Purchasing gold and jewellery remains more affordable in Dubai than in India, even after New Delhi declared that import taxes on gold and silver would be lowered from 15% to 6%. According to Shamlal Ahamed, managing director of international operations at Malabar Gold & Diamonds, “it is estimated that gold prices in Dubai will still be 5–6% cheaper than in India even after the reduction in import duty.
Given the lower import duties, Indian consumers who are cost-conscious may reevaluate where they would like to purchase gold. Dubai will continue to hold its unrivaled position as a global center for jewelry, recognized for its extensive and unique collection of jewelry designs from around the globe. Given that India does not have access to such a wide variety of designs, this will be a crucial consideration for Indian jewellery buyers when making their decisions, added Ahamed.
Century Financial’s chief investment officer, Vijay Valecha, also affirmed that purchasing gold and jewellery in Dubai would still be less expensive than doing so in India, even with the import duty being lowered. Industry insiders generally estimate that before India lowered the import duty on Tuesday, the cost of gold and precious metal jewelry had decreased by roughly 15%.
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