Dubai has so much gold because it has world-class refineries, a gold souk, an organized gold market, safety, cheap rates, and purity. The gold rate in Dubai is cheap because of the low cost of manufacturing and exemption from taxes. The major items of gold sold in Dubai are gold bangles, gold chains, gold rings, and neckless. There are many markets in Dubai that sell gold at a cheap rate. Then why are you waiting? Go and purchase the gold in Dubai as other people do.
Why Dubai Has More Gold?
There are no gold mines under Dubai’s sand. Dubai does not have gold mines under the desert land. The United Arab Emirates (UAE) brought unrefined gold from Africa. Every year they brought gold worth millions of dollars from African states since 2006. The UAE is the biggest customer of African Gold. But UAE has built a world-class refinery in DMCC freezing zones along with storage and trading facilities. The technology of refining gold from unrefined gold and other facilities like storage and trading is responsible for more gold in Dubai as compared to other countries.
Why Dubai is Called “City of Gold”
The Dubai Customs Department shows that in 2020 gold trade in the country was valued at 41 billion euros. This makes the Dubai “City of Gold”. In the next year from January to December 2022, consumers purchased 46.9 tons of gold jewelry which was 38 % more compared to the same period in 2021 according to the latest data published by the World Gold Council (WGC). At present Dubai has a gold reserve of 79.95 Tones. Gold is one of the important external trade items that has increased Dubai’s economy to the highest value.
Why Gold In Dubai is Cheap?
Dubai always has exempted gold from taxes. Due to the exclusion of taxes, the prices of gold in Dubai have always been cheaper as buyers have to pay only for the value of the gold jewelry. This is one of the main reasons why gold is cheap in Dubai. Due to that people choose to go to the city and buy the gold. The Indian people prefer to purchase gold in Dubai in the form of ornaments like gold bangles, neckless, gold chains, gold rings,
Why Gold In India Is Costly?
The gold in Dubai is cheaper as compared to India. India has so many taxes on gold like customs, GST, and other taxes. All these taxes in India makes gold costly. The cost of Gold in India is 15 to 20 % more as compared to Dubai. Also, India has no world-class refining and storage facilities for gold like in Dubai. Gold prices in Dubai for 22 Carat Gold are INR 5017 whereas in India the price for the same quality of gold is INR 5673 on 23rd February 2023.
Gold Markets In Dubai
There are many markets for gold in Dubai. Even some Indian Jewelers have shops in Dubai. Dubai Gold Souk near Dubai Spice Souk is the largest market in Dubai. There are many big shops with different types of jewelry. It is also the market to buy cheap gold in Dubai. Other famous gold markets in Dubai are Gold Shop, Mint Jewelers at Karama Center, 22 Kuwait St., and Gold and Diamond park at Business Park, Shaikh Zayed Rd.
Popular old Shops In Dubai
The most popular gold shops in Dubai are Red Rose Jewellery, Damas Jewellery, Jot Allucas Jewellery, Malabar Gold and Diamonds, Damiani Kanz jewelersRosella Kyra Jewellers, Kalyan Jewelers Store, Royal Dubai Jewelers, Malabar Diamond and Gold, and Tiaba Jewelers. All these famous jewelers in Dubai have big shops. Along with these brand names, there are many small shops of gold. You can buy the gold according to your convenience
How Much Gold Allowed From Dubai To India
Dubai has a lot of gold. Indians are allowed to purchase gold in Dubai. There are no restrictions to carrying gold from Dubai to India. A man traveling from Dubai to India was allowed a maximum of 20 grams of gold with him without any duty. The women traveling from Dubai to India are allowed to carry more gold as compared to men. A woman traveling from Dubai to India can be allowed 40 grams of gold but the cost of the gold should not be more than Rs 1,00,000 without any duty. For the higher quantity of gold, you have to pay the import duty of 36 %.
Is Purchasing Gold In Dubai Safer?
Dubai has capitalized on its geographical position by setting up gold vaults, jewelry-making facilities, and refineries. Al Etihad Gold refinery refines and converts gold into an investment-grade bar, and supplies it to the bullion bank, traders, and jewelry wholesalers. Dubai’s gold market is much more organized, controlled, and regulated. Thus purchasing gold in Dubai is much safer as compared to other countries. The purity of gold brought from Dubai is pure compared to other countries including India.
Why Dubai Is Famous for Gold?
Dubai is famous for gold because the gold in Dubai is the purest and more reliable for all categories of gold like 24K, 22K, 21K, and 18K. The government of Dubai is succeeded to ensure regular verification of gold being sold. The market in Dubai is world-famous because of this reason. The refineries in Dubai and the gold souk are responsible for their position as a major gold hub in the world.
I hope the information in this article will be useful to you for buying gold in Dubai.
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