Gulf Insider
Gold jewellery demand has surged by up to 30 per cent after India increased import duty from six per cent to 15 per cent last week, along with a drop in gold prices. Jewellers in Dubai said a growing number of Indian residents and tourists are buying precious metal ornaments following India’s hike in import duty on gold, silver and other precious metals. “Yes, we have definitely seen a noticeable increase in enquiries and purchases from Indian tourists and NRIs immediately after the duty hike announcement. Many customers are advancing their jewellery purchases before travelling back to India,” said Anil Dhanak. “Tourist-driven jewellery sales have increased by 20 to 30 per cent over the past few days compared to normal market trends. Bridal jewellery, lightweight investment jewellery and 22K collections are seeing especially strong demand from Indian buyers visiting Dubai,” Dhanak told Khaleej Times. Even after accounting for customs duty, he stressed that many consumers still find value in purchasing jewellery from Dubai due to purity assurance, wider design options, transparent pricing, and tax advantages. Gold prices have dropped by over Dh28 per gram in the past 10 days as rising oil prices and expectations of interest rate cuts pushed […]
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