Price Advantage for Indians Buying Gold from Oman
M
uscat: Indians living in Oman have a surprise gift in the latest budget announced by the government… buying gold from Oman is now less expensive. How? By raising the import duty on gold to 12.5 per cent from 10 per cent, buying gold in India has become 2.5 per cent more expensive than in Oman.
Ignatious also encouraged customers to make use of the ongoing promotion at Joy Alukkas. Best news for retailers With the revised duty structure, the customer will save more than INR 400 (about OMR 2.25) per gram on gold purchases from GCC countries. The price benefits will be
Speaking to The Arabian Stories, Anto Ignatious, Regional Manager (Oman) of Joyalukkas has encouraged customers to buy gold from Oman before flying to India. “Buying gold from here (Oman) will be more beneficial than buying it from India because of the import duty,” he said. “Most of the people are now in India due to summer holidays and I am sure once they are back they will rush to the stores across Oman to buy gold,” he added.
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magnified if the Indian rupee were to lose ground against the dollar. Right now, the rupee is hovering at 178/180 to the riyal. According to Mr. Rajesh Govindan, Managing Partner of Cochin Gold & Diamonds, the budget announcement will definitely help bulk buyers, especially those buying for wedding related
