Gold traders and jewellers in Oman are cautiously optimistic about a potential rise in gold purchases by Indian expatriates, following India’s decision to lower customs duties on gold and silver from 15 percent to 6 percent. This policy change is expected to make gold purchases in Oman more appealing due to the perception that Gulf-sourced gold is of superior quality.
Local traders believe the reduced import duty will make gold roughly 5 percent cheaper in Oman compared to India, enhancing its attractiveness for buyers. A gold trader on Ruwi High Street told domestic media, “The reduced import duty makes gold and jewellery purchases in Oman even more attractive.”
Shamlal Ahamed, Managing Director of Malabar Gold & Diamonds, highlighted the benefits of this policy, stating that it should curb illegal gold imports and benefit organized retailers. “This reduction will support a more regulated market, promoting economic growth and stability,” Ahamed said.
An official from Lakhoos Exchange, a major bullion and forex exchange, suggested that the lower duty makes buying gold in Oman and bringing it to India a favorable option. The reduction is a positive development, encouraging gold purchases from the Gulf, the official remarked.
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
