People all over the world specially Women wants to invest in gold, as it’s always been a precious metal.
As per the South Asian country’s customs laws a Non-residents Indians (NRI) can carry gold of 205 KD (50,000 INR) and in case of female passenger the limit is 410 KD (1,00,000 INR). The passenger has to reside in Kuwait for a period of more than a year. Gold jewellery carried over this limit is subject to customs duty.
There are approximately 825000 Indian nationals living in the Kuwait and most of them prefer to buy gold jewellery from there because it is a tax-free. A large number of tourists from India also buy gold jewellery from there during their visits to Kuwait.
Last week, India, one of the world’s largest markets for gold, announced mandatory hallmarking on the precious metal’s jewellery and related items to make India a leading global gold centre.
Ahammed, Chairman of Malabar Group said this decision by New Delhi to hallmark gold jewellery is aimed at protecting the public against adulteration. It will also obligate manufacturers and retailers to maintain a legal standard of fineness and purity.
“However, this rule will not have any effect on customers’ gold purchases outside India, as the Bureau of Indian Standards (BIS) is the national standards organisation of India. They will get value for the gold depending on the gold karat age (18K, 21K and 22K)."
"Most of the jewellers have karat analysers and customers can check the purity of their gold, thus ensuring full value while selling or exchanging them,” he added.
List of Shops Where you get 24 Carat Gold in Market Rate