Buying Gold from abroad: Any experiences? What should I keep in mind?

[HumorSimpson]

@HumorSimpson OP wrote that way

OK it's like
Stop not, kill him in place of stop, not kill him.

 

[nikhil_118]

Mostly genuine bro, u will realise when you reach gold sukh, i got from Meena jewellers when I went. Tanishq are also there

May I know what did you buy there? And how much was the making charge?

 

[telescope]

Can anyone tell what's the making charge percentage in India?

 

[Riva]

Varies for different jewellers in India. Starts around 8%-10% and goes as high as 30%. Also depends on the patterns, simple patters have a lesser making charge, more complicated designs will have a higher charge.

 

[navdeep22]

May I know what did you buy there? And how much was the making charge?

24k gold bar, no tax no making charge

 

[nikhil_118]

How did you bring it back? Did custom people notice the gold bar?

 

[navdeep22]

How did you bring it back? Did custom people notice the gold bar?

Nope.customs hardly notice anything at big airports

 

[nbatra2410]

I saw in few videos that there were few shops in gold souq claiming 0% making charges. But don't know whether those are genuine or not. If not I will have to use my bargaining skills to reduce the making charges 😈

I have purchased 22K gold from Anvar Gold at Gold Center In Gold Souq. They have Zero Making charge. And it's genuine I got it tested back in India at Tanishq.
But reach there early around shop opening time else lot of rush.

 

[thanix]

Does anyone has recently done a gold price comparison between Dubai and India? Like for 24K gold price per gram at base cost ignoring Forex markup, CC markup, etc. Just want to understand after the duty drop on gold in India, how much is the difference between here and Dubai.

 

[telescope]

Does anyone has recently done a gold price comparison between Dubai and India? Like for 24K gold price per gram at base cost ignoring Forex markup, CC markup, etc. Just want to understand after the duty drop on gold in India, how much is the difference between here and Dubai.

not much difference, around Rs 200 per gram.

 

[navdeep22]

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Does anyone has recently done a gold price comparison between Dubai and India? Like for 24K gold price per gram at base cost ignoring Forex markup, CC markup, etc. Just want to understand after the duty drop on gold in India, how much is the difference between here and Dubai.

Around 4k or about 5% difference now,

 

[christa]

Just a week ago when I came back to India there was no green channel and everyone was asked to go through red channel. Each bag went through xray.

There was one budding politician from Bhubaneswar (GOP) who was boasting his political achievements and was showing me pics on his phone with various high profile leaders. And was confident enough to become mla from Bhubaneswar in next election. He had lots of heavy gold ornaments on him. He also said as a politician he has to travel to bangkok every month or two.

At Bhubaneswar customs he was in front of me and customs caught him. The lady customs officer asked if those were gold and he nodded affirmative. She said whether he bought it from outside India. He claimed those are few years old and he was wearing those while flying out. The officer then asked him why didn't he declare before flying out. After that I got busy with baggage collection and didn't see him there after few minutes.

Can't say if his political affiliation worked or the customs officer was lenient.

I do a lot of traveling, and I noticed a lot of the countries I visit in the Mid east and North Africa put a lot of importance on gold. Meaning you'll see numerous gold shops in markets and cities. Not something you typically see in the USA.

If I'm looking to get close to spot price on gold does it make sense to buy from these places or should I just look online in the USA?

 

[telescope]

I do a lot of traveling, and I noticed a lot of the countries I visit in the Mid east and North Africa put a lot of importance on gold. Meaning you'll see numerous gold shops in markets and cities. Not something you typically see in the USA.

If I'm looking to get close to spot price on gold does it make sense to buy from these places or should I just look online in the USA?

Never been USA. What I heard (maybe wrong) is that in USA majority of jewellery is 14k or 16k etc. Even 10k ornaments are three.

Asia is a gold crazy continent. If you value purity, then it doesn't make any sense to buy from USA.

Middle East is fine, you'll get close to spot price there.

 

[nikhil_118]

Does anyone has recently done a gold price comparison between Dubai and India? Like for 24K gold price per gram at base cost ignoring Forex markup, CC markup, etc. Just want to understand after the duty drop on gold in India, how much is the difference between here and Dubai.

I have purchased gold in dubai recently and I got a price difference of around 4-5k per 10gm of 24K gold. Fyi I haven't paid anything for making charges.

 

[nikhil_118]

I have purchased 22K gold from Anvar Gold at Gold Center In Gold Souq. They have Zero Making charge. And it's genuine I got it tested back in India at Tanishq.
But reach there early around shop opening time else lot of rush.

Thanks for your reply. But I have already bought 24K gold from arakkal gold and diamonds at Gold souq. They are also genuine and offering 0% making charges.

 

[navdeep22]

I have purchased gold in dubai recently and I got a price difference of around 4-5k per 10gm of 24K gold. Fyi I haven't paid anything for making charges.

There is no making charge or vat on 24k man. It will be the same if you have bought from any jeweller in dubai