Today Gold Rate in Dubai
Today Gold Rate in Dubai Last Updated on 08th October 2020
|24 Carat||AED 228.00||AED 231.75|
|22 Carat||AED 214.25||AED 217.75|
|21 Carat||AED 204.25||AED 207.75|
|18 Carat||AED 175.25||AED 178.00|
Dubai is known as the “City of Gold” as it is one of the top hotspots for the Gold Market in the world. The largest, oldest, and one-of-a-kind gold market named “Gold Souq” in Dubai is located at the heart of the commercial business district of Deira. This traditional market consists of more than 400 retailers who are trading in Gold and other exclusive Gems. The gold rate in Dubai today is very reasonable as Dubai is Tax-free City, only 5% VAT is applicable. One can find a tremendous collection of gold jewelry’ and gemstones crafted in a variety of carats here.
Quick Link to Topics
- Difference between 24K, 22K, 21K, and 18K Gold in Dubai
Difference between 24K, 22K, 21K, and 18K Gold in Dubai
Before we know the difference between the 24k, 22k, 21k, and 18k gold in Dubai you must understand what exactly Karat stands for. Basically, Karat is a unit used to measure the purity of gold. The higher the karat, the purer the gold.
24k gold is pure gold or 100 percent gold. All 24 parts in the gold are pure gold without a mixture of any other metals. It is known to be 99.9 percent pure and takes on a distinct bright yellow color. 24k Gold is the higher form of gold.
22K gold indicates 22 parts of the metal amounts to gold and the rest 2 parts are some other metals. Basically, this kind of gold is used for jewelry making. In 22K gold, only 91.67 percent is pure gold balance 8.33 percent are metals like silver, zinc, and other alloys. This addition was to make the gold harder and durable.
21K gold represents 21 part gold and 3 part of other metals. It is 87.5% percent gold mixed with the rest of other metals like copper or silver etc.
18K gold is 75 percent gold mixed with 25 percent of other metals like copper or silver etc. 18k gold is usually used for making studded jewelry and other diamond jewelry. This kind of gold rate in Dubai today is lesser than compared of 24k and 22k.
How Gold is measured
Pure Gold is weighed in Ounce whereas Gold jewelry is weighed in Grams.
|1 ounce (oz) is equal to 28.34952 grams (g).|
There are other units also to measure Gold across the world:
Tola (South Asian)
Tael (Hong Kong)
Tola (South Asia)
Tael (Hong Kong)
How Purity of Gold is examined in Dubai
Dubai Central Laboratories (DCL) regulates the gold trades in the emirate which ensures the authenticity of any gold item sold in Dubai. DCL was established in the year 1997 under the municipality. The DCL is a responsible and authorized body for testing, inspecting and certifying according to global specifications such as ISO17025, ISO17020, and ISO17065, making it a reference agency that is dependent by other government organizations concerned such as the Economic Development Department and the police to protect the consumer’s right.
It is mandatory law regulated by DCL for Gold Jewellery Shops to carry a purity of Gold hallmark on the items sold across the city. The hallmark ensures the authenticity of each purchase.
Hallmark that authenticates the purity by Carat:
Different Carat determines the purity and Gold rate in Dubai.
Why Gold Rate in Dubai is Cheaper Than India?
It is simply because of the tax laws of both countries. The import duty on gold in India has been 10% until recently when it got hiked to 12.5% in the recent budget. Import duty on gold coins raised to 12.5% in India making it further costlier than UAE. The recent budget has increased the import duty on gold coins to 12.5 percent from 10 percent. An additional 3 % GST on the value of gold in the jewelry and 5% GST on making charges of the gold jewelry is applied. Whereas Dubai allows tax-free imports, especially on raw materials such as gold bars. Hence traders are able to bring in precious metals from anywhere in the world without worrying about paying heavy taxes. Today gold rate in Dubai applies only 5% VAT on gold jewelry, which is very economical compared to rest of the world including India. The making charge is fixed per gram by the retailer and is lower than [in] India and other parts of the world. Moreover, fluctuations in gold rates do not affect the making charges of jewelry in Dubai.
VAT in Dubai is currently the only form of tax applied to any gold purchase. In other countries, for example, India, apart from VAT there are various other taxes such as goods and services tax (GST) and excise duty. Also, The UAE as a country has no income tax, inducing savings, and increasing the demand for profitable metal purchases.
Final price of the jewellery = Price of (24KT, 22 KT, 21KT or 18 KT) gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)
The Rate of Gold In Dubai Follow International Market Rates.
The gold rate in Dubai follows International gold prices which ensure uniformity of prices across all stores in the city. Since international gold prices fluctuate just like the prices in stock markets do, It provides an opportunity for gold buyers in Dubai to take advantage of falling prices and purchase gold at the lowest rate. The retail price is calculated based on the ounce rate for gold in the international markets and published in local currency to ensure uniformity and transparency.
As known, VAT in Dubai is currently the only form of tax applied to any gold purchase. The government of UAE has provided an added advantage of a VAT refund for the tourists. VAT paid on the purchase of precious metals like gold and silver can easily be refunded making it further reasonable in price.
Do you Know Tourists Can Claim Their VAT Refund In The UAE?Know the Complete Process of How Tourists Can Claim Their VAT Refund In The UAE.
The UAE introduced VAT on 1st Jan. 2018. Keeping with the global practice of exempting tourist purchases from VAT, the Federal Tax Authority (FTA) implemented the VAT refund scheme for tourists from November 18, 2018. Tourists and visitors have an option to claim a refund on VAT paid on purchases they made during their stay in the UAE. Recovery of payment will be done through a fully integrated electronic system that connects retailers registered in the ‘Tax Refund for Tourists Scheme’ with all ports of entry and exit from the UAE (land, sea, and air).
The process is easy, quick, and accessible to all, especially via new kiosks in malls. Tourist purchases of goods such as gold and silver are considered deemed exports that will be consumed outside the country and thus they qualify for VAT exceptions.
VAT refunds on small purchases certainly are negligible and may not be worth the trouble. However, the tax savings could become very significant in the context of expensive purchases.
Conditions for tourists to claim their VAT refunds (Gold Rate in Dubai)
For a tourist to claim a VAT refund on purchases following conditions are to be satisfied:
- Goods such as Gold and Silver must be purchased from a retailer who is participating in the ‘Tax Refund for Tourists Scheme’.
- Goods are not excluded from the Refund Scheme of the Federal Tax Authority.
- The tourist must have the explicit intention to leave the UAE in 90 days from the date of purchase, along with the purchased goods.
- The tourist must export the purchased goods out of the UAE within three months (90 days) from the date of purchase.
- The process of purchase and export of goods must be carried out according to the requirements and procedures determined by the Federal Tax Authority.
Conditions for the Retailer to take part in the Scheme:
- The retailer must be registered with the Federal Tax Authority (FTA) for Value Added Tax (VAT) and have a tax registration number (TRN).
- The supplier’s sales of goods must not be excluded from the refund scheme, as determined by the authority.
- The retailer must submit a request to participate in the Scheme as determined by the FTA.
- The retailer must meet the financial credit requirements specified by the system operator and be committed to submitting Tax Returns and paying due taxes regularly.
Where and how can tourists claim VAT refund for their shopping?
- Planet is the exclusive operator of the tax refund system for tourists which the Federal Tax Authority executes in the UAE.
How to shop Tax-Free in the UAE?
1. Request a VAT refund claim and present the travel document used to enter the UAE.
2. The retailer will enter your information into our digital Tax-Free system to issue a VAT refund claim.
3. The retailer will place a Tax-Free tag on the back of the original sales receipt.
4. Validate your claim at the Validation Point when leaving the UAE.
How much will you get back?
You will receive 85% of the total VAT amount paid, minus a fee of 4.80 dirhams per Tax-Free tag.
A choice of refund methods
- Go to the validation point or self-service kiosk.
- Get validated.
- Get card refunded
- Go to the validation point.
- Get validated.
- Go to the refund point.
- Get a cash refund (subject to a maximum of AED 7,000 per tourist in 24 hours). Any additional value over this amount must be paid to a credit/debit card.
How the fully electronic process of VAT refund on Gold in UAE works?
- Tourist visits UAE and makes the purchase with the registered retailer(s).
- Obtains a tax invoice from retailers registered in the system
- Go to VAT Refund kiosks at departure points from the UAE (air, sea and land port)
- Present your Passport, Tax invoices, and credit card)
* The tax shall be transferred to the credit card account or paid in cash by the global operator
* Tax invoices, tax-free tags, and purchased goods may be subject to physical inspection at the border points to verify eligibility, therefore tourists should have these available.
How to validate your goods?
1. Go to Planet’s Validation Point prior to checking in your luggage and approaching the Immigration counters
2. Present the original receipt with Tax-Free tag affixed to it, and the purchased goods to the Validation staff
3. Once validated, please choose a refund method (Cash, Card)
4. Planet processes your refund
Tips for purchasing gold in Dubai
- Decide about your style and jewellery requirement.
- Be informed of the current market price of gold in Dubai.
- Get some knowledge about the types of Gold.
- Learn to Haggle to make a more reasonable purchase.
- Go around different shops to explore the designs and prices.
Buying Gold at Dubai Airport
In case you could not visit or make any purchase at any of the gold souk in UAE, this option would have a little less variety in designs and prices than the actual Souk market, but it is not a bad option. These shops are open 24/7 throughout the year so there is no issue of timing.
Best place to buy gold in Dubai or best gold rate in dubai
- The Traditional Gold Souk located in Deira.
- The Gold and Diamond Park, Located on Sheikh Zayed Road.
- Joyalukkas in the Gold Souk as well as in many shopping malls in Dubai.
- Damas jewelry stores in Dubai.
- Damiani located in The Dubai Mall.
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