Oman's gold prices track the international spot rate converted to OMR at the fixed 0.385 rate. Since April 2021, Oman applies a 5% VAT on gold jewellery — the same rate as UAE — making both countries aligned for jewellery buyers. Investment gold (bars and coins at international fineness standards) is VAT-exempt in Oman.
Oman's most iconic gold destination is Mutrah Souq in Muscat, a historic covered market dating back centuries. Mutrah is particularly renowned for traditional Omani silver and gold jewellery — intricate hand-crafted pieces that are highly sought by collectors. 21K and 22K gold are the dominant jewellery grades; 24K is available for investment. The market also offers distinctive Omani-style khanjar (dagger) ornaments in silver and gold.
Oman's growing tourism sector — particularly with the expansion of Muscat International Airport — has increased gold tourism, with visitors seeking authentic Omani traditional jewellery as souvenirs and investments.