why gold is cheaper in dubai according to india ?
why gold is cheaper in dubai according to india ? Its not a new case when Recently, Kannada actress Ranya Rao was arrested at the Bengaluru airport with 14.2 kg of gold. She was allegedly smuggling this much gold from Dubai when the Directorate of Revenue Intelligence (DRI) arrested her in a dramatic manner at the Kempegowda International Airport on Monday night. Ranya is the stepdaughter of Karnataka DGP (Police Housing Corporation) K Ramachandra Rao.
BECAUSE Gold smuggling from Dubai to India is not new. Huge quantities of gold are being seized from passengers flying from Dubai to India at various airports across the country.
Why smuggler only eye on dubai gold ?
Is Gold Cheaper in Dubai?
Yes, gold is cheaper in Dubai than in India. The city has long been a hub for gold trading, often offering gold at prices lower than those in India. Dubai sells gold at a much lower price than what is available in India. But why is gold cheaper in Dubai than in India? There are several reasons behind this.
• Tax-Free Purchases: Dubai doesn’t impose taxes on gold purchases, allowing buyers to acquire gold at market rates without additional charges.
• The gold market in Dubai is very competitive. To attract people, dealers sell gold at the lowest possible rates. Since there is competition among them, everyone tries to keep the price of gold as low as possible. There are many gold markets here. Gold jewelry is sold in every corner.
• Traditionally, new designs of jewellery are available in Dubai’s gold markets. These markets are known as hubs of sales and trade. As of September 2024, 24-carat gold was being sold in Dubai for AED 313.66 or Rs 7,138 per gram. At that time, the price of gold in India was Rs 8,225 per gram.
Historically, Dubai’s gold markets have thrived, serving as significant centres for the collection, sale, and trade of gold. As of September 25, 2024, the price of 24K gold in Dubai was AED 313.66 per gram (approximately Rs 7,138.96 per gram), while in India, the price stood at Rs 8,225 per gram, as per bayut .
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