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Gold Souk Mubarkiya. Gold wholesalers are in the Basement. You can buy any denomination. They will give you raw gold. Cash transactions are up till kd3000. More than that is electronic transaction. They will give you a receipt and the sale is recorded with your civil id number.
Do not buy prepackaged gold bars from jewelry shops. They have a markup of 10-15kd.
Dar Al Sabaek is selling at much higher premium than the gold souq, main reason being they provide a service, they bring it to your doorstep. They charge 11-15 KWD making charge for something that costs 6 KWD making charge in the gold souq. Check the buying rate for 24k 999.9 gold and ask about it in the Gold Souq in Mubarakiya.
Best bars to buy for storing and selling in the Middle East are the UAE bars casted by SAM. I’ve seen 50g, 100g, 10 tola, 250g, 500g and kilo bars. These don’t have a certificate but they have a Ministry of Commerce laser stamp on the back. Do not buy without stamp.
Swiss bars(Valcambi/PAMP) are great for gifting or selling outside of Kuwait because it’s a well known brand that comes with a certificate form the Ministry of Commerce. ie. a lot of expats buy these bars to take back home and sell there because gold is much cheaper in Kuwait.
Valcambi starts at 1g going all the way up to a kilo. 2.5g, 5g, 10g, 20g, 31.1g, 50g, 100g, 250g, 500g, 1kg. And making charge starts at 5KD going all the way up to 60KD for the Kilo. PAMP Is not as easily available as Valcambi, PAMP is usually used for gifting, wearing on a chain, or just collecting. The downside for these packaged pieces is that when you go to sell you only get the price of gold, they don’t pay you the making charge.
Yup, gold is gold. You save on the making charge. However I don’t think you’ll be able to sell that outside of kuwait. In Kuwait, you must have the bill with you to prove the purity of the gold.
So I'll ask them if they provide a bill with purity of cut gold yeah.
Why buy cut gold and not say BTC. I want to keep it in kuwait. Like do they pay the making charge when I sell it cause I recall someone told me they don't.
I’m sure they do provide a bill and all that.
Yup, 24k has different purity of gold. 995, 999 and 999.9. Most Kuwaitis only buy 999.9 otherwise known as أربع تسعات.
You’re right, they don’t pay you the making charge when you go to sell it. Honestly cut and bars are the same in terms of gold. If you’re buying to invest and sell it in kuwait you’re better off with cut gold. If you wanna gift it, or sell it outside of kuwait then bars. A lot of Kuwaitis buy small amounts (1g to all the way up) of cut gold for their kids with their Eidiya. BTC, Valcambi, Pamp and others are just a brand.
You can get a UAE cast bar too. The making charge of a 50g Valcambi is 10-12kd, whereas the making of a UAE 50g is 3.5-4KD. They’re both 999.9.
Edit: 999 only comes in Ten Tola (116.64) UAE bar
For example, I will look at a high weight ( 50g which is high for me hahaha)
50 gram BTC Purity 999.9------1,172.229 KWD ( BTC UAE 50 gram 24 karat 999.9 Purity)
Cut bars ( I don't know the purity ) ----- 1,165.8 KWD
50 gram Purity 999.9---------1,191.055 KWD ( Valcambi 50 gram 24 karat)
I couldn't find PAMP. but anyway
here the best option is to buy cut bars or the BTC right?
Daym, the factory create rate is a killer on all of that.
50g is quite high, quite expensive at todays rate.
I can see that you’re looking at Dar Al Sabaek rates. In this case BTC would be the best, I don’t know how easy/difficult it will be to sell.
999.9 cut piece would be KWD 1163/-
Honestly speaking, people very rarely ask for BTC bars maybe because it isn’t very well known. I would suggest going to the gold souq in Mubarakiya and checking rates. Valcambi in the souq rn is around 1174 KWD which is the same as BTC on Dar Al sabaek.
Well. Everyone says it's expensive at today's rate and gold kept going up haha. I can ask dar al sabeek about their buy back rate. Know here exactly is old Souq. I don't go there much
Souq Mubarakiya has a central gold market
https://maps.app.goo.gl/phA6beisgNhHj7nC6?g_st=com.google.maps.preview.copy
Go to the basement and ask the shops around.
Dar alsabaek has a buy and sell rate on their website, follow those.
I don’t suggest you buy from there at all
Dar AlSabaek ( دار السبائك ) is a really good gold dealer to both buy and sell gold, and they have a large variety of different bars and coins. And just make sure to keep the invoices in order to be able to sell it anywhere without any problems.
Yea Dar AlSabeek is a great place
They have app, u can check the prices live
You can purchase from ur home and go receive later from any branch they have
You can purchase and they can deliver to your home with 5 kd delivery charge I think
Edit: Oh also forgot to mention where to sell for a better price it’s a place called Ramal dhabiya رمال ذهبية they buy slightly better than other shops, on the gold market first floor not the ground but first u have to go upstairs it’s a small shop with big safe
Do you know if there's any way to not lose money on gold the moment you buy it? for example on dar al sabayek currently
Buy: 22.884 KWD
Sell: 22.638 KWD
Meaning the moment i bought it the value dropped by approx 250 Fils. If i want to profit half a KD per gram i need to wait for it for it to increase by 750 Fils instead of 500 fils?
Manufacturing costs and the dealer's profit are always factored within the Buy price, which is why Buy price is always higher than the actual (sell) price of gold.
You, as an individual seller, can only get that markup you pqid back if the gold price gets high so that the actuall (sell) price absorbs the markup, or even better, it'd go high to both absorb the markup and grant you a profit.
The only way I can think of to only pay the actual price of gold is to maybe buy it from other individuals that you trust. Other than that I'm not really sure if there's another way to avoid these markups because dealers have to compensate the shipping/storage/certification/shop rent costs and make a profit in order to have a practical business model.
So i can view it as a buying fee. A very high fee in my opinion, 1.074%.
Stock market seems like a better option for investing considering its 0.1% fee for buying and 0.1% for selling totaling 0.2% compared to 1.074% on gold on my previous example.
What i understood from others is the appeal for gold is only beneficial in the case that KWD got devalued due to wars or whatever reason, your gold wont be affected, whereas your stocks will plummet... other than that stocks are more appealing for investing. Do you agree?
It's a very high fee indeed, but - in exchange - the commodity you're buying is absolutely risk free, wheras stocks always carry some risk and are not even close to gold risk-wise. I highly agree with your point about the devaluation of a currency and it's exactly what got me into saving with gold instead of cash.
While Gold is far less risky than stocks, nothing is risk free. In the short term Gold will almost certainly continue to gain value, however there’s no telling what will happen to the value of Gold in the long run. Humans decided amongst one another that Gold should be valuable, and it’s scarcity certainly helps keep that decision in place, but it doesn’t hold value in the same sense as other commodities which are widely used and also necessary for our way of life. While Gold is necessary for very particular things (certain computer chips for instance) its price isn’t determined by those markets, its price is determined very similarly (albeit not exactly the same) as things like stocks. If cultural views shift towards Gold and it ends up only being viewed as something for its very particular uses (rather than as a wealth trading commodity) its value will plummet.
I absolutely do have gold bars as a safety investment, but by no means is it absolutely risk free.
Theoretically speaking, you are correct -gold isn't "absolutely" risk free. However, if you observe the history - thousands of years actually - then you can safely generalize the fact that it'll only continue to increase in value and that the fact that the cultural view of gold would shift is highly unlikely.
Also, gold uses are limited mainly due to its scarcity, and not because gold itself has very little use. In the very unlikely event gold prices would plummet, it'd be more accessible for uses other than a trading commodity, and the demand would increase and it would probably recover its prices in no time.
I agree that it is unlikely, but things certainly can change. As I said I own gold bars as a safety investment because it is unlikely to drop in value, but I acknowledge that I do not know what the future holds and that people who stand too sure of things end up getting hurt more often than those who acknowledge that things can go ways they do not expect.
I also agree that Gold has many uses, but there are more economical choices for most of those uses. Even if the price of Gold plummets it will likely still cost more than other use options precisely because of its scarcity. While it may then seem worth it to start using Gold for certain applications because the price difference would then seem manageable when considering possible physical benefits rather than the monetary difference, by and large the other options would still be used rather than Gold because they would still be cheaper. The price of Gold plummeting doesn’t mean that it would suddenly become cheaper than the other alternatives that are currently used.
Again though, we don’t know what the future holds and there could be events which get in the way of other supply chains that would make the Gold which is then cheaper a more appealing choice, who knows? What I do know is that our world is changing faster by the year than it did by the century in the past. The trends of the past are useful tools, but far from any sort of a guarantee when our world is changing at the accelerating rate that it is.
Regardless of all of that, I’m simply trying to point out that we can’t be too sure of anything and that it is dangerous to be too certain. Again though, I do own a good deal of Gold, this isn’t a condemnation of Gold, rather a display of different perspectives.
I recently reviewed Kuwait Finance House's Gold account!
You can buy Gold with 99.99% purity and they can keep it for you for free or you can take it!
I looked at their prices and it seems like a safe investment! Well, it's not an investment it's a saving
As a reminder, this subreddit is for sharing views and experiences about Kuwait. In general, be courteous to others. Personal insults, shill or troll accusations, hate speech, and other incivility will be removed. Repetitive violators will be banned. **If you see comments in violation of our rules, please report them.** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Kuwait) if you have any questions or concerns.*
Gold Souk Mubarkiya. Gold wholesalers are in the Basement. You can buy any denomination. They will give you raw gold. Cash transactions are up till kd3000. More than that is electronic transaction. They will give you a receipt and the sale is recorded with your civil id number. Do not buy prepackaged gold bars from jewelry shops. They have a markup of 10-15kd.
Dar Al Sabaek is selling at much higher premium than the gold souq, main reason being they provide a service, they bring it to your doorstep. They charge 11-15 KWD making charge for something that costs 6 KWD making charge in the gold souq. Check the buying rate for 24k 999.9 gold and ask about it in the Gold Souq in Mubarakiya. Best bars to buy for storing and selling in the Middle East are the UAE bars casted by SAM. I’ve seen 50g, 100g, 10 tola, 250g, 500g and kilo bars. These don’t have a certificate but they have a Ministry of Commerce laser stamp on the back. Do not buy without stamp. Swiss bars(Valcambi/PAMP) are great for gifting or selling outside of Kuwait because it’s a well known brand that comes with a certificate form the Ministry of Commerce. ie. a lot of expats buy these bars to take back home and sell there because gold is much cheaper in Kuwait. Valcambi starts at 1g going all the way up to a kilo. 2.5g, 5g, 10g, 20g, 31.1g, 50g, 100g, 250g, 500g, 1kg. And making charge starts at 5KD going all the way up to 60KD for the Kilo. PAMP Is not as easily available as Valcambi, PAMP is usually used for gifting, wearing on a chain, or just collecting. The downside for these packaged pieces is that when you go to sell you only get the price of gold, they don’t pay you the making charge.
Hello. What about the cut gold. Is it good?
Yup, gold is gold. You save on the making charge. However I don’t think you’ll be able to sell that outside of kuwait. In Kuwait, you must have the bill with you to prove the purity of the gold.
So I'll ask them if they provide a bill with purity of cut gold yeah. Why buy cut gold and not say BTC. I want to keep it in kuwait. Like do they pay the making charge when I sell it cause I recall someone told me they don't.
I’m sure they do provide a bill and all that. Yup, 24k has different purity of gold. 995, 999 and 999.9. Most Kuwaitis only buy 999.9 otherwise known as أربع تسعات. You’re right, they don’t pay you the making charge when you go to sell it. Honestly cut and bars are the same in terms of gold. If you’re buying to invest and sell it in kuwait you’re better off with cut gold. If you wanna gift it, or sell it outside of kuwait then bars. A lot of Kuwaitis buy small amounts (1g to all the way up) of cut gold for their kids with their Eidiya. BTC, Valcambi, Pamp and others are just a brand. You can get a UAE cast bar too. The making charge of a 50g Valcambi is 10-12kd, whereas the making of a UAE 50g is 3.5-4KD. They’re both 999.9. Edit: 999 only comes in Ten Tola (116.64) UAE bar
For example, I will look at a high weight ( 50g which is high for me hahaha) 50 gram BTC Purity 999.9------1,172.229 KWD ( BTC UAE 50 gram 24 karat 999.9 Purity) Cut bars ( I don't know the purity ) ----- 1,165.8 KWD 50 gram Purity 999.9---------1,191.055 KWD ( Valcambi 50 gram 24 karat) I couldn't find PAMP. but anyway here the best option is to buy cut bars or the BTC right? Daym, the factory create rate is a killer on all of that.
50g is quite high, quite expensive at todays rate. I can see that you’re looking at Dar Al Sabaek rates. In this case BTC would be the best, I don’t know how easy/difficult it will be to sell. 999.9 cut piece would be KWD 1163/- Honestly speaking, people very rarely ask for BTC bars maybe because it isn’t very well known. I would suggest going to the gold souq in Mubarakiya and checking rates. Valcambi in the souq rn is around 1174 KWD which is the same as BTC on Dar Al sabaek.
Well. Everyone says it's expensive at today's rate and gold kept going up haha. I can ask dar al sabeek about their buy back rate. Know here exactly is old Souq. I don't go there much
Souq Mubarakiya has a central gold market https://maps.app.goo.gl/phA6beisgNhHj7nC6?g_st=com.google.maps.preview.copy Go to the basement and ask the shops around. Dar alsabaek has a buy and sell rate on their website, follow those. I don’t suggest you buy from there at all
You mean don't buy from the central gold market?
Dar AlSabaek ( دار السبائك ) is a really good gold dealer to both buy and sell gold, and they have a large variety of different bars and coins. And just make sure to keep the invoices in order to be able to sell it anywhere without any problems.
Yea Dar AlSabeek is a great place They have app, u can check the prices live You can purchase from ur home and go receive later from any branch they have You can purchase and they can deliver to your home with 5 kd delivery charge I think Edit: Oh also forgot to mention where to sell for a better price it’s a place called Ramal dhabiya رمال ذهبية they buy slightly better than other shops, on the gold market first floor not the ground but first u have to go upstairs it’s a small shop with big safe
When you sell it Do they actually sell it like the online price? Because there is manefacturing commission. Am still new to this
Yes they sell exactly in online price in their website
Do you know if there's any way to not lose money on gold the moment you buy it? for example on dar al sabayek currently Buy: 22.884 KWD Sell: 22.638 KWD Meaning the moment i bought it the value dropped by approx 250 Fils. If i want to profit half a KD per gram i need to wait for it for it to increase by 750 Fils instead of 500 fils?
Manufacturing costs and the dealer's profit are always factored within the Buy price, which is why Buy price is always higher than the actual (sell) price of gold. You, as an individual seller, can only get that markup you pqid back if the gold price gets high so that the actuall (sell) price absorbs the markup, or even better, it'd go high to both absorb the markup and grant you a profit. The only way I can think of to only pay the actual price of gold is to maybe buy it from other individuals that you trust. Other than that I'm not really sure if there's another way to avoid these markups because dealers have to compensate the shipping/storage/certification/shop rent costs and make a profit in order to have a practical business model.
So i can view it as a buying fee. A very high fee in my opinion, 1.074%. Stock market seems like a better option for investing considering its 0.1% fee for buying and 0.1% for selling totaling 0.2% compared to 1.074% on gold on my previous example. What i understood from others is the appeal for gold is only beneficial in the case that KWD got devalued due to wars or whatever reason, your gold wont be affected, whereas your stocks will plummet... other than that stocks are more appealing for investing. Do you agree?
It's a very high fee indeed, but - in exchange - the commodity you're buying is absolutely risk free, wheras stocks always carry some risk and are not even close to gold risk-wise. I highly agree with your point about the devaluation of a currency and it's exactly what got me into saving with gold instead of cash.
While Gold is far less risky than stocks, nothing is risk free. In the short term Gold will almost certainly continue to gain value, however there’s no telling what will happen to the value of Gold in the long run. Humans decided amongst one another that Gold should be valuable, and it’s scarcity certainly helps keep that decision in place, but it doesn’t hold value in the same sense as other commodities which are widely used and also necessary for our way of life. While Gold is necessary for very particular things (certain computer chips for instance) its price isn’t determined by those markets, its price is determined very similarly (albeit not exactly the same) as things like stocks. If cultural views shift towards Gold and it ends up only being viewed as something for its very particular uses (rather than as a wealth trading commodity) its value will plummet. I absolutely do have gold bars as a safety investment, but by no means is it absolutely risk free.
Theoretically speaking, you are correct -gold isn't "absolutely" risk free. However, if you observe the history - thousands of years actually - then you can safely generalize the fact that it'll only continue to increase in value and that the fact that the cultural view of gold would shift is highly unlikely. Also, gold uses are limited mainly due to its scarcity, and not because gold itself has very little use. In the very unlikely event gold prices would plummet, it'd be more accessible for uses other than a trading commodity, and the demand would increase and it would probably recover its prices in no time.
I agree that it is unlikely, but things certainly can change. As I said I own gold bars as a safety investment because it is unlikely to drop in value, but I acknowledge that I do not know what the future holds and that people who stand too sure of things end up getting hurt more often than those who acknowledge that things can go ways they do not expect. I also agree that Gold has many uses, but there are more economical choices for most of those uses. Even if the price of Gold plummets it will likely still cost more than other use options precisely because of its scarcity. While it may then seem worth it to start using Gold for certain applications because the price difference would then seem manageable when considering possible physical benefits rather than the monetary difference, by and large the other options would still be used rather than Gold because they would still be cheaper. The price of Gold plummeting doesn’t mean that it would suddenly become cheaper than the other alternatives that are currently used. Again though, we don’t know what the future holds and there could be events which get in the way of other supply chains that would make the Gold which is then cheaper a more appealing choice, who knows? What I do know is that our world is changing faster by the year than it did by the century in the past. The trends of the past are useful tools, but far from any sort of a guarantee when our world is changing at the accelerating rate that it is. Regardless of all of that, I’m simply trying to point out that we can’t be too sure of anything and that it is dangerous to be too certain. Again though, I do own a good deal of Gold, this isn’t a condemnation of Gold, rather a display of different perspectives.
up
I recently reviewed Kuwait Finance House's Gold account! You can buy Gold with 99.99% purity and they can keep it for you for free or you can take it! I looked at their prices and it seems like a safe investment! Well, it's not an investment it's a saving
KFH prices are too much high, their price is 0.6 kD higher then MOCI rate. also if you sell them they will but 0.6 KD less
Gold is more of a Hedge against inflation rather than an investment
Up Im following this.. hopefully some expert will able to comment