FAQs
Frequently Asked Questions
What is Investment Gold and Do I Have to Pay VAT on It?
Investment gold refers to gold that has a purity of at least 995 thousand and is available in the form of bars or wafers of weights recognized by the bullion markets. It can also include gold coins minted after 1800, with a purity of at least 900 thousand, that have been or are considered legal tender in their country of origin. In the UAE, investment gold in the form of bars or coins is exempt from VAT and other taxes. However, a 5% VAT is applied to the small manufacturing or fashion charges associated with the production of minted bars, wafers, or bullion coins. This VAT charge is collected on behalf of Dubai customs authorities.
Can I Collect My Purchase from Your Offices?
Once payment has been made and received either by transfer or by credit card, we will deliver directly to the location of your choice indicated.
Why Do I Need to Register an Account Before Buying Bullion from Us?
We strive to offer a fast, reliable, and efficient service to our valued customers, ensuring a process that is secure, trackable, and transparent. Given the high value of many of our transactions, it is crucial for us to verify the identities of our customers. Registering an individual account allows us to meet these requirements and fulfill our obligations to the UAE authorities. For more information and to register for an account, please visit our registration page.
Do I Receive an Assay Certificate with My Bullion?
For smaller gold bars, ranging from 1g to 100g, they may not always be individually stamped with a serial number. However, they do come with a numbered Assay Certificate, housed in a clear plastic case along with the gold bar. Larger bullion bars are individually cast, stamped with a unique serial number, and come with their own Assay Certificate. Bullion coins, on the other hand, are not stamped with serial numbers, as is standard practice by the World Mints. Rest assured, we source all our bullion products directly from individual Mints or Refiners, ensuring that we provide only genuine, authentic bullion products.
Can I Sell My Bullion to You?
Yes, you can sell your bullion to us. Simply get in touch, and we will guide you through our quick, easy, and secure process.
Additionally, you can sell most forms of unwanted gold to Genor at the most competitive rates in the UAE.
I Live Outside Dubai, Can I Order from You?
We only deliver bullion to customers who are permanent residents of the UAE. However, if you are visiting Dubai, you can place an order and collect it in person from our office once your payment has cleared and you have provided any required proof of funds. If you have any questions or need further clarification, please contact our office directly.
What Happens to the Personal Information That I Give to You?
We want to assure our valued customers that all personal information is protected and securely stored on password-protected computers. We only retain the information necessary to fulfill your order or as required by UAE authorities. For more details, please refer to our terms and conditions.
What if I Change My Mind After Placing an Order?
When you place an order, you are committing to purchasing at the agreed price. Should you decide to cancel the transaction before the delivery or collection, a fee of 150 AED will be applied. Additionally, you will be charged for any decrease in the market value of the precious metals involved. For further details, please refer to our market loss policy in our terms and conditions.
What is the current gold rate?
What is the Difference Between Emirates Gold, PAMP, Credit Suisse etc
The difference between different gold bar manufacturers lies in several factors, including:
- Purity: The purity level of gold bars varies by manufacturer. Some offer bars with 99.99% purity, while others provide bars with 99.5% purity.
- Weight: Manufacturers produce gold bars in different weights. Although the standard weight is 1 ounce, some manufacturers offer bars ranging from 1 gram to 10 ounces.
- Design: Unique designs or markings on gold bars can set manufacturers apart. These may include stamps indicating weight, purity, and the manufacturer, as well as aesthetic designs that enhance the bar’s appeal.
- Packaging: Packaging styles differ among manufacturers. Some gold bars come in protective cases or wrapped in protective film, while others are simply placed in plastic bags. The packaging quality can influence the perceived value of the gold bar.
- Reputation: The manufacturer’s reputation also plays a crucial role in the perceived value and quality of gold bars. Well-established and trusted manufacturers might command a premium for their gold bars compared to those from newer or lesser-known companies.
Do You Offer Buyback Services? What are Your Rates for Buying and Selling?
We provide buyback services for all gold bullion. Our standard rates for gold start at 98% if purchased from Genor DMCC and 97% if purchased elsewhere. For our rates begin at 94% if purchased from Genor DMCC and 93% if purchased elsewhere. Please contact us for a personalized quote, as we may offer higher rates depending on current market conditions.
What is the Cash Purchase Limit for Buying Gold?
Is Now a Favorable Time to Purchase Gold?
Due to our lack of financial regulation, we refrain from offering guidance on the timing of purchases or sales. Bullion dealers in the U.A.E. are not mandated to be regulated by authorities. For individuals contemplating substantial investments, we recommend consulting with a financial advisor. They can provide tailored advice based on your financial objectives and risk tolerance, helping you make informed investment decisions.
Are There Taxes Applicable When Purchasing Gold?
In the U.A.E., the metal content of investment gold bars and coins is not subject to VAT or any other tax. However, small manufacturing or fashion charges related to the production of minted bars, wafers, cast bars, or bullion coins are subject to VAT at a rate of 5%. As per Dubai customs authorities’ regulations, we are required to collect this VAT charge from our customers.
Do You Accept Credit/Debit Card Payments?
Currently, we prioritize offering the most competitive rates on all our bullion products. As such, we accept payments directly to our bank account or over the counter at our office, with a maximum limit of AED 50,000 in cash, subject to specific conditions outlined above. Yes, we accept payments by credit card on our site.
Which is a Better Investment: Gold?
Due to our lack of financial regulation, we refrain from recommending whether gold is a preferable investment. Bullion dealers in the U.A.E. are not mandated to be regulated by authorities. For individuals considering significant investments, we strongly encourage consulting with a financial advisor. They can provide personalized guidance based on your financial objectives and risk tolerance, helping you make informed investment decisions.
Understanding the Difference Between Gold Coins and Bars
Gold coins and gold bars represent two distinct forms of investing in physical gold, each with its own characteristics and cost factors.
Gold coins are typically smaller in size and are minted by governmental or private entities. They often carry a premium above the intrinsic value of the gold due to factors such as historical significance or collectible appeal. This premium can contribute to their higher cost. Gold coins may serve dual purposes as numismatic collectibles and legal tender bullion.
In contrast, gold bars are larger and primarily produced by refiners. They are typically composed of pure gold and have a standardized shape and size, which facilitates easier storage and transportation. Gold bars generally command lower premiums over the actual value of gold compared to coins, as they lack the same historical or collectible attributes.
Ultimately, the price of gold coins is influenced by factors such as rarity, age, condition, and historical significance, which can elevate their value beyond the intrinsic worth of the gold they contain.
Ensuring Authenticity When Purchasing Online
When you buy from Genor DMCC online, rest assured that all our bullion products come directly from manufacturers. This guarantees that you are purchasing genuine gold. Genor DMCC has been a trusted presence in Dubai, UAE, for over 30 years, operating under the website Genordmcc.net. With a strong reputation in the industry and longstanding membership in the Dubai Jewellery Group, we prioritize authenticity and reliability in every transaction.