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Good News! Gold will be cheaper due to free trade agreement with UAE, you will get the benefit of so much money on every weighment


new Delhi. India and United Arab Emirates (UAE) have signed a free trade agreement, which aims to promote trade between the two countries and exchange of products at low cost. It will also benefit the country’s jewelers industry a great deal and gold will become cheaper.

Yogesh Singhal, chairman of The Bullion and Jewelers Association, says that the agreement will increase the jewelery business in both the countries. Indian customers will also get gold jewelery at affordable prices. Under the agreement, the Dubai government will no longer levy the 5 per cent import duty levied in Dubai on export of jewelery by India. This will increase India’s exports and new jobs will be created in the jewelery industry.

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500 rupees will be saved on every weighment of an Indian customer
The second major impact of the agreement will be on importing gold from Dubai. Actually, the Government of India will charge less than 1% import duty on this import. That is, the cost of import duty will come down to 6.5 percent from the current 7.5 percent. With this, Indian customers will get a direct benefit of Rs 500 per 10 grams on buying gold jewelery and they will be attracted to buy jewelery from India instead of Dubai.

Smuggling will be curbed and the rupee will strengthen
Yogesh Singhal said that cheap gold imports from Dubai will also help in curbing smuggling. This will not harm the revenue of the government on the one hand and on the other hand transparency will also come in the industry. This move of the government will also help in bringing foreign exchange to India, which will strengthen the Indian currency.

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70 tonnes of gold came last year
India imports around 800 tonnes of gold every year, of which Dubai accounts for a major chunk. In the financial year 2020-21, India imported 70 tonnes of gold from UAE. Under the Free Trade Agreement, the Government of India has given exemption to charge less duty on import of 200 tonnes of gold from UAE every year.

Tags: gold jewelery merchant, Gold price


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