It’s no surprise that many people (both locals and tourists) have a perception that there are bargains and great deals to be had in the city.
The truth is far from that.
Summary: Don’t Get Fooled by “Cheap” Prices or Ripped Off
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While the establishment of this law was done with good intentions of consumer protection, herein also lies the problem.
You see, there’s no consensus on the type of grading report or standards to be used for assessing the quality of a diamond. Misrepresentation of goods. This means you don’t get to see the diamond upclose or examine it for light performance until you pay a deposit or make payment in full. This opens up avenues for abuse.
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There’s a reason for this and that’s because nobody in the industry trusts anyone else (this should already raise a red flag). Isn’t it ironic that dealers don’t trust each other. They expect you to trust them when making a purchase?
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When diamonds change hands between wholesalers and retailers, they are usually transacted using untampered sealed packets. Down at the consumer level, the loose diamond remains sealed and this is why you often see them sold in stores in this manner.
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And let me say this. This is because there are critical analytical assessments which require data extracted from an unsealed diamond.
Location #1 – The Gold Souk
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While this location is best known for their gold jewelry, there are stores that sell loose diamonds and engagement rings. Be very careful though as prices that are advertised are often outrageously high.
Location #2 – Gold and Diamond Park (GDP)
Location #3 – The Dubai Mall
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Obviously, in establishments like these, there is no room for haggling as prices are fixed.
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But, here’s the thing.
Before you get all excited about shopping for jewelry in the UAE, I’m going to burst your bubble and go on record to say that these locations are ALL tourist traps.
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I mean, seriously, do you really think you get deals at locations swarming all over with gullible tourists and foreigners? Think about it.
Salesmen trying to bring customers into their the stores on the street. You get the usual hassling, scams and shenanigans found in diamond districts.
Even for non-diamond jewelry, the layperson is expected to bargain and haggle with extremely high starting prices. Without a level playing field or proper knowledge, do you think the typical tourist will stand a chance without getting ripped off?
And this leads us to the next part of the article. These are consumer orientated businesses that offer risk-free shopping.
And every time a diamond changes hands, you can expect an uptick in prices as the traders take their cut. This increases costs.
You can perform your own price comparison easily. At the time of writing, there is a 5% sales tax levied on luxury products like gold and diamonds.
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This means you may have to factor in additional costs.
So, you are back to square one again. They do this by not declaring what they bought overseas when passing through customs. This is illegal in many countries and if you are thinking about doing the same, don’t. It’s not worth getting into trouble just to “save” some money.
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Let me be explicitly clear about this.
To the unwary and first time shopper, it’s a minefield of scams in the souks and malls. Tourists are often targeted and taken advantage of because it is hard for them to find any recourse once they are back in their own country.
Summary: Don’t Get Fooled by “Cheap” Prices or Ripped Off
Dubai is a great travel destination to visit. There’s plenty of sightseeing spots. A rich cultural heritage to explore. Showcases some of the best architecture in the world.
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But when it comes to buying a diamond or an engagement ring, don’t be fooled into thinking that it is the best place to get deals. Beyond the glitzy appearance of the malls and souks, it’s a big shark tank where many sleazy businesses prey on uneducated consumers.
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If you do visit the touristy marketplaces, soak in the atmosphere and enjoy the sights but avoid shopping for anything. All 3 offer a great selection of diamonds and 100s of beautiful ring designs to choose from. If you must buy jewelry, shun the diamonds and stick with only gold jewelry as they are less manipulated in prices.
If you want to show off your creativity, choose materials with a sturdier structure. Top them with a variety of cold cuts, cheese, vegetables and a garnish and secure with a toothpick. Or stamp out stars and diamonds from rye or sourdough bread with cookie cutters. Start with your favorite snack cracker.