Posted on: 22-08-14 12:35:58
Hi
My daughter going to india via dubai, and want to buy gold for her marriage
please advise me,
is it cheap to buy a gold from duty free shop at dubai airport ??
is there any price diff. or else we can buy from canada.
Thanks
Mac
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BE HAPPY KEEP HAPPY
There is a long-running thread right beside this one called Gold - Scotiabank vs Kitco that talks about this in details.
I believe gold is cheaper to buy in North America.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by mrpandya
Hi
My daughter going to india via dubai, and want to buy gold for her marriage
please advise me,
is it cheap to buy a gold from duty free shop at dubai airport ??
is there any price diff. or else we can buy from canada.
Thanks
Mac
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IF you are melting the Gold to make ornaments, you will be better off buying the Gold in bars/biscuits. Because there are no taxes on the bars and it is a 100 dollars cheaper. KITCO seems to me the best bet, to buy from. Carry it on person and declare the same.
What costs and fees are payable when I buy or sell metal?
Applicable coin premium and bar charges will apply, as well a commission is charged by your branch to cover their administration costs.
1/4% of the value of the transaction up to US$5,000 (minimum US$5.00)
1/8% of the value of the transaction on balance of transaction over US$5,000
Fees are also payable for administration of gold and silver certificates. These fees are payable when the certificate is redeemed or exchanged. The current administration fees are:
Fees for Gold Certificates
Gold Purchased Price per 100oz per Day
First 2,000 ounces USD $0.03
Next 8,000 ounces USD $0.02
Remaining ounces USD $0.01
Minimum USD $5.00 per year or part thereof
Fees for Silver Certificates
Price per 50oz per Month or Part Thereof
USD $0.05
Minimum USD $5.00 per year or part thereof
These commissions/charges are subject to change without notice.
Do I have to pay any sales tax or GST / HST?
Precious metals are exempt from GST / HST.
A precious metal is defined as a bar, ingot, coin or wafer of gold, silver or platinum, refined to a minimum purity of 99.50% in the case of gold and platinum, and 99.9% in the case of silver.
Gold, silver and platinum products are exempt from HST/GST. Palladium products are subject to HST/GST.
Provincial sales tax is applicable in certain provinces. Contact your Scotiabank branch for details. Sales tax is not payable on certificates.
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PLEASE READ. :
http://gulfnews.com/business/gold-rate/new-rules-to-curb-gold-mules-customs-duty-fraud-in-india-1.1291918
FH.
Hi
THANKS
FULL HOUSE AND PATRICKM
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BE HAPPY KEEP HAPPY
So if some one buys a gold bar here say 100g and then visits India and goes to a jeweler in India say Tanishq and offers this bar against the jewelry he wishes to buy - would Tanishq adjust the full market price of the gold on that day ( 24 carat 100 gms ) OR ask for some other document OR would not adjust the full market price ?
Any advice based on experience is appreciated ...
I may be wrong but here in the GTA , variation on jewelry price does not seem to be much affected by the gold price changes .... 1.5 years before they were charging $54/ gm and when we checked Sunday , it was still $52/gm though the price of gold has since tumbled ....
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Fido.
Hi Fido,
I have done so for my daughters wedding, in 2012, exchanged gold bars for jewelery from jewelery shop, where he had offered me equivalent to 24 Kt value of gold bar, in Rs @ the rate prevalent that day, against my bill for jewelery.
But I am not so sure, if Tanishq , shall offer the same as they are governed by their corporate policies, as compared to private jewel shop.
If you are buying jewelry make sure you let the jeweler know, of this after you have done your bargain in rates, and ready with you final figure , so as not to allow him any room of adjustments going against you.
And all jeweler shops does have the current market rates prevailing on display or you update that info, for your knowledge, so as not to be fooled for the current rates prevailing.
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Most of the jewelers in India will be thrilled to see an 100 gm bar of gold. They also provide you the ruling price on that day.
The Jewelers claim that when they melt Gold coin, bar or a wafer, they stand to loose 1% in weight. Also they add Brass to dilute and make it easy for working the gold. The adding of the base metals to it makes it more suitable to work and with their machining and electro-plating they bring it back to the so called caret standard, such as 18 caret or 22 caret. That is one place when they claim to its purity, I doubt their truthfulness and honesty. But some make it up in their workmanship to make it look elegant and shiny. That process and their length of stay in their business makes us a little dumbfounded and not delve deeper into their claim.
Now to the price.: Some will give you a break and a discount too to get rid of their stock, because in their trade they buy this metal periodically when the market prices are low and most of them charge you a very high price, though the purchase price was at the rock bottom and the addition of base metals to gold, called the dilution rate, is also too much. They survive and so do the artisans.
Since these ornaments were made elsewhere, where the labour costs are low, they are able to sell these items to you at the going rate or cheaper.
FH.
