to get cheap gold in the souk, but you have to haggle for an attractive price. The Dubai Government keeps a tight control over the quality of the jewellery sold in the shops, so your purchases will be genuine. However, watch out for street vendors offering fake watches and designer handbags — you can get ripped off here.

There is so much to see at the Dubai Gold Souk that it takes more than a day to explore all the shops, owned largely by Iranians and Indians who were encouraged by the Dubai Government to set up businesses here. There are some shops owned by former East Africans who have settled here.

This souk is constantly busy, with tourists coming from all over the world. It rakes in so much business that it contributes to a huge chunk of the combined annual gold and diamond trade worth billions of dollars.

India is the largest buyer of gold, accounting for nearly a quarter of Dubai’s total gold trade. It is estimated that women in India hold 11 per cent of the world’s gold — much of it from the Gold Souk. According to some sources, this is more than the reserves of the USA, International Monetary Fund, Switzerland and Germany put together.

The dazzle of all that gold on display at the souk leaves many women tourists in a daze long after they have returned home from their holiday. It is easy to imagine they have been hit by gold fever.

With a closing time of 10pm, visitors have ample time to explore the various shops and grab a great bargain. The price of gold is set on the basis of the daily value of gold per ounce, and openly displayed. Jewellers add labour costs to come up with the final price of jewellery.

The shopkeepers expect clients to bargain, but they are friendly and helpful. They are keen on making a sale.

A cautionary note — although most shopkeepers at the reputable shops are honest, watch out for the odd rotten apple among the unpoliced small traders in the alleyways, who will pass off fake gold as the real thing. Do your homework before venturing there.