India's decision to hike import duty on gold to make prices more attractive in GCC, says Malabar Gold official
July 01 2022 08:01 PM
Shamlal Ahamed.
Shamlal Ahamed

The Indian government's decision to hike the import duty on gold will make gold prices in the GCC more attractive than in India, a senior official of Malabar Gold & Diamonds has said.

"The recent announcement by the Indian government to raise import duty to 12.5% from 7.5% is expected to make gold more expensive across India. This hike has increased the gold price difference between the GCC and India. The gold price in the GCC will get more attractive than in India with a saving of 12-15%. The weakening rupee will further increase the gold rate in India," said Shamlal Ahamed, MD – International Operations, Malabar Gold & Diamonds, in a statement on the issue.
"Gold prices have reduced to ‘consumer-friendly’ levels in the GCC and it is the perfect time for customers to make use of this opportunity to benefit from the gold rate ahead of the holiday season and buy jewellery as gifts for dear ones back home. We are also expecting tourists from India to increase their jewellery purchases during their visit. The price advantage here will further enhance the bridal jewellery purchases from residents and tourists alike," the statement added.

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