skip to main content
Moti Israeli Diamonds
the israel diamond industry logo

UAE: GOLD AND DIAMOND RETAILERS SEEK 5% DUTY CUT

Gold and diamond retailers from the United Arab Emirates seek relief from volatile gold prices
India wedding diamond ring
Credit: Sukpaiboonwat / shutterstock.com

Gold and diamond retailers from the United Arab Emirates (UAE) are calling for Dubai and Sharjah – the two key destinations in the import of jewellery into the region – to roll back the 5% import duty imposed on jewellery since January 2018.

 

Dubai
Credit: Naufal MQ

 

According to Rough & Polished, retailers claim that this “would free them from the extreme volatility gold prices have been having since June last”. The tax, they say, “had an impact on showroom prices, hurting, in particular, Dubai’s reputation as one of the best places in the world to pick up gold inexpensively”.

 

gold panning pan sand mining
Credit: Neil Lockhart / shutterstock.com

 

According to Rough & Polished, gold prices have impacted gold jewellery purchases during the Dubai Shopping Festival (DSF), an annual month long event from December 26 to February 1, and “one of the key points in Dubai/UAE’s gold buying calendar”.



Tags: Diamonds News, Jewelry News, Diamond Industry News, Diamond Prices News, Diamond Jewelry News, Gold News

More News