Gold Price In India Too High? Know All About Buying Gold In Dubai

Apart from being a favorite international tourist destination of Indians due to the easy Dubai visa online process, Dubai is also known as the - Dubai City of Gold? Yes! And all for good reasons! The Emirate city is home to one of the largest gold markets in the world, with an incredible array of gold products available for purchase at a price much lower than that of gold price in India. This Dubai gold market, along with other retail outlets, offers a vast array of jewellery, bullion/bar, and coins, making it an attractive destination for gold investors and collectors. While planning a trip to Dubai, visiting the Dubai Gold Souks should be a part of your Dubai itinerary.

What is the Gold Price in Dubai?

The gold rate in Dubai is determined by the Dubai Gold & Jewellery Group, which sets the daily gold prices influenced by international gold prices and currency exchange rates. Gold prices in Dubai are quoted in Dirhams per gram; with prices changing daily based on global market trends such as fluctuations in the US dollar and the price of oil, and is typically lower than the gold price in India along with other parts of the world. This is due to the absence of taxes and tariffs on gold products, making it a popular destination for gold buyers and investors from around the world who are looking for a good deal along with adding physical gold to their portfolios.

What is the Duty Free Limit on Gold from Dubai?

The Indian Government and the Central Board of Excise & Customs have set a limit on the amount of gold that an individual can bring into the country from abroad. The limit varies depending on the type of gold being carried and the status of the passenger.

For Indian Tourists returning to India within 6 months of their trip, the limit for gold jewellery without any customs duty is 10 grams while the limit for importing gold bars and coins is currently 1 kg, with a duty of 10% and 3% IGST (Integrated Goods and Services Tax). This limit is only applicable to gold bars and coins that are imported through authorized agencies, such as banks or other registered dealers. Any gold bars or coins imported by an individual through any other means will be subject to seizure and penalties.

Male travellers who resided in Dubai or any other foreign country for more than a year are allowed to bring in gold jewellery worth up to INR 50,000 or 20 grams while returning to India.

Non-resident female travellers returning to India from Dubai or any other foreign country after a year are allowed to carry gold jewellery worth up to INR 1 lakh or 40 grams duty-free.

Similarly, children over 2 years of age can also carry duty-free gold jewellery to India if they have stayed abroad in Dubai or any other foreign country for more than 1 year. The duty-free import is applicable only for plain gold jewellery.

Gold jewellery studded with gemstones and pearls, along with gold coins, biscuits or bars/bullion is not applicable for duty-free import. Travellers carrying such items are requested to pay the custom duty charges as follows: INR 300 per 10 grams + 3% Edu Cess for Gold Bars and INR 750 per 10 grams + 3% Edu Cess.

What are the consequences for carrying Gold more than the allowed limit?

If an individual is carrying more than the allowed limit, they will be required to pay customs duty on the excess amount. The customs officer will determine the value of the gold based on the prevailing gold prices in India and impose the appropriate duty.

What are the Custom Duty Charges on Gold?

As mentioned earlier, the customs duty on gold jewellery imported into India is currently 10% of the value of the jewellery, along with an additional 3% IGST. However, there are some exemptions and limits on the amount of duty payable. For example, if an individual is carrying gold jewellery worth more than the recommended limit and is returning to India after staying abroad for less than 6 months they will be required to pay 36.05% customs duty on the gold.

Buying Gold from Dubai

Dubai is an attractive destination for gold buyers due to the absence of taxes and tariffs on gold products, making gold prices in Dubai lower than in other parts of the world, including India. However, it is essential to be aware of the limits and regulations surrounding the importation of gold from Dubai to India before making any purchases.

It is recommended to buy gold from Dubai from authorized dealerships, such as banks or registered dealers, to ensure the authenticity of the product and to avoid any penalties or seizure of the gold.

It is also important to obtain a proper invoice and certification for the purchased gold, as this will be required for customs clearance in India.

FAQs:

Q.What is the best way to bring gold from Dubai?

Ans - You can choose to bring your gold in your luggage. However, please make sure to declare the gold when you arrive in India and pay the customs duty. Also please make sure to use the red channel for dutiable goods at the airport if the gold you are carrying is above the duty free limit.

Q.Is gold cheaper in Dubai than India?

Ans - Yes. Gold prices in Dubai are up to 15% cheaper compared to the gold price in India. The gold price in India is high mainly due to the taxes collected on gold.

Q.Can I bring gold in my luggage bag from Dubai?

Ans - Yes. You can carry gold in your luggage along with you while returning from Dubai. You can even import it within 15 days of your arrival as unaccompanied baggage.

Q.Where is the gold market in Dubai?

Ans - The Gold Souk Dubai is located in the Deira district of Dubai, it is the worlds largest gold bazaar, with over 300 retailers selling gold jewellery, gold bars, and gold coins.

Q.Can Indian Tourists buy gold from Dubai?

Ans - Yes. However, please make note that the duty-free limit of gold is 10 grams only. Anything above that, may result in import duty so please buy accordingly.

Q.Do I have to declare gold jewellery at Indian customs?

Ans - Yes. You have to declare the gold you are carrying with you. As per the Central Board of Indirect Taxes and Customs (CBIC), gold Dubai jewellery of 40 grams (for NRI females), 20 grams (for NRI males), and 10 grams (for Indian residents) falls under the duty-free category and need not be declared at the customs but it is safer to declare nonetheless. To avoid any penalties and seizure of gold, anything above the duty-free limit must be declared to the Customs Officials in a detailed declaration form correctly.

Q.Why is gold so cheap in Dubai?

Ans - Due to its tax-free status, Dubai does not impose any extra tariffs or taxes on purchasing gold. Buyers are only required to pay for the value of gold, making gold jewellery cheaper in Dubai.

Q.Can I bring 1kg gold from Dubai?

Ans - Yes. 1kg is the maximum limit of gold allowed to bring from Dubai to India. However, you will be required to pay the duty charges of 36.05% on the value of gold that passes the duty-free limit of gold as per your status and the type of gold you plan to bring to India.

Q.What is the import duty on gold jewellery?

Ans - Import duty charges on gold imported into India vary depending on the quantity, type, and value of the gold being imported. It is determined by the Customs Officer based on the current gold price in India.

Q.How much gold can I bring from Dubai to India?

Ans - The amount of gold an individual can bring from Dubai to India depends on the type of gold and the passengers status. For Indian residents, the limit for importing gold bars and coins is currently 1 kg, with a duty of 10% and 3% IGST. The limit for gold jewellery is 10 grams without any customs duty. For non-residents of India, the duty-free limit on gold is currently 1 kg.

Q.How much gold is allowed from Dubai duty-free?

Ans - The duty-free gold limit from Dubai to India varies depending on the type of gold being carried and the passengers status. For non-residents of India, the duty-free limit on gold jewellery is currently 20 grams or worth up to Rs.50,000 for males and 40 grams or up to Rs.1,00,000 for males, while for Indian residents (irrespective of gender), the limit is 10 grams of gold jewellery without any customs duty.

How can Akbartravels.com help?

We at Akbartravels.com not only help you find a cheap flight to Dubai or budget-friendly hotels in Dubai but we also try to help you with all the queries that you may have related to buying gold in Dubai. Due to the vibrant gold market in Dubai and the gold price in India being on the higher end, Dubai is a popular destination for Indian gold buyers. However, many people are unsure of the limits and regulations surrounding importing gold from Dubai to India, particularly regarding the custom duty and restrictions and the gold carrying limit from Dubai to India, and often land in trouble because of it. With proper planning and adherence to the regulations, individuals can bring gold from Dubai to India without any hassle and enjoy the benefits of the vibrant Dubai gold market.

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