Buying gold in dubai is a waste..! Do you know why..?

Dubai has long been a major destination for indians living abroad (NRIs) to buy gold. But the situation has now changed due to the central government's reduction in tax on gold and the fact that indian jewelers have started selling jewelry at reduced prices and reduced processing fees. Not only during the wedding season, NRIs coming to india from abroad usually buy gold jewelry while passing through Dubai. But this trend is changing now. Similarly, many people used to go to dubai just to buy gold.

Due to the reduction of gold import duty in india from 15% to 6%, the price of gold in india has come down significantly. Moreover, due to the low wages for skilled artisans, indian jewelers in india have started selling jewelry at lower prices, making it possible to buy gold at lower prices in India. Leading jewelers in the country have said that there has been a significant increase in gold purchases by NRIs in india during the recent wedding season (November 15 to december 15). Leading jewelers like Joy Alukas have reported a 10% increase in nri gold purchases in indian stores. On the contrary, they have also reported a decline in sales in dubai stores.
After trump won the US presidential election, the entire investment market shifted its investments towards government bonds as the confidence in the country's economy increased. As a result, the price of gold has continued to fall, and in the 20 days of december, the price of gold has fallen by about 1.55 percent. The price of 1 gram of 22-carat gold, which started at Rs 7,150 earlier this month, is now at Rs 7,039.
Today, the price of 10 grams of 22-carat gold in the retail market has increased by Rs 600 to Rs 71,000, while the price of 10 grams of 24-carat gold has increased by Rs 650 to Rs 77,450. The price of silver has increased by Rs 1,000 per kg to Rs 99,000. The price of platinum has increased by Rs 100 to Rs 25,260 per 10 grams.
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Sowmiya Sriram

21/12/2024 02:46 PM