Game of profits for Indian expatriates; Gulf jewellery owners give two cents

DUBAI: It is common for those expatriates visiting home to bring gifts for their loved ones. The most expensive among those gifts is gold. Buying gold from Gulf countries is more profitable than in India. But is it gold as jewellery or coins that most expatriates bring home?

According to leading jewellers in Dubai, it is better to buy gold from the UAE as jewellery instead of coins. This is due to the additional cost of converting coins into jewellery later and the restrictions on transporting gold coins. When compared to the price in India, a person will be able to save 12 to 15 per cent when buying gold from the UAE.

When coins are made into jewellery, a large amount will have to be spent on labour charges. Labour and taxes are relatively low in the UAE. The main reason for the price difference is the increase in import duties on gold. This difference will be very profitable for gold investors. Even tourists can profit from buying gold in UAE.

Jewellers say that most expatriates in Dubai buy gold jewellery instead of coins. Expatriates buy gold jewellery for various purposes, including for their own needs, for their families, and as gifts. However, those who buy with the intention of investing buy coins or gold bars instead of jewellery.