Gold cheap in Dubai, from other developed or developing countries all over the world. But why gold is impossibly cheap there?
Have you thought about this? In a broad way, I will share some information with you. Many of you may have heard this information or many may not know.
Let us discuss, this through this article. Gold is so cheap in Dubai. In Dubai, the young generation uses the golden car.
We often look at different media sources. Many of us know about the lifestyle of the UAE. Now I will tell you about the secret of gold because Dubai’s gold is the purest and cheapest.
Due to this, 1200 tons of business is being done here. Before starting the article, I request all readers, if you want to know any new information, please subscribe to this site, so that any of my new articles can reach you easily.
How is Gold cheap in Dubai from other Countries?
Friends, why is this? People from different parts of the world reach Dubai to buy gold. For this reason, gold trading in Dubai is one of the income sources.
Like crude oil and the tourism industry – the jewelry or 24 kt gold business underpins the financial system. That’s why Dubai is known as the “City of Gold”.
That’s why big companies of the world have opened their outlets here. In case you didn’t know – well, the world’s biggest jewelry fair is held in Dubai. Big companies participate in it.
You must have understood that there is no possibility of loss in this business. Raw gold is imported here from South Africa. Jewelry is made of and sold. With the stamp of Dubai, the demand for this jewelry becomes very high, and the demand in the world market increases effortlessly.
Another secret is that Indian and China people buy the most gold from here. Also, rich people from Pakistan, Singapore, and New York come here to buy jewelry and gold.
4186 companies and 62000 investors are present according to the survey. Last year Dubai Gold and Diamond Training reached up to AED 274. If you ever travel to Dubai and shop, the Gold Souk Market is a must-visit. You can realize why this city is called the City of Gold. For your information, gold is imported from 30 countries of the world in Dubai. All tourists who come here for shopping should not go empty-handed.
Why do people buy gold from Dubai?
Well, friends, Dubai gold is the cheapest and purest in the world. So those who visit here are very excited to buy gold or jewelry. This is because the government here has strict rules. “There has not ever been any kind of scam with gold.
There are strict legal provisions to maintain this arrangement. 29% of all gold trade in the world is from Dubai.
All gold trader here is registered through the Government of Dubai. The Dubai Central Laboratories Department maintained the purity of gold(DCLD), which is published through Bareeq Certification.
This certificate increases the quality and demand for gold. Due to this, the gold bought from Dubai can be easily sold in any part of the world at the right price.
What is the motivation to buy gold from Dubai?
Hence, the demand for gold in Dubai is very high, but there are special rules for buying this gold and taking it to other countries. Another primary reason for the low gold prices in Dubai is the current tax regime. Other countries have various taxes on gold.
In India VAT + GST + excise Duty then labor charges always apply on jewelry. That makes gold jewelry quite expensive. Only 5% VAT is payable to buy Jewelry in Dubai.
This tax was applied in January 2018. It means before that year gold was cheaper over there. Gold price is the same in all shops here, all showrooms follow international market gold prices. Gold prices here are the same everywhere.
However, when buying jewelry, the labor charges are negotiable. But negotiation depends on a few things.
Like the design of jewelry, Is handmade or machine and which country products.
But if your negotiation skills are strong, you should definitely visit the Gold Sukh Market here. There are more than a thousand shops in this market.
All kinds of designer jewelry in the world are available here. Jewelry bought from this market, sold anywhere in the world, is worth the exact weight of gold. There is no deduction on selling or replacing time.
How much gold can you bring from Dubai?
Let’s talk about important things this time. For those, Who have resided in Dubai for more than one year. Those (Mel) can buy 20 gm of gold worth fifty thousand with a valid bill.
And Females can bring 40gm gold or jewelry, worth one lakh rupees for the baby also the same rules.
You can get more gold by paying customs duty. Customs duty in India increased from 10% to 12% currently levied. This does not mean that you can bring in as much gold as you want with paying duty.
If you stay there for six months, you can buy one kg of gold. But if you want to bring more than one kg, then on excess gold in India, you still have to pay customs duty. The amount of which is 36.05%. Hence gold treading deal is cheap in Dubai.
Conclusion:-
Gold is cheap in Dubai we understand. If you ever go to Dubai, buy gold or jewelry from there.
The main reason for the low price of gold in Dubai is the jewelry and gold trading process here.
Because taxation is low here. Many tourists visit Dubai from different countries of the world. Hence the quantity sail of jewelry here is very high.
So if you are planning to tour hear, Just take a visit to Gold Souk market. Your desire to see a variety of jewelry designs will get satisfied.
I hope that the article provides you with the proper definition of Why Dubai is so cheap for jewelry shopping. If you are satisfied please share this article with your circumference.