Indians are crazy for Gold and especially for Dubai Gold. You must have heard a lot about how many Indians go to Dubai just for Gold Shopping. And for Indians, Gold is not just an investment option it is much more than that. Indian housewives are crazy for Gold and gold jewelry. And Dubai is known as the ‘City of Gold’, the reason for the craziness of Indians to go and buy Dubai Gold.
Pros of Buying Gold in Dubai
The benefits are very high for buying gold from Dubai than the disadvantages. So, here are the top benefits, do check out;
Dubai gold is tax-free, you don’t need to pay any tax on buying gold or brought to India. No GST needs to be paid. But there are some rules. Like Male passengers can bring only 20 grams of gold while Female passengers are allowed to carry 40 grams of Gold in India without paying any import duty or tax.
Apart from that, You don’t need to pay any tax after declaring your gold as customs and paying 36% customs duty.
2. Purity of Gold
It is being said that the Gold which is being sold in Dubai is more pure than available in India. Though there is no scientific evidence and even in India, you can buy all certified hallmark gold jewelry. But since many people believe it, most people believe it.
3. More Variety of Gold
You can get more variety of gold and diversity in Dubai compared to India due to the very big gold market in Dubai which is more regulated, controlled, and organized than the Indian one.
4. More Bargain Power
In Dubai, you can get more bargaining power in making charges of Dubai Gold Jewellery than in India. In India, we have fixed-price shops and malls of gold buying facilities.
5. Gold Price in Dubai
The Gold Price in Dubai depends on international gold rates and when you convert the Dubai Gold Price into Indian Rupees, you can see the difference that the gold in Dubai is much cheaper, pure, more variety, and duty-free as well.
Cons of Buying Gold in Dubai
The cons are very low as mentioned above. The only disadvantage is that you can’t bring more gold to India without paying duty and the little risk of carrying gold into India while traveling.
Also currently, there are more cases of gold smuggling coming on the surface, the Central Board of Excise and Customs (CBEC) is working extra hours and you need to go through a long process to get gold in India from any country.