Dubai: Why the new Gold Souk Extension is a must-visit

Dubai: Why the new Gold Souk Extension is a must-visit

Of the 295 shops that have come up at the expansion, over 50 jewellery brands have already opened their outlets

The exterior view of the Gold souk extension, Deira Dubai. Photo by Shihab

Published: Tue 3 May 2022, 12:33 PM Last updated: Tue 3 May 2022, 1:04 PM

Over the years, thousands of gold traders, jewellers, artisans and businessmen have flocked to Dubai to make the gold trade a lucrative business and further strengthen the position of Dubai as “The City of Gold” and “Jewellery Destination of the World.”

The labyrinthine alleyways and carved wooden roofs of the Gold Souk have not changed much in the last century, aside from some modernisation. What has changed is its size and scope. Over the years, the souk has expanded from 400 square metres to a vast powerhouse of more than 2 kilometres wide and three kilometres in length, housing more than 900 merchants.

For nearly 100 years, Dubai has been the Middle East and global gold trade hub, capitalising on its geographical position by setting up gold vaults, jewellery-making facilities, and refineries.

Gold most lucrative export after oil for Dubai

Gold accounts for 20% of UAE’s total non-oil exports

20-40% of gold pass through Dubai every year

10 million designs sitting