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Is it still beneficial to buy gold in Dubai?

By Finserv MARKETS - Aug 2,2019
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Is it still beneficial to buy gold in Dubai?

Tourists travelling to Dubai often have only one agenda in mind: to buy gold. The city even has a souk dedicated only to gold. Gold is offered in a variety of forms at the Deira Gold Souk. Indians have, for years, preferred buying gold in Dubai over buying it in India. Gold is purchased for big family functions such as marriages or other events, as well as for investment purposes. Indians living in Dubai, Indian tourists and even Indians travelling to Europe or the U.S.A. via Dubai, visit the souk and purchase gold for all their requirements. Indians invest in gold as a hedge against inflation, and because it is popularly considered a safe choice of investment.

Today, gold is even sold online in the form of digital gold. Available on Finserv MARKETS, Digital Gold is Assay certified and is stored securely in an online account until you wish to redeem it in the form of physical gold. Then, you can choose whether you want it in the form of gold bars or coins, and have it delivered to your residence. When you invest in gold online and buy and sell on Finserv MARKETS, you save massive expenditure that you would have incurred in renting out a locker to store all your gold.

However, if you are travelling to Dubai and are wondering if you should begin to invest in gold by purchasing it there, read on to learn a couple of reasons of why you should.

  1. Gold is cheaper in Dubai: Dubai has long been a sought after destination for the tax exemptions its government provides. It is the primary reason that so many people choose to live in Dubai. Owing to these tax exemptions, the price of gold is also cheaper in Dubai, since buyers need only pay for the value of the gold jewellery as opposed to the more expensive option of buying in India where the buyer must pay a host of taxes along with the value of the jewellery while buying gold. To invest in gold, it is ideal to head to Dubai and purchase gold at the souk there, where it is possible to haggle and bargain with the shopkeeper and get prices lowered. In 2017, after the Goods and Services Tax (GST) was implemented across India, the price of gold in India increased. This makes a considerable difference, especially if you are planning to invest in gold on a bulk scale.
  2. More choices for purchase of gold in Dubai: Dubai has long been renowned as a shopper’s paradise across products such as consumer electronics, fashionable clothes and others. Similarly, if you head to Dubai with the intention to invest in gold, you can choose from a score of shops located within the shopping malls dotting the city landscape, or you can head to the Deira souk which has jewellery shops lined up one after another. Regardless of the destination, you end up at, you are bound to find thousands of designs from all over the world.
  3. You can bargain on the gold jewellery making charges: Making charges, which are the cost of designing the gold into jewellery according to your specifications, are a significant component of the cost incurred while purchasing gold in India. In Dubai, you can haggle this cost with the shopkeeper; making buying gold all the more affordable in Dubai. While bargaining could be a little difficult in the bigger jewellery shops located within the malls, it would be much easier to haggle with a shopkeeper within the souk. Depending on the amount of gold you are planning to buy and its cost, you could bring the making charges down by a significant amount.
  4. Dubai gold is authentic: In Dubai, the government regulates the merchandise sold by shopkeepers across the city. Every piece of jewellery is supposed to carry hallmarks certifying its purity, and shopkeepers are obligated to produce a certificate of authentication upon being asked for it. As a result, it is possible for you to invest in gold in Dubai knowing that the gold you are paying for is certified as authentic gold. In India, too, Digital Gold available on Finserv MARKETS is Assay certified thus vouching for its authenticity.
  5. International market prices are followed by the Dubai gold market: Gold prices in Dubai follow international gold prices, which ensures a seamless experience while transacting. All shops in Dubai offer gold at the same price at any point in time, and the price keeps fluctuating in accordance with international market prices. This provides buyers with the opportunity to buy gold at very cheap rates.

If you want to invest in gold, Dubai is definitely one destination that is worth a visit. Until then, buy Digital Gold on Finserv MARKETS, which are also governed according to international market prices, thus providing for a seamless, transparent process of sale and purchase.

“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522