Dubai’s gold trade waits on India windfall | GulfNews.com:
"UAE’s gold and jewellery trade aims to be a direct beneficiary as India imposes further controls on domestic consumption of the metal in all its forms. India has just raised import duty on bullion from 8 per cent to 10, which would further raise retail prices for shoppers in India.
This is where opportunity exists for Dubai’s jewellery retailers. Already a substantial gap has built up between prices here and what the same would cost in India. (For instance, a no-frills 10-sovereign gold chain will cost Dh2,800-Dh3,000 less if bought in the UAE as compared to what it would be in the southern state of Kerala, where there is a sales tax of 5 per cent. Sales tax varies from state to state; for instance Gujarat’s is lower at 1 per cent.)"
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