While there are shops littered about Sharm, the only place where shopping is much fun, and certainly the only place that you have any hope of getting a bargain, is down in "Old Sharm." Here in the free-wheeling souk, expect to pick up a shisha for between LE160 and LE600 ($29-$109/£15-£60), or a mask-and-snorkel set for LE30 to LE150 ($5.45-$27/£2.80-£14). There's also quite a lot of jewelry for sale, but keep in mind that there's nothing higher here than 18k gold, and this should cost you around LE220 to LE250 ($40-$45/£20-£23).
Turquoise has been mined on the Sinai for at least the last 5,000 years and is sought after in the modern marketplace for its translucence and particular shade of green. You'll find it for sale in the shops and stores around Sharm. It's priced by the gram, and prices start around $25 per gram for small (1-2g) pieces and rise steeply for larger pieces.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.