Dubai gold trade sees silver lining | GulfNews.com:
"India’s ongoing economic woes could prove to be a bright spot for the UAE’s gold and jewellery trade. While India has been taking steps to control domestic consumption of the precious metal and driving gold prices higher, this has presented an opportunity for expat Indians to buy jewellery at a steep discount to what it costs in India.
They could then sell the same in India and pocket a handsome amount in the bargain.
“Depending on the weight and type of jewellery, the price difference could be substantial and this is what should drive a lot of the traffic by expat Indians to local jewellers in coming weeks,” said Shamlal Ahmad of Malabar Gold and Diamond. For instance, a 10-sovereign (80 grams) gold chain could be lower by Dh3,000 vis-à-vis what it fetches in India at current rates. At current rates, such a chain would cost Dh12,580 in the UAE."
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