Saudi Gold Price 10 Gram: Why is Saudi gold jewelery cheap? At what price is 10 grams of 22KT gold available here compared to India?
Whenever there is talk of gold jewellery, the name of Saudi gold automatically comes to the fore. People in India often say that gold is cheaper than Saudi Arabia and the quality of jewelery there is also excellent. But the question is, why is Saudi gold jewelery so much cheaper than India, and how much is 10 grams of 22KT gold available there? Let us know the whole reason behind this.
Why is Saudi gold considered cheap?
Saudi Arabia is one of those countries in the world where gold trading takes place on a large scale. There, there is no heavy tax like GST or VAT on gold, whereas in India, 3% GST and making charges have to be paid separately on gold. This is the biggest reason why the rate of gold in Saudi seems lower than in India.
Apart from this, the making charges of gold jewelery in Saudi Arabia are also very low. Most of the jewelery there is sold according to weight and not on the basis of design and brand name. This is the reason why the customer has to pay more for pure gold and less for extra charges.
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How much is 22KT 10 gram gold available in Saudi?
Generally, the price of 22KT gold in Saudi Arabia is very close to the international gold rate. Compared to the Indian market, 10 grams of gold here can be cheaper by about ₹ 3,000 to ₹ 6,000 (rate varies according to time and market). If the price of 22KT 10 gram gold in India is around ₹65,000–₹70,000, then in Saudi the same gold can be found in the range of ₹60,000–₹64,000. This is the reason why NRIs and people coming from abroad consider it beneficial to buy Saudi gold.
Specialty of Saudi gold jewelery
- The biggest identity of Saudi gold jewelery is its high purity and simple design.
- The jewelery there is mostly available in traditional and plain style, due to which the weight and purity is clearly understood.
- Also, clear information about hallmarking and carat is given on jewelery sold in Saudi Arabia.
- For this reason, the customer is confident that he is buying only genuine 22KT gold.
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Is it legal to bring gold from Saudi to India?
Yes, you can bring gold from Saudi but with some conditions. According to the rules of the Government of India, travelers coming from abroad can bring only a limited amount of gold without paying much tax. Custom duty has to be paid for bringing more gold than the prescribed limit. Therefore, while buying gold from Saudi, it is important to keep the bill and purity certificate safely. However, don’t be hasty after seeing the cheap price. Always check the stamping and weight of 22KT. Also, while bringing it to India, be sure to know about the custom rules so that there is no problem later.