Pros & Cons of Buying Gold in Dubai
In India, Gold is more than just an investment option and Indians enjoys a high rate of yellow metal consumption. And when it comes to comes to buying gold, Dubai has been a favorite destination amongst Indians. Dubai has a large quantity of unearthed gold and is also known as 'City of Gold'.
Pros of buying gold from Dubai:
- Gold bought from Dubai is tax-free, that means you will just be paying for the gold bought and no extra taxes.
- The purity of gold bought from Dubai is superior compared to other countries.
- Moreover, Dubai's gold market is much more organized, controlled and regulated. Thus, purchasing gold is much safer in Dubai as compared to other countries.
- The kind of diversity and variety in gold designs that is available in Dubai is to be found nowhere.
- Another benefit of buying gold jewellery from Dubai is that you can bargain on making charges.
- The gold rate in Dubai depends on the international gold prices today. That is why gold is much cheaper in Dubai as compared to other countries.
Cons of buying gold from Dubai:
- Import duty of 36% imposed by Indian government on gold brought in the country above the allowance limit.
- Risk of travelling with gold from Dubai to India.
Rules of getting gold in India from Dubai:
On 1 April 2016, Indian government stated that all the male passengers coming back to India after residing in a foreign country can bring gold up to 20gms of weight and valuing not more than 50,000 Indian rupees as a duty-free allowance. All the female passengers can bring gold up to 40 gms of weight and not costing more than 1,00,000 Indian rupees as a duty-free allowance.
However, there will be no restriction imposed on gold brought in the country after declaring it at the customs and paying the government-set import duty of 36%.
As of now, the Indians travelling from Dubai or from any foreign country have to undergo a long procedure to get gold in the country. The Central Board of Excise and Customs is working on new guidelines and scenario may change in future.
Read More on Gold
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- GST on Gold
- Gold And Devaluation
- Gold Price Valuation In India
- Why Is Gold Rate Fluctuating
- Why Investing In Gold Is A Golden Opportunity
- How Gold Rate Fluctuation Affects Indian Economy
- Top 8 Reasons to Invest in Gold
- How Does Gold Investment Affect Indian Economy?
- How Will Restricting Gold Imports in India Affect Gold Rates?
- Top 5 Factors That Affect Gold Rate In India
- Why Gold Prices Are Up
- Companies that Purchase Your Old Gold for Cash
FAQs on Pros & Cons of Buying Gold in Dubai
- What is the permissible limit on wearing gold for men travelling from abroad to India?
Men travelling from abroad to India can wear up to 20gms of gold valuing not more than Rs.50,000.
- What is the permissible limit on wearing gold for men travelling from abroad to India?
Women travelling from abroad to India can wear up to 40gms of gold valuing not more than Rs.1,00,000.
- Why is 24 karat gold not used for making jewellery?
The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.
- How can I check whether the gold that I have purchased is real?
One of the easiest ways to check the authenticity of your gold is to conduct the float test. Take your gold ornament and put it in a bowl of cold water. If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal's density is high, otherwise it fake or a plated gold ornament. The other way to check is by taking your gold ornament and bringing it close to a magnet. If it sticks to the magnet then it is fake gold. Real gold will not stick to the magnet.
- Is it possible to bring gold in India from abroad beyond the set limit?
Yes, you can bring gold in India from abroad beyond the set limit. However, you will have to declare it at customs and pay the government-set import duty of 36%.
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