Ajman Gold Market is the gold-shopping district centred around the Gold Souq in Al Nakheel, one of Ajman’s established commercial and heritage areas. Ajman Tourism places the Gold Souq on Sheikh Humaid bin Rashid Al Nuaimi Street in the Nakheel neighbourhood, while the UAE National Cultural Map lists the Old Gold Souk under Al Nakheel 1.
There is not one jewellery shop, but specialist jewellery shops in the market. A variety of gold and silver jewellery in Arabic, Indian and European designs is available, including bridal jewellery, diamond jewellery and custom-made jewellery. The official Ajman tourism authority also states that the gold is sold by weight, at international rates and that the workmanship charges are negotiable.
Ajman Gold Market and the Gold Souq
A few names are used to describe the gold-shopping center around Al Nakheel, such as Ajman Gold Market, Gold Souq Ajman and Ajman Gold Souq.
The UAE National Cultural Map has also designated the Old Gold Souk as a commercial and heritage landmark. Characteristic features of its traditional façade are the semi-shaded passages and wooden roofs, together with small jewellery shops along the walkways.
This is unlike a stand-alone jewellery shop within a shopping complex. The Gold Souq gathers together a number of jewellers in one spot, allowing visitors to see a number of designs and quotations in a single visit.
Location in Al Nakheel
The market is situated around Sheikh Humaid bin Rashid Al Nuaimi Street in Al Nakheel 1, Ajman. According to Ajman Tourism, the surrounding area of Nakheel is a bustling commercial hub, while traditional buildings can be found around the Gold Souq, which is located near the Traditional Souq.
The general Gold Souq name is useful for navigation when visiting the souq area. A shop name from a specific jewellery shop or a map listing that includes one of the shops would be more accurate, as some shops may be at different entrances or addresses.
Jewellery available at the market
Unlike the focus on a particular design tradition, Ajman Gold Market has a wide scope of jewellery. Necklaces, bracelets, gold jewellery, silver jewellery, diamond rings and elaborate jewellery for brides are all listed and promoted by Ajman Tourism.
Traditional and modern designs
The official tourist list features Arabic, Indian and European designs, allowing the market to have a blend of traditional and modern jewellery designs. This means the same area is important for people who are shopping for everyday jewellery, classic jewellery, or even wedding sets.
Custom-made jewellery
Another aspect of Gold Souq’s offering is custom jewellery. People who want something different can ask for a custom-made product, rather than just picking from the finished goods on display in the shop.
If the customer wants to order the piece custom, the design and specifications of the materials should be discussed before the manufacturing process. The buyer should verify the gold purity, estimated weight, workmanship cost and whether or not any stones will be added to the final piece.
Gold prices, weight and making charges
One of the most significant aspects of the pricing system that you need to understand before purchasing from Ajman Gold Market is understanding how the prices are calculated. The pricing system is one of the most crucial factors to note before purchasing from Ajman Gold Market and understanding how prices are calculated.
According to Ajman Tourism, gold is sold by weight, according to international rates, with the workmanship level negotiable.
This does not mean that the price of a finished jewellery piece is just dependent on the gold price. Before making the decision of whether two quotations are similar in cost, the buyer should break down the main elements of the quotation.
Gold rate
The value of the metal used to make the jewellery is found from the gold rate. The rate will vary depending on the international gold market, so a rate known online the day of purchase is not necessarily the rate available on that day.
That’s why it’s best to check the current shop rate when buying.
Making charge
The making charge is for the workmanship of the jewellery. This is the area in which shoppers can negotiate, according to Ajman Tourism.
When both are crafted from the same grade of gold, a simple lightweight chain can cost a lot more than an intricate bridal piece, in terms of workmanship.
Stones and additional costs
The jewellery with diamonds or other stones must be compared separately from plain gold jewellery. The price can be influenced by the cost of stones, their specifications and the workmanship.
The best comparison, then, is made by the entire quote, not the price per gram.
Gold purity and karat
There are various purities available for gold jewellery and the purity has to be established before comparing price.
The UAE’s precious-metals legislation lays down the legal standard of the articles of precious metals and governs their stamping. The monitoring of trade in precious stones and precious metals and their stamping is provided by Federal Law No. 11 of 2015 and the implementing rules and regulations of the Federal Law, which stipulate requirements for articles offered for sale.
A buyer should look at the karat or fineness marking on the jewellery and ensure that the invoice matches the jewellery purchased.
Just comparing the overall price of a 22K piece to an 18K piece does not give a like-for-like comparison; the amount of gold contained in each piece is different.
Hallmarking and purchase documents
One of the most crucial aspects of purchasing jewellery made from precious metals in the UAE is hallmarking. Under the implementing regulations provided by Federal Law No. 11 of 2015, the official stamp or an accepted foreign stamp is required to be affixed to articles of precious metals being sold that have been processed, except in the case where the size of the article does not allow it to be stamped directly on the product.
It is therefore advisable for the buyer to check the marking of the item and to retain the sales invoice as proof of purchase. If a document is submitted by the retailer explaining all aspects of a diamond or gemstone jewellery item, then this should also be kept with the invoice.
If that jewellery happens to be expensive, the paperwork is essential, particularly since it records the information of the transaction and provides the customer a clear reference of the jewelry bought.
How to compare jewellery shops
One of the practical features of the Gold Souq is the concentration of jewellers. Rather than submitting quotations for dissimilar items, customers can request quotes from various retailers on pieces of jewellery that have similar features.
Useful comparison should contain:
- Gold purity
- Gold weight
- Making charge
- Stone cost, if applicable
- VAT
- Final payable amount
It is easier to make a comparison when the pieces are of similar purity, weight and design complexity. If the weight, purity or stone specifications are different, then a lower total price does not necessarily indicate a lower cost gold purchase.
VAT on gold jewellery
VAT is applicable at the rate of 5% on all sales of gold jewellery in the UAE. The UAE government has released VAT guidelines, which provide for a 5% VAT rate for jewellery.
When comparing quotes from various retailers, the VAT should be added to the final quotes. This helps to avoid the buyer comparing one price with another that already has tax in it.
The UAE government also states that VAT is applied on taxable goods and services at the time of sale, in the main.
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Tourist VAT refund
If tourists buy taxable items from taxable retailers who are registered for the UAE’s Tax Refund for Tourists Scheme, they can claim a VAT refund on their taxable purchases when they leave the UAE, provided they meet the requirements of the scheme. According to the official UAE government, the minimum amount spent to be eligible for a tax-free deal is AED 250 and the deal must be approved by the program’s requirements.
The tourist must be able to keep the tax invoice and tax-free documents and have to validate the transaction at the place of departure. The 85 percent is based on the amount of VAT paid by the tourist, minus an AED 4.80 fee per tax-free tag, the government says.
This is only valid if the retailer and the purchase are covered by the official scheme, so the buyer should check with the shop before buying.
Getting to the Gold Souq
The Gold Souq is located in the heart of Al Nakheel, near other shopping centers. A City Sightseeing bus stop is located where you can reach the Gold Souq, Ajman Tourism says.
If a specific jewellery shop is the destination, it is better to provide the taxi/ride-hailing driver with the name of the jewellery shop he or she must pick up at. The Gold Souq reference is provided in Al Nakheel 1, for general market visits.
The location of the central market also allows the opportunity to visit the market as part of a larger tour through the historic commercial market of Ajman.
Opening hours
The official Ajman Tourism listing verifies the location of the Gold Souq and its facilities, but on the page the weekly opening hours for the souq are not specified and there is no current schedule.
Shop hours should not be assumed to be the same in the destination, due to the fact that there are a number of independent jewellery shops in the destination. People who come for a specific product should check the opening time of the particular retailer before coming.
This applies especially to the customer who is booking an appointment for a bespoke jewellery consultation or comes in to visit a shop as opposed to just having a browse.
What to check before paying
It is easier to assess a gold quote if it is split up before actually making a purchase.
First, make sure that the gold is pure and that the weight is accurate. Then, request the workmanship fee and find out if any diamonds or other stones will be part of that fee. Last but not least, verify the VAT and final cost.
The buyer should also inspect the relevant hallmark or stamp and ensure that the invoice matches the jewellery that has been bought. These checks are better than a blanket description of a “good price.”
Buying bridal jewellery
At the Gold Souq, among the jewellery offered by Ajman Tourism, you can find elaborate bridal jewellery pieces.
Bridal jewellery usually features bigger pieces, more intricate craftsmanship and sometimes diamonds or other stones. Due to these changing factors, it is important to consider the full specifications before comparing the gold rate.
Additionally, it is wise to agree on the amount of gold, the final design, the estimated weight and the agreed workmanship charge before placing the order, if it is a bridal set or a custom order.
Custom jewellery orders
With the custom-made jewellery service, the Gold Souq allows buyers to have a piece manufactured based on a specific design, instead of choosing a pre-designed piece. Bespoke jewellery is one of the Gold Souq’s highlights, as mentioned by Ajman Tourism.
Custom orders must have a clear specification from the start. It is important for the buyer to understand what purity is going to be utilized, how the gold is going to be weighed, what the cost of the workmanship is going to be and whether or not there will be a price for stones included in the quoted amount.
Changes in final weight or stone selection during production should also be clarified before the order is completed, as it will impact the price.
Gold Souq versus other jewellery shops in Ajman
Gold Market Ajman is not the only entity known as a gold shop in Ajman. Jewellery retailers are located in various commercial areas in Ajman and Al Nakheel is a concentrated shopping area known as Gold Souq.
This difference is helpful for searching on the internet. The general search for gold shops will yield individual shops to be found in the shopping centres and other neighbourhoods, while the search for Gold Market Ajman or Gold Souq Ajman will narrow down to the traditional gold-market area.
So, it is best to consider the retailer choice depending on the jewellery needed and the specifications of the purchase and not take it for granted that all gold shops in Ajman are a part of the Gold Souq.
Why the market remains relevant for gold shopping
The Gold Souq features a diverse range of jewellery styles, traditional market ambiance and expert jewellery outlets. It is officially listed as a tourist site and is known for its specialist jewellers, Arabic and Indian designs, custom-made jewellery and gold and silver jewellery.
The great thing is that shoppers can now check out a variety of jewellery layouts and compare estimates within the same geographic area. It’s essential to compare similar pieces and know the difference between gold value, workmanship, stones and VAT.
Final takeaway
Gold Souq Ajman in Al Nakheel-1 is surrounded by a gold shopping area known as Ajman Gold Market. It curates the expertise of jewellers from all specialties with Arabic, Indian and European designs, bridal jewellery, gold and silver pieces and custom-made options.
The most important factor is not to fixate on the gold rate on display for buyers. The final price is also influenced by purity, weight, workmanship, stones and VAT. By checking the hallmark, looking at the invoice and comparing similar pieces, you will have a much better basis for buying.
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Ajman Gold Market FAQs
Where is Ajman Gold Market?
It’s located at Al Nakheel 1, Ajman Sheikh Humaid bin Rashid Al Nuaimi Street.
What is sold at Ajman Gold Market?
Gold and silver jewellery, bridal jewellery, diamond rings, necklaces, bracelets and custom-made jewellery are all available.
Can I negotiate making charges?
Yes. This is explicitly stated by Ajman Tourism, which says that workmanship is negotiable.
Is jewellery subject to VAT?
Yes. The VAT rate for gold jewellery inthe UAE is 5%.
Can tourists claim VAT back?
If the purchase is subject to the Official Tourist Tax Refund Scheme conditions, eligible tourists can receive a refund of VAT.
Does the market sell custom jewellery?
Yes. Custom-made jewellery is explicitly included in the Gold Souq’s products.
What jewellery styles are available?
Gold Souq sells traditional and modern jewellery and has Arabic, Indian and European designs.
Are Gold Souq opening hours fixed?
There is no detailed weekly program available on the official listing for Ajman Tourism and the actual hours of the particular jeweller should be confirmed prior to visiting.
