Is Gold Really CHEAP In Dubai? 🤯🤯
Hey there! The festive season is right around the corner and so will be the madness around purchasing gold as an “investment” for good fortune and prosperity!
Gold might sparkle everywhere in the world, but the price tags differ for sure. Read on to know why picking up gold in Dubai could leave your wallet happier!
What I was up to: Sayali & I had an extremely productive week! We caught up with the team to plan for the coming months, and we each shot for amazing episodes of our podcast with guests I’m sure you’ll love hearing out!
While we edit them out and get them ready for you, pay a quick visit to our YouTube and check out this amazing episode with Avanne Dubash, a Consultant News Anchor and Communications Expert who has over 15 years of experience in the broadcast media sector with the Times Network.
We are now registered mutual fund distributors!! If you would like to check it out, you can fill out this form and our team will get in touch with you soon :)
Market ka haal: The Indian stock market had another rough day 📉 with the Sensex and Nifty 50 both dipping for the second straight session on Wednesday, October 16. The main culprit? Weak global cues, signaling traders are feeling a bit bearish 🐻. To make matters worse, foreign investors aren't sticking around—FIIs dumped ₹1,748.71 crore worth of equities just on Tuesday alone! 💸
Across Asia, major markets like Seoul, Tokyo, and Hong Kong closed lower, though Shanghai managed to stay in the green. Over in Europe, the trend was pretty much the same with markets trading in the red, and the US wrapped up Tuesday on a low note too. 🌍👀
Humara Gyaan: If you've ever thought about buying gold, you've probably heard that Dubai is the place to do it. But why does gold cost less there compared to India? Let’s break it down:
Customs Duty Differences 📉
In India, a 10% customs duty is slapped on gold ornaments brought from Dubai between 20-100 grams, plus IGST and other taxes. If your gold weighs less than 20 grams but is valued at over ₹50,000, you'll still pay a 10% duty on the excess amount.Male passengers can bring up to 20 grams (worth ₹50,000) duty-free, while female passengers can bring up to 40 grams (worth ₹1,00,000) without paying customs. Children under 15 can carry up to 40 grams duty-free as well, but adults who accompany them must bring paperwork establishing the youngster’s identification and relationship to them, as well as purchase invoices for the gold objects.
Currency Exchange Rate Matters 💱
The UAE Dirham is pegged to the US dollar, keeping Dubai’s prices in line with dollar movements. In contrast, India’s rupee is more volatile, and when the dollar strengthens against the rupee, Indian imports become pricier. This makes the gap between gold prices in the two countries even more noticeable.Making Charges & Payment Fees 🛠️💳
While Dubai’s gold may seem cheaper upfront, don’t forget to factor in making charges (around 1% in the UAE). Also, if you’re paying by card, you might face 2.5% in processing fees.The Popular Illegal Move ✈️
Now, some people take advantage of this price gap by wearing the gold they buy in Dubai as jewelry on their way back to India, hoping to dodge customs duties. This practice is widespread despite being illegal, mainly because of the significant cost-saving potential, but we obviously advise against this!
When all the factors—import duties, taxes, exchange rates, and making charges considered, on average, 24K gold could be 5% to 7% cheaper in Dubai than in major Indian cities.
Like what you’re reading? Please share this with your friends and have them sign up too!
A wise shopper looks beyond the price tag. If you’re thinking about buying physical gold (ornaments), make sure you’ve done your homework on what suits you. Of course, do factor in the travel expenses you’d incur! Buying gold on a trip to/via Dubai is a lot different from travelling to Dubai for purchasing gold LOL!🧐💰✨
Here’s to glittering prosperity🍻
Niyati ❤️
Follow us if you don't already: Twitter | Instagram | LinkedIn | Facebook | YouTube