Breaking News - Demonetisation's impact has travelled all the way to Dubai as Indian tourists are avoiding foreign tours since November. Among popular destinations, Dubai has been one of the easiest, nearest and cheapest. The immediate casualty has been gold demand in Dubai by Indian tourists.
Dubai’s famous Gold Souq, a prime market for the yellow metal and similar to India's Zaveri Bazar in Mumbai or Manek Chok in Ahmedabad, which houses many prominent wholesale and retail jewellers, has seen a plunge in gold jewellery demand from Indian tourists.
Demonetisation - Buying jewellery from Dubai was lucrative for Indian tourists due to the trustworthy purity of gold and ease of using unaccounted money by buying Dubai's currency, the Dirham, with some premium in the hawala market. Further, Customs duty of 10 per cent can be avoided when reasonable jewellery is worn by tourists.
A Dubai-based jeweller, who runs a chain of jewellery shop including a show room in Dubai's gold souq, said on the condition of anonymity that "Indian tourists' share in Dubai gold demand is around 15-20 per cent and that has been affected." He said that the overall flow of Indian tourists has come down in Dubai. Other than jewellery, electronic gadgets like costly cell phones, laptops and DSLR cameras etc are the other items on an Indian tourist's shopping list in Dubai.(Read More)
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