Hi
my daughter going to india via DUBAI??
Is it ok to buy gold from dubai duty free??
is there any price change if u buy from dubai or canada??
Thanks
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Quote:
Originally posted by mrpandya
Hi
my daughter going to india via DUBAI??
Is it ok to buy gold from dubai duty free??
is there any price change if u buy from dubai or canada??
Thanks
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A SMALL AMOUNT UPTO A VALUE OF 1,00,000 IS ALLOWED FREE...plus the jewellery that you normally wear...
Most of the people who sell Gold and Gold ornaments quote the prices based on the current market values for the metal.
http://www.goldpricesdubai.com/gold-price-in-saudi-arabia/
The prices quoted are actual prices for that day. Some merchants have a mark up and they add their commissions to the Quoted price and it could be a percentage of the price. Some have a flat fee.
A very small amount of Gold can be carried and its value is normally under ONE Lakh of rupees and who so ever travels can carry the same any time. That is for a lady above 18 years of age. The system has become gender based and a Man can carry only Rs.50,000 worth of Gold. All of this is from the Baggage allowance, as quoted from the Indian Government web page. But it is recent but not a current one. So, please check with the airlines where you buy the tickets. They might have a newer one to give you.
They have various means of detection of metals and other products and the detection system has gotten very sophisticated and so I must provide you with advance information on the check out channels at the destination there in India, to avoid paying penalties.
Currently they will allow/permit you to carry a maximum of 10Kgs of the metal and the duty is 6% advelorum plus 3% Educational cess.
FH.
Old system..:
http://www.immihelp.com/travel-to-india/import/gold-silver.html
Please check around page 9 ..: : http://www.cbec.gov.in/trvler-guide_ason22may2013.pdf
Very old link..: http://www.cbec.gov.in/trvler-guide_ason11June2014.pdf Please read to understand.
fh
Location: God's own country
Posted on: 09-03-15 04:36:47
Pandya,
It is better to buy Gold in Dubai but better out of the airport in the Gold Souk.
Buy it as ornaments and wear it out.
If it is Gold bars also I would recommend Dubai as price is cheaper.
In Canada, it is costlier as it does not move fast.
For Gold bars, there is a 10% tax on the Gold bars that is brought inside India. Ornaments will go free but ask her to wear it.
On a side help :
Often I take the plane from Sharjah-Trivandrum-Chennai. I travel in the domestic leg of Trivandrum-Chennai. If you want we can coordinate so that I will wear some of the Gold from Trivandrum to Chennai. Customs is in Trivandrum. This is a free help that I will do for you (if you need it). We can also prebook the seat numbers so that the excahange can be done as smooth as possible.
Murali
Murali
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I am a Gents and not a Ladies.
Please bear in mind that India has imposed a lot of restrictions and import duty is levied when carrying bullion into the country now since 2013 and the Customs is not sparing.
For ornaments , better to buy @ Gold Souq ( check out Hasnat Jewelers @ Deira) .. Others may pitch in their recommendations.
Buying @ Duty Free is not an entirely bad option if you are not staying @ Dubai ... better than Canadian prices for sure .
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Fido.
I can understand jewelry being cheaper in the ME - but if buying in form of wafers or biscuits, Canada is definitely cheaper. Many might not know that the Canadian mint is the best mint in the world - producing 5 nines, while all others make only 4 nines (or it used to be when I was employed for a company which had set up a new gold refinery in India in collaboration with US and CAD experts).
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Chandresh
Advice is free – lessons I charge for!!
Location: God's own country
Posted on: 10-03-15 03:19:52
but if buying in form of wafers or biscuits, Canada is definitely cheaper.
Tend to disagree.
Canada is not cheaper. Gold by itself may be cheaper but they do include premium Packing , smelting charges + the dreaded HST which will take it quite high. As a collector item, it may be better but not for cash value.
The jewellery store cares two hoots (in india) whether it is from ME or Canada or SA. They will give only the standard price.
Murali
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I am a Gents and not a Ladies.
Though there s no HST on bullion in Canada (or any where in the world if I ain't wrong) , gold bars are cheaper in UAE relatively as the charges are less (gold price being the same)
I had done a comparison in 2011 between Toronto Gold Bullion and price in UAE and got a bar from there. But the difference is not huge and since then I have brought two from SBI Canada who sell RCM......... In the end the price difference is not worth shopping for it in Dubai or Middle East.
Good to know the 5 9s thing... Did not know that ..Thanks for sharing this Chandresh.
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Fido.
