24K/100 Grams Gold Falls Sharply In Souk Market By Rs 5,119; How Much Gold Can You Bring In India From Dubai

Gold prices in the souk market of Dubai became cheaper on June 22, as international prices fell sharply. In Indian rupees, 214K of 100 grams has dropped by Rs 5,119 and 22K of 100 grams has plunged by Rs 4,550. Prices of yellow metal are across the board, however, gold is still cheaper in Dubai than gold sold in India. If you're an Indian citizen and bringing gold from Dubai to India, then you must ensure that certain rules and limits are met for swift transit.

Gold Prices In Dubai:

In Indian rupees, gold prices in Dubai fell by Rs 51 to Rs 5,119 in 24K. 100 grams is priced at Rs 6,39,312, down by Rs 5,119 from the previous day, while 10 grams slipped by Rs 512 to Rs63,931 in a single day. Further, 1 gram and 8 grams of gold in 24K dipped by Rs 51 and Rs 409 to Rs 6,393 and Rs 51,145 respectively.

In the case of 22K, gold prices of 100 grams fell by Rs 4,550 to Rs 5,92,103. 10 grams meanwhile dropped by Rs 455 to Rs 59,210. Also, 1 gram and 8 grams of yellow metal were down by Rs 46 and Rs 364 to Rs 5,921 and Rs 47,368 respectively.

Gold Prices In Dirhams:

22K yellow metal fell by 2 dirhams to 200 dirhams. 100 grams is at 26,025 dirhams and 10 grams is at 2,602.50 dirhams.

Meanwhile, 24K gold prices dipped by 2.25 dirhams to 225 dirhams. Here, 100 grams is at 28,100 dirhams and 10 grams is sold at 2,810 dirhams.

Also, 18K prices fell by 1.70 dirhams to 170 dirhams. 100 grams of 18K stood at 21,290 dirhams, and that of 10 grams is at 2,129 dirhams.

How Much Gold You Can Bring In India From Dubai?

Explaining in detail why gold is cheaper in Dubai than in India, ClearTax's blog said, that Indians often travel to Dubai to buy gold at affordable rates. Gold prices in Dubai are cheaper compared to India due to several reasons. One of the reasons for a cheaper gold rate in Dubai is zero GST (goods and services tax) on bullion and gold jewellery, while India imposes 3% GST on gold. Apart from this, Dubai jewellery stores charge a reasonable manufacturing cost, which makes 24K gold in Dubai approximately 5% to 7% cheaper than in India.

Also, ClearTax highlighted that Daily global rates and the currency rate between the UAE dirham and the Indian rupee determine the price difference. Consumers save more money when they purchase gold in huge quantities from Dubai. Thus, the pricing advantage is one of the major reasons why Dubai remains a gold investment destination for Indians.

Limit Of Carrying Gold:

As per the guidelines, currently, if an Indian traveller has stayed in Dubai for more than six months, he or she is allowed to carry up to 1 kg of gold in baggage which will be after payment of duty. Also, they are still liable to pay customs duties for carrying above the duty-free gold limit.

Only two items are permitted in yellow metal to carry from Dubai. These are gold coins and gold bars.

The duty-free gold limit varies for male and female travellers.

For male passengers, from Dubai, 20 grams of gold with a maximum value of Rs 50,000 are allowed in India without paying any customs duty. If the passenger exceeds this limit then they will have to pay customs duty which is --- 3% for gold quantities between 20 grams to 50 grams; 6% for a quantity between 50 grams to 100 grams; and lastly 10% for gold quantities above 100 grams.

For Indian female passengers, from Dubai, the duty-free gold limit is higher than the males to the tune of 40 grams with a value of Rs 1 lakh. The options can be jewellery, bars or coins. If the limit is exceeded then a customs duty of 3% is applicable on gold quantities between 40 grams to 100 grams. The custom duty rate is higher at 6% on gold quantities between 100 grams to 200 grams. Lastly, the rate is 10% on gold quantity of over 200 grams.

A duty-free gold limit is also applicable for children. They are allowed to bring gold ornaments of up to 40 grams. The custom duty rate is similar to female passengers if the limit is exceeded.