Concierge.com's insider take:

Souks are usually open between 9 a.m. and 1 p.m. and 4 p.m. and 10 p.m., although the most atmospheric time to go is in the early evening. It's possible to visit all the city's old souks in one go: Start off at the Bur Dubai Souk (also known as the Textile Souk), the epicenter of Dubai's shopping history. Unfortunately it is now primarily a 4,300-square-foot tourist haunt with a lot of tat among the treasures. Worth a look if you are after pashminas (depending on quality, prices can be as low as $10 a shawl), caftans (starting at $5 for a basic, nonembroidered one), and cloth. Be sure to visit Aladdin's shoe stall, which sells intricately embroidered Indian-style sequined sandals for around $8 (Al Fahidi St., near the Dubai Museum, Bur Dubai). Then jump on an abra (water taxi) across the Creek to the Spice Souk. Follow your nose down small alleys crammed with aromatic shops displaying chamomile, rose tea, incense, dried fruits, nuts, and every exotic spice you can think of. Fresh vanilla pods and Iranian saffron are a bargain, while the "aphrodisiacs" are amusingly packaged with innuendo-filled misspelled instructions (creekside, near the wind towers, Deira). Venture farther inside and you will find the bling-tastic Gold Souk: Everything that glitters here is most definitely gold…of the 18- to 22-carat variety (Sikkat Al Khali Street, near the St. George Hotel, Deira; 917-4352-6460; www.dubaigoldsouk.com). Like everything in Dubai, it's very organized, with all the shops centering on a main teak-wood-covered pedestrian street. Damas is one of the most reputable stores, although its prices are a bit higher (971-4226-4849; www.damasjewel.com). Ensure you get good value by asking how much the gold costs and then adding on approximately 30 percent for workmanship, which should ensure you don't get ripped off. Investing in gold here is always a good idea, as prices are linked to the world price of gold and fluctuate accordingly (goods aren't marked with a price; instead a calculation will be done when you buy). After bargaining, ask for a further discount if you're paying in cash.