After all, the UAE is noted for its tax-free shopping and highly competitive jewelry industry, making it the world's third-largest diamond trade hub. It's no surprise that many residents (both locals and visitors) have an opinion about the city's shops and bargains. Many people are enticed to purchase Diamond Bracelets in Dubai.
According to UAE law, all jewelry merchants shall have certificates for each purchase of a diamond piece. Although this bill was enacted with good intentions to protect consumers, there is a dilemma here. There is, after all, no agreement on the kind of documentation or criteria that can be used to assess the consistency of a diamond. This allows for the misappropriation and misrepresentation of commodities.
To be sure, jewelers who market diamonds without a credible GIA / AGS study inflate the diamond's attributes and scam off buyers who unknowingly overpay for more inferior quality. If you want to buy Diamond Pendants in Dubai, you must be cautious.
Another unique tradition to Dubai diamonds is that they are customarily sold free in a sealed case. It means that you won't be able to examine the diamond in detail or measure its light value until you pay a deposit and complete the transaction. This is because no one else in the industry can be trusted (this should raise a red flag already). Isn't it funny how dealers don't trust each other and want you to believe them while purchasing?
When diamonds are traded between wholesalers and dealers, they are typically processed in unopened sealed packets. The loose diamond is kept enclosed at the market level, which is why it is often sold in supermarkets.
Okay, since the UAE is the world's third-largest trade center, it doesn't mean much. It merely means that more hands are going through Dubai's diamond flow.
And it would be best if you foresaw a price spike every time a diamond switches hands, as dealers take their share. The truth is that Dubai has no gems or mining operations.
Every diamond and the vast majority of jewelry that ends up in Dubai are made somewhere else and smuggled in. This will raise the price. In overpriced goods, overheads and sales discounts are heavily articulated.
You're mistaken if you're planning a memorable trip to Dubai to buy a diamond ring with the native mindset of saving money. First, there are no incentives that can help cover travel costs or justify the time spent doing so.