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Buying Gold from abroad: Any experiences? What should I keep in mind?
- Thread starter Batman
- Start date
As per customs, 50K worth for men and 100K worth jewellery for women. But in reality, it totally depends on airport, person, luck etc.
nikhil_118
TF Buzz
Hello guys, I have an upcoming trip to dubai next month. Can you please suggest me some good shops in gold souq to buy gold? Also is there any price difference if we pay it via credit cards with 0 markup v/s pay via cash? Need this info to decide whether I should carry some cash from India or not. Thanks
They are going to charge around 2% extra if you are paying through credit card. So should carry cash for sure. All shops charge same for 24k gold, so can go to any. Difference shall be near about 4k per 10gm, u can google that bro
nikhil_118
TF Buzz
Thanks for your suggestions. Just one question. Do they charge 2% extra for all the cards including 0% forex markup credit cards? Is there any way to avoid 2% fee?
nikhil_118
TF Buzz
Also I have seen in some videos that there are some shops with 0% making charges for gold. Do you guys recommend those? I want to buy gold just for investment so don't want to pay too much for making charges.
Forex will be above and charged by bank. If gold price is 100AED u will pay 102AED there, and forex will be charged on 102AED amount.
We hopped to many reputed jewellers and local jewellers too there, all said credit card charges will be extra, so I think there is no other way around.
I don't know about making charges as I didn't enquire about it bcz there will tax on gold which is not 24 karat( I have heard we can get refund at airport but not sure), vat is not there on 24 karat gold
nikhil_118
TF Buzz
Yes vat is not there for 24K gold. I am looking for simple chain, bangle type of jewellary with less making charges in 22K gold category so that I can get 5% vat refund in airports.
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Lol, why do u want to buy 22k with vat and refund vat if there is already no tax on 24k
nikhil_118
TF Buzz
Because I don't think you can get jewelry with pure gold. Also you cannot bring gold bars from dubai only jewelry is allowed. So I am only looking at 22K gold ornaments. Please correct me if I am wrong 😅
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It's because 24k is too soft for jewellery. Gold is quite soft metal and 2k impurity (other metal) is added to gold to provide strength to it.
Lol, u can get gold bar from there. If cheap is the only reason you want to buy gold from Dubai tn 24k is best option
22k jewellery is allowed if you have stayed more than a minimum time outside India. So both will be illegal if you talk about legality
nikhil_118
TF Buzz
But in this thread it was mentioned that if you are wearing gold jewellery customs won't check you strictly but if you bring gold bars you will have to pay tax for sure. That's why I am not inclined towards gold bars. But as you said gold bar would have been the best investment if it was allowed.
So say you went to Dubai wearing no jewellery and u return wearikg one chain, 2 Bangles and 1 ring, it should not stand out and get noticed by customs. If they ask, say u wore that from India and went. Now this does not mean that jewellery is noticable, like a very fat chain or fat bangles,. As long as it's subtle it will go unnoticed. But I'm this case you can't claim vat at the airport.
There is Malabar jewellers in dxb, you could check with them if the jewelry you buy from there is accepted in Malabar India for exchange.
paxauquabriba-4876
TF Premier
Unlimited Gold if you bring along a Legally Transgender friend with you.
Loophole activated & your friend will carry gold.
Aint no stopping by the customs
Loophole activated & your friend will carry gold.
Aint no stopping by the customs
Yeah you can do that, but it is still illegal
HumorSimpson
TF Prestige
Why transgender ⚧️. ?
paxauquabriba-4876
TF Premier
Govt never mentioned how much gold a transgender can carry, moreover which cisf officer (male/female) is going to search?