UAE Scrap Gold Buyers

Scrap Gold Buyers in the UAE

The UAE is not only a destination for buying gold but also a great place to sell unwanted or scrap gold. Almost all gold dealers across the UAE will buy gold, offering competitive prices based on the current market rates.

Whether you have old jewellery, broken pieces, or other gold items you no longer need, selling to a scrap gold buyer in the UAE is a convenient way to turn unused gold into cash. Additionally, specialised companies and gold refineries are also involved in purchasing scrap gold, particularly in larger quantities from jewellers and businesses.

Why Sell Scrap Gold in the UAE?

The UAE’s thriving gold market makes it one of the best places to sell scrap gold. Gold dealers here are known for offering fair and competitive prices, typically based on the day’s spot price, minus a small margin for refining or resale. This means you can usually expect to get a better deal than in many other countries, where taxes and high premiums can eat into your return. The process is straightforward, with dealers often providing on-the-spot assessments and immediate payment.

Benefits of selling scrap gold in the UAE include:

• Fair prices based on daily gold rates
• A simple, straightforward selling process
• Immediate payment in cash or bank transfer
• Availability of both dealers and companies that specialise in scrap gold buying

Types of Scrap Gold Buyers in the UAE

There are several types of scrap gold buyers in the UAE, ranging from traditional gold dealers to companies that focus exclusively on purchasing scrap gold. While most gold dealers will readily buy gold from individuals, offering competitive rates, there are also specialised companies that have emerged specifically to handle scrap gold transactions. These companies often work with individuals, jewellers, and even businesses looking to offload large quantities of unwanted or broken gold items.

Gold refineries also play a key role in the scrap gold market. While they primarily focus on larger quantities of gold from jewellers or businesses, they are integral to the process of refining and recycling gold back into the market. Although refineries do not typically deal with retail clients, they are crucial in providing scrap gold buyers with fair pricing and recycling options.

How Scrap Gold Prices are Determined

Scrap gold prices are typically based on the current global spot price of gold, which fluctuates throughout the day. However, when selling scrap gold, it’s important to remember that most buyers will deduct a small percentage to cover the cost of refining or reselling the gold. This deduction can vary depending on the purity of the gold, the quantity being sold, and the specific buyer’s pricing policies.

Scrap gold buyers in the UAE are generally transparent about the process, providing a clear breakdown of how much they will pay based on the weight and purity of the gold. You can expect to receive a fair price, particularly if you’re selling gold that is 20K, 21K 22K or 24K in purity.

Factors influencing scrap gold prices include:

• The current market price of gold
• The purity of the gold (measured in karats)
• The weight of the gold being sold
• The buyer’s margin for refining or reselling

Where to Sell Scrap Gold in the UAE

Selling scrap gold is easy in the UAE, as most gold dealers are happy to buy back unwanted items. In addition to visiting the larger Dubai and Abu Dhabi markets, many smaller gold dealers in Sharjah, Ajman, and Fujairah also provide scrap gold buying services. Additionally, specialised companies set up specifically for buying scrap gold offer convenient, no-hassle transactions with immediate payment.

UAE Scrap Gold Buyers at a Glance

• Who Buys: Most gold dealers, specialised scrap gold companies, and refineries
• Pricing: Based on the daily spot price, with a small deduction for refining
• Locations: Gold dealers and scrap gold companies across Dubai, Abu Dhabi, Sharjah, and the smaller emirates
• Payment: Immediate payment by cash or bank transfer

Tax on Selling Scrap Gold in the UAE

When selling scrap gold in the UAE, you typically do not need to worry about VAT if you are not a business. However, when selling large quantities of gold or if dealing directly with refineries, it’s important to ensure that your transaction complies with local AML and KYC regulations, which may require you to provide identification such as a passport or Emirates ID.

This helps ensure that the transaction is secure and that both the buyer and seller are protected under UAE law.