Buy from a licensed shop that gives you an invoice showing the karat, weight and price per gram, and whose pieces are hallmarked, whether it is in a traditional market or a mall. Traditional markets (such as Souq Taiba and Souq Al-Thumairi in Riyadh, and the gold market in Al-Balad in Jeddah) usually have lower making charges and are easier to negotiate in, while mall showrooms sell designs and brands at a higher making charge. The gold price itself is about the same everywhere (today 21K is 408.86 SAR), so the real difference between one shop and the next is the making charge.
Where can I buy gold in Saudi Arabia?
Last reviewed: · How we write and review (Arabic)
Last updated: Source: metals.dev in Saudi riyals, dollars at the 3.75 peg · World benchmark: LBMA price · How we get our prices
Markets by city
These names are well known to people in each city. There is more about each market, and local prices, on the city page:
| City | Well-known markets and areas | City page |
|---|---|---|
| Riyadh | Souq Taiba, Souq Al-Thumairi, Souq Al-Batha, Haraj Ibn Qasim, and the showrooms of Al-Olaya and Al-Tahlia | Gold prices in Riyadh (Arabic) |
| Jeddah | The gold market in Al-Balad, Souq Al-Alawi and the modern gold complexes | Gold prices in Jeddah (Arabic) |
| Mecca | The Al-Aziziyah markets, the Clock Tower markets and the shops around the Grand Mosque | Gold prices in Mecca (Arabic) |
| Medina | Souq Bilal and the shops in the Central Area | Gold prices in Medina (Arabic) |
| Dammam | The markets of central Dammam, mall showrooms and the nearby Al-Khobar markets | Gold prices in Dammam (Arabic) |
We don't list opening hours because they change, so check them before you go.
Traditional market or mall?
| Traditional markets | Mall and brand showrooms | |
|---|---|---|
| Making charge | Usually lower | Usually higher (for the design and the name) |
| Negotiating | Possible and common | Limited |
| Comparing | Many shops side by side | One or two shops in one place |
| Best for | Saving and simple pieces | Modern designs and gifts |
An example of what a different making charge means: a 10 g 21K bracelet at a making charge of 30 SAR per gram costs 5,046.89 SAR today, and at 60 SAR per gram it costs 5,391.89 SAR. The difference is 345 SAR (300 × 1.15), and the gold itself has not changed.
The Ministry of Commerce inspects, and violations do happen
Gold shops are inspected on an ongoing basis. The Ministry of Commerce announced that in the second quarter of 2023 its teams made 1,797 field visits to gold and jewellery markets and outlets across every region of the Kingdom, and issued 272 on-the-spot violations to the businesses involved, covering missing hallmarks, incomplete invoice details and operating without a licence.
So the things you can check yourself (the hallmark, the invoice, the licence) are the same things the ministry issues violations for.
Before you go to any market
- Check today's price for the karat you want, so you can work out the gold value of the piece.
- Compare the making charge per gram between two or three shops for the same kind of piece. The method is in How do I know if a gold shop's price is fair?
- Check the hallmark: the Precious Metals and Gemstones Law bans selling items that don't carry the Kingdom's hallmark. Details are in How can I check that gold is real?
- Ask for an invoice showing the karat, weight, price per gram and total price.
- Negotiate the making charge, not the gold price: how to negotiate the gold price.
- If you find a violation, report it to the Ministry of Commerce on 1900 or through the Balagh Tijari app (بلاغ تجاري).
Sources
- Ministry of Commerce: Ministry of Commerce: 1,797 visits to gold outlets in the second quarter of 2023 (Arabic).
- Bureau of Experts at the Council of Ministers: Precious Metals and Gemstones Law, Article 4 (Arabic).
- The market names come from Dhahabi's city pages. They are names in local use, not a verified commercial list.
Frequently asked questions
Where is the cheapest place to buy gold in Riyadh?
The gold price itself is about the same everywhere; the difference is the making charge. Traditional markets such as Souq Taiba, Souq Al-Thumairi and Souq Al-Batha usually have lower making charges than mall showrooms. The most important thing is to compare the making charge per gram across several shops.
Is gold more expensive in malls?
The making charge there is usually higher, for the design and the brand, and there is limited room to negotiate. The gold value itself does not change.
What should I check before buying from any shop?
The hallmark on the piece, an invoice showing the karat, weight, price per gram and total price, and that the shop is licensed. These are the same violations the Ministry of Commerce records.
Where do I report a violation at a gold shop?
To the Ministry of Commerce, on 1900 or through the Balagh Tijari app (بلاغ تجاري).