Latest news with #DubaiJewelleryGroup
Gulf Insider
2 days ago
- Business
- Gulf Insider
Why is Gold in Dubai Cheaper Than in India?
Dubai is a global citizen's paradise. Known for its modern architecture, luxury shopping experiences, vibrant nightlife and must-see landmarks like Burj Khalifa. Dubai also boasts of its world-famous gold souks that have earned it the nickname 'City of Gold'. As if this association with gold were not enough, there's another reason Dubai is very popular. Gold in Dubai is cheaper than it is in India. Is this really true? We will come back to this. First, let's understand Dubai's association with gold. It may surprise you to know that Dubai does not have a single gold mine of its own. Then, where does it get its gold? All that glittering gold that you see in Dubai is sourced primarily from African nations, Turkey, Switzerland and Russia. And who are the buyers? After sourcing from global gold mines and refining it, Dubai gold finds buyers in India and China, the two largest gold-consuming countries in the world. Now, before we compare India and Dubai gold prices, let us understand the carats and purity levels of gold available in Dubai. Carat or Karat is the term used to measure the gold content or purity. 24 carat gold is made up of 24 parts pure gold, whereas 22 carat gold is made up of 22 parts gold and 2 parts alloyed metals. Similarly, for 21 and 18 carat where other metals added constitute 3 and 6 parts. In the West, the karat is expressed in fineness. For example, 24 carat gold is expressed as 1,000 parts out of 1,000 pure or fineness 1.000. Similarly, 22 carat is expressed as 22 divided by 24, which will give you a fineness of . you multiply .9166 by 1,000, it gives 916.66 level of purity. Now, for calculating fineness of 21 karat, 21 is divided by 24 to arrive at .875 fineness and similarly, for 18 karat it is .750 fineness. The purity level for 21 karat and 18 karat gold is defined as Gold 875 and Gold 750. So, 22 carat gold can be depicted as fineness of .9166 or 916.66 level of purity. The Dubai Jewellery Group (DJG), a premier trade association for the Dubai jewellery industry, has a simpler and transparent way of disseminating real-time gold prices for consumers. Most jewellery outlets display the prevailing 'Suggested Retail Jewellery Price' on screen, which are digitally updated 3 times every day. As an Indian, you need to have the United Arab Emirates Dirham (AED) to buy gold in Dubai. At the current foreign exchange rate, you need Rs 23.50 to buy 1 AED. On July 23, one gram 24 carat gold was quoted at AED 405.25, approximately Rs 9,523. Comparatively, gold in India was trading higher at Rs 9,888. As the purity of gold falls, so do the price. 22K traded at AED 375.25, 21K at AED 359.75 and 18K at AED 308.50. If you are buying gold worth Rs 2 lakh (about 20 grams) in Dubai, it could help you save over Rs 7,000. Gold price today in India is Rs 99,450. For the first time in 2025 gold crossed Rs 1 lakh on July 23 to create an all-time high level. Bringing gold from Dubai may not be simple unless you stick to the laws of the land. I have written about this earlier. Just to recap… Gold can be transported in checked baggage up to one kilogram, with a minimum six-month overseas stay required for one kilogram, if disclosed and duty paid. Indian women are allowed to bring up to 40 grams of gold or up to a maximum value of Rs 1 lakh, while men are allowed to bring up to 20 grams of gold or up to a maximum value of Rs 50,000 without paying any duty. Got kids? Children under 15 can bring 40 grams of gold ornaments up to a maximum value of Rs 1 lakh without paying customs duty. And make sure that the weight of gold, including ornaments, should not exceed 1 kg. per passenger. Needless to say, keep all purchase vouchers handy at the airport. Gold in Dubai is cheaper than in India because of taxes. There's no GST on gold in Dubai. But, there's 5% of value-added tax (VAT). Not to worry. Dubai makes sure its tax-free shopping for you. You can claim a full refund of VAT. There are time limits to adhere to for such refunds. If you bring gold from Dubai or any other location, you will have to pay customs duty. The rate will depend on the quantity and the gender. Here are the customs duty rates on gold: 3% for 20 to 50 grams for males/ 40 to 100 grams for females and children 6% for 50 to 100 grams for males/ 100 to 200 grams for females and children 10% for over 100 grams for males/ over 200 grams for female and children For commercial use, gold imported into India is subjected to GST, Agriculture Infrastructure Development Cess (AIDC) and Integrated Goods and Service Tax (IGST), all adding up to the final in-hand price for consumers. Indians visiting Dubai for vacation end up buying gold due to the significant price gap between the two countries. For Indians, 24-carat gold can be 5% to 7% cheaper in Dubai. But wait! You also need to ensure the gold you buy in Dubai is pure. So, just as Hallmarking is a must in India, ensure that gold purchased in Dubai has the Dubai Central Laboratory Department issued Bareeq Certification. Also read: Dubai Mallathon: Crown Prince Sheikh Hamdan Launches New Summer Fitness Programmes in Shopping Malls
India.com
3 days ago
- Business
- India.com
Gold is cheaper in THIS country compared to India due to..., one gram of 24K gold costs Rs...; know how much you can buy, other details
File/Representational Dubai gold price: Dubai, the shopping capital of the world, is famous for its dazzling nightlife, luxury malls, and modern marvels like Burj Khalifa. But did you know that the UAE city is dubbed the City of Gold because of its luxury gold markets where the precious yellow metal sells for a cheaper price than in India? Why gold is cheaper in Dubai? Though there are no gold mines in the United Arab Emirates (UAE), gold is brought in from African nations, and other countries including Turkey, Switzerland and Russia. The raw gold is then refined by jewellers in Dubai at sold at jewelry shops at prices cheaper than India. Gold is cheaper in Dubai because there are no taxes in the UAE, so consumer, jewellers or gold importers do not have to pay any GST. But a 5% VAT is charged on purchased, which can claimed as refund within a specified time limit. What is the gold price in Dubai? According to the Dubai Jewellery Group (DJG), the current price of one gram of 24K gold in Dubai is AED 405.25 (about Rs 9,523), which is cheaper than India, where you have to pay 9,888 for the same quantity. Decreased carat count means less purity and lower price. Thus, 1 gram of 22K gold is priced AED 375.25, 21K at AED 359.75, while 18K is sold for AED 308.50. Notably, gold prices in India hit a record high on July 23, 2025, and close to crossing Rs 1 lakh for the first time. 10 grams of gold are priced at Rs 99,450 in India, as per market data. How much gold can you bring home from Dubai? While cheaper gold can seem an attractive opportunity to many, there is a cap on how much of the precious metal you can bring home to India. Indian citizens, who have lived in a foreign country for the last six months, are allowed to bring up to 1 kg of gold in checked in bags, after declaring it and paying the required custom duty. Women citizens can bring up to 40 grams or Rs 1 lakh worth of gold completely duty-free, while this limit is restricted to 20 grams or Rs 50,000 worth of gold for men. What is the purity of Dubai gold? Gold purity is measured in carat, and 24 carat (24K) signifies 100% purity, while 22 carat means it has 22 parts gold and 2 parts other metals. The purity of gold declines as the carat count goes down. Dubai gold is considered one of the purest in the world, according to experts and connoisseurs.
Khaleej Times
21-07-2025
- Business
- Khaleej Times
Gold prices up in Dubai; some shops see low footfall amid high prices, summer break
Gold prices rose Dh1 per gram at the opening of the markets in Dubai on the first trading day of the week. The Dubai Jewellery Group data showed 24K trading at Dh404.75 per gram on Monday morning, up from Dh403.75 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh374.75, Dh359.5 and Dh308.0 per gram, respectively. High precious metal prices and summer vacations have led to a decline in gold jewellery sales. 'Because of the high prices and people on leave, the footfall is low. Most of the customers are those who have subscribed to the loyalty schemes with us,' said a jeweller. Spot gold was trading at $3,359.86 per ounce, up 0.25 per cent. Investors this week will be monitoring developments in US trade talks and the Federal Reserve's policy meeting scheduled for next week. Milad Azar, market analyst at XTB Mena, said gold could continue to experience some volatility as safe-haven demand shifts with developments around US trade policy, central bank independence, and international geopolitical risks. 'Geopolitical tensions remain pronounced. The US is accelerating arms shipments to Ukraine amid intensified conflict with Russia. In the Middle East, instability persists, with renewed sectarian clashes in Syria and strikes in Gaza amplifying regional volatility. US President Donald Trump's recent announcement to notify over 150 countries of their tariff schedules reignited trade uncertainty. The resulting ambiguity tempers optimism and sustains a bid for defensive assets, such as gold. In addition, concerns around Federal Reserve independence could also drive investors toward gold,' he said.
Zawya
16-07-2025
- Business
- Zawya
SAJEX 2025 – World Gem & Jewellery Fair launched in Saudi Arabia by GJEPC India
The Gem & Jewellery Export Promotion Council (GJEPC), India's apex body for the gem and jewellery trade, has officially launched SAJEX – The Saudi Arabia Jewellery Exposition. This marks the Kingdom's first dedicated B2B gem and jewellery show, set to take place from 11th to 13th September 2025 at the Jeddah Superdome. Unveiled through high-profile curtain raiser events in Jeddah and Riyadh, SAJEX drew over 280 key stakeholders from Saudi Arabia's jewellery sector, including top retailers, wholesalers, and manufacturers. Backed by the Ministry of Commerce & Industry, Government of India, the Embassy of India in Riyadh, the Consulate General of India in Jeddah, and the Dubai Jewellery Group, SAJEX is positioned as 'The World Gem & Jewellery Fair.' With more than 200 leading exhibitors from India, Saudi Arabia, UAE, Turkey, Hong Kong, and Lebanon, and over 2,000 international trade buyers expected, the event aims to be a catalyst for global trade, innovation, and investment in the region's jewellery industry. The product showcase will include diamond and colored gemstone jewellery, 18kt, 21kt, and 22kt plain gold jewellery, platinum, lab-grown diamond jewellery in both prêt and bridal categories, along with gifting collections and cutting-edge jewellery technology. In addition to the exhibition, SAJEX will feature a high-level World Jewellery Investment Forum co-hosted by GJEPC and the Ministry of Investment of Saudi Arabia. This initiative aims to position Saudi Arabia as a future hub for jewellery design and innovation, fostering strategic partnerships across the value chain. Speaking at the Riyadh event, His Excellency Dr. Suhel Ajaz Khan, Ambassador of India to the Kingdom of Saudi Arabia, said, 'SAJEX reflects the deepening bond between India and Saudi Arabia and opens new avenues for economic cooperation and cultural exchange.' Kirit Bhansali, Chairman, GJEPC, added, 'SAJEX marks the beginning of a shared journey between India and Saudi Arabia—reshaping the jewellery industry and setting new benchmarks for growth and innovation.' Fahad Ahmed Khan Suri, Consul General of India in Jeddah, noted, 'This platform sets the stage for a vibrant and collaborative jewellery ecosystem.' For more details, visit: Facebook: Instagram: YouTube: Twitter:
Mid East Info
24-06-2025
- Business
- Mid East Info
DUBAI JEWELLERY GROUP SETS THE STAGE FOR A GOLDEN SUMMER DURING DSS 2025 - Middle East Business News and Information
This Dubai Summer Surprises (DSS), the Dubai Jewellery Group (DJG) is turning up the sparkle with its most glittering campaign yet! From June 27 to August 30, jewellery shoppers across Dubai are in for an unforgettable season of rewards, savings, and surprises. 30 Golden Chances to Win! Upon purchase of AED 1,000 or more worth jewellery at any participating outlet the customer gets a chance to win a 12-gram gold bar through DJG's exclusive raffle draw. With a total of 30 winners to be announced throughout the summer, that's a lot of gold to be won! DSS 2025 Exclusive Jewellery Offers: In addition to the raffle, DJG is offering four irresistible in-store promotions: Complimentary Gifts: Delightful gifts with minimum purchase values at select outlets. Up to 50% Off on Gold Making Charges: Choose from exquisite gold collections and enjoy unmatched discounts on making charges. Zero-Deduction on old Gold Exchange: Trade in your old gold for new designs without losing a dirham. Up to 70% Off on Diamond & Pearl Jewellery: Timeless elegance at stunning prices. There are opportunities for customers indulging in self-gifting, or searching for the perfect gift or back home shopping, as DJG is creating the opportunity for jewellery shoppers. This DSS is more than a purchase—it's a celebration. Exclusive Visa Cardholder Rewards include Cash Back and Digital Raffle Promotion. Visa cardholders enjoy an added layer of value with instant cashback at participating outlets as every shopping done using Visa card; AED 300 cashback on spends of AED 5,000+; AED 500 cashback on spends of AED 7,500+; and AED 750 cashback on spends of AED 10,000 or more on select diamond and pearl jewellery collection. Visa cardholders also stand a chance to win up to AED 175,000 in jewellery vouchers. Every jewellery purchase of AED 1,000 or more using a Visa debit or credit card also qualifies for a digital raffle draw. A total of 50 winners will each receive AED 3,500 in jewellery vouchers! Shoppers can enter the raffle directly in-store by scanning a campaign QR code after making a purchase of AED 1,000 or more with a valid Visa card. Speaking about the campaign, Laila Suhail, Board Member and Chairperson of Marketing Committee at Dubai Jewellery Group (DJG), said: 'DSS continues to be a major draw for value seeking shoppers. With our latest promotions, we're bringing together exceptional prizes and unbeatable deals, all while showcasing Dubai's reputation as the City of Gold.' About Dubai Jewellery Group: The Dubai Jewellery Group (DJG) is a leading organization dedicated to advancing the interests of the jewellery industry in Dubai and the wider UAE. Established in 1996, DJG serves as a vital platform for networking, collaboration, and advocacy among jewellery manufacturers, retailers, and wholesalers. With a mission to position Dubai as a global hub for luxury jewellery, the group actively promotes best practices practices, compliance, and innovation within the sector. Through various initiatives, including training programmes and participation in international trade shows, the group fosters a thriving environment for craftsmanship and business development. Committed to enhancing the jewellery landscape, DJG plays a crucial role in shaping the future of this dynamic industry.
