Dubai: Expatriates from Gulf countries often bring gold jewellery. There is no expatriate who does not bring at least a gold coin. Especially those working in Dubai. Why the UAE is becoming the center of attraction for gold buyers. Not only are many jewellers introducing various schemes, but there are some obvious reasons behind it.
There are other things that those who bring gold home should know. Those who do not comply with the norms and bring more than the limit will be shackled. Here are five benefits of buying gold from Dubai…
Today, the price of gold in the UAE has increased slightly. 24 carat gold has increased by 0.25 dirham per gram. About five rupees. With this, the price per gram became 211.5 dirhams. That is Rs 4707.76. At the same time, in other markets, including the United States, the price is decreasing today.
According to Dubai Gold, 21 carat gold is priced at Dh189.5 per gram and 18 carat gold at Dh162.5 per gram. There has been a slight decrease in the price of the gold market centered in New York. In Kerala too, the prices are decreasing today. The price in Kerala is Rs 4835 per gram and Rs 38680 per gram. There is a shortage of 120 rupees in power in Kerala.
In Kerala it is Rs 4835 per gram while in UAE it is Rs 4707. This is one of the reasons why Malayalees buy gold from UAE. Compared to any state in India, prices in UAE are low. It is also necessary to know that the price in Delhi is Rs 5290 per gram.
It’s not just the price that makes gold attractive in the UAE. Another reason is that there is no tax. Gold purchased in the UAE is not subject to tax in that country. GST must be paid when buying gold from Kerala. In case of jewellery, GST is to be paid at three per cent of the figure plus gold purchased and labour.
Another feature of UAE gold is quality. Only the best gold can be sold in the UAE. The gold market in Dubai is fully regulated and organized. Therefore cheating is not possible. Another major advantage is that you can get gold in different designs in the UAE.
Even though things are like this, there are some other things that those who buy gold from the UAE and come back home should know. If you want to bring gold into India, you have to pay tax after a certain limit. Also there are criteria for how many times and how much can be brought in a year. People who buy jewelery and come home should also ensure that there is adequate security.
The amount of jewellery men and women can bring home is different. Violators will have to pay tax. Gold can be brought in large quantities depending on the length of stay in the Gulf and the time limit of stay in the country. It is not possible to bring gold by staying in the Gulf for only a few days. A passport holder can import gold. Accordingly, the tax paid document should also be kept.