Sarafa Bazaar is Rawalpindi's traditional gold and silver jewellery market, a cluster of jewellers' lanes inside Raja Bazaar in the old city, at the end of Bhabra Bazaar. People come from Rawalpindi, Islamabad and further afield to buy wedding sets, bangles and plain gold, and to have pieces made or reworked. The sensible way to shop here is to treat the daily gold rate as your anchor, then compare each shop's making charges line by line.
This guide covers how the market is organised, how gold is priced, how to compare shops, and the practical details. For the history and architecture around it, see our walk through Bhabra Bazaar.
| At a glance | |
|---|---|
| Where | Inside Raja Bazaar, old city Rawalpindi, at the end of Bhabra Bazaar |
| Known for | Gold and silver jewellery, engraving and casting, Moti Bazaar next door |
| Gold quoted per | Tola (11.6638 g) |
| Gold rate, late August 2026 | About PKR 514,000 per tola of 24K (one market report; moves daily) |
| Opening hours | Shop hours vary; confirm before a special trip |
| Pay with | Check what each shop accepts; bring ID |
Where is Sarafa Bazaar?
Sarafa Bazaar is one of the specialised markets within Raja Bazaar, the main commercial hub of Rawalpindi's old city near Fawara Chowk. Wikipedia lists it alongside Kapra Bazaar (cloth), Masala Bazaar (spices), Lakkar Bazaar (wood) and others. Raja Bazaar has more than 2,500 shops in all.
Goldsmiths have worked in this part of the city for generations. The Bhabra community, the Jain merchants who gave nearby Bhabra Bazaar its name, were traders and goldsmiths here. Today the lanes are Muslim-run, and Dawn's writer on a walk through noted that engraving and casting by traditional methods still go on.
What you can buy
- Gold jewellery: sets, rings, chains, bangles and earrings, both ready-made and made to order.
- Silver: jewellery and small items.
- Old gold reworked: jewellers will melt old pieces and make something new, deducting a small wastage and conversion fee.
- Moti Bazaar goods nearby, a ladies' market of bangles and accessories, useful for matching items to a wedding outfit.
Sources describe the market as serving both wholesale and retail buyers, with Raja Bazaar drawing shoppers from Azad Kashmir, Gilgit-Baltistan and Khyber Pakhtunkhwa as well as the twin cities.
How gold is priced
The price of metal is the same logic everywhere in Pakistan. A trade association, the All Pakistan Sarafa Gems and Jewellers Association, publishes daily benchmark rates from international gold prices and the dollar rate, and local associations announce their own. These are trade rates, not government prices. Gold is quoted per tola (11.6638 grams).
What you pay at the counter is the metal plus:
- Making charges for the craftsmanship, charged as a percentage or per gram.
- Wastage, the metal lost in filing and polishing.
- Taxes where applicable.
Making charges are not set by any authority and vary from shop to shop and by design. One guide to Pakistan's gold market notes they run from single-digit percentages for plain items to around 20 percent for ornate work, and that they cannot be recovered when you resell. Handmade or heavily worked pieces cost more than simple chains and bangles. We could not find a reliable current figure specific to Rawalpindi, so do not trust any single number you read online, including ours.
How to compare shops
- Check the day's rate from a rate site or the shop's board before you walk in.
- Ask for a written breakdown: weight in grams, karat, rate, making charges, wastage and tax, each separately.
- Visit at least three shops and compare the making charge as its own percentage, not just the final total.
- Weigh the piece in front of you and look at the karat mark.
- Get a receipt that states weight and karat, and ask what the buy-back or exchange terms are before paying.
For a large purchase such as bridal jewellery, advice in Pakistani gold guides is to buy from established jewellers who can show certified hallmarking, and to take a family member who has bought gold before.
Bargaining
Bargaining happens on the making charge, not on the metal rate. A calm "what is the lowest making charge on this piece" gets further than arguing over the total. Walking away to compare another shop is normal and expected. Do not rely on being able to negotiate on silver or fixed-price items.
Getting there and what to expect
Raja Bazaar is crowded at any hour. The section from Fawara Chowk to Hamilton Road (Dingi Khoi) has been converted into a pedestrian street under a beautification project that Dawn reported as still unfinished a year after it began. ProPakistani reported in August 2026 that parking was a real problem. Take a taxi or ride-hailing car to Fawara Chowk and walk in.
Carry as little cash and jewellery on you as you can, keep bags closed, and shop in daylight. Tripadvisor's and shop directories' hours differ, and some shops close on Fridays; check with the shop before a special trip.
Food and breaks nearby
The old city lanes around Bhabra Bazaar are known for kulcha, dahi bhallay and chaat. Our guide to the best food in Rawalpindi lists wider options, and Saddar Bazaar is a calmer place to sit afterwards.
Is Sarafa Bazaar right for you?
It suits anyone buying gold or silver in Rawalpindi who is willing to compare shops, ask for a breakdown, and take time. It is good for wedding shopping and for custom or reworked pieces.
It is less suited to anyone buying in a hurry, to people who are uncomfortable with crowds, or to a first-time gold buyer going alone. If you only want to see the old city, the walk around Bhabra Bazaar is enough. See our experiences page for other places around Rawalpindi and Islamabad.
Frequently asked questions
Where is Sarafa Bazaar in Rawalpindi?
It is inside Raja Bazaar in the old city, at the end of Bhabra Bazaar, a short walk from Fawara Chowk.
What is sold at Sarafa Bazaar?
Mainly gold and silver jewellery, ready-made and made to order, plus reworking of old gold. Moti Bazaar next to it sells bangles and accessories.
Is gold cheaper at Sarafa Bazaar than in other shops?
The metal rate is the same across the market. Savings come from comparing making charges between shops, so we cannot promise it is cheaper than elsewhere.
Do I need ID to buy gold?
Practice varies by shop and purchase size. Carry your CNIC, and ask for a proper receipt in your name.
Can I bargain on gold prices?
Not on the daily metal rate, but you can negotiate making charges and sometimes wastage.
