What is the procedure to import gold at Dubai?

Answer 1

As a Chenni resident, you should not buy physical gold in Dubai from a shop, as most retail gold shops are partially or completely fraudulent. However, if you happen to have a trusted contact in Dubai, you could purchase gold certificates from the National Bank of Dubai. These certificates are valid for 5 years, and can be redeemed for the actual gold bars, or traded as the price of gold changes. The operative word for purchasing anything in Dubai is caution. Most prices are higher than countries such as the USA (mobile phones, computers), Thailand (clothing), China (durable goods). Virtually all shops I have purchased from on Al-Fahindi street are selling fraudulent electronic goods. Karama specializes in fake brand names. Buying fakes is fine with clothing if the price is low and you know what you are getting, but buying gold is a little less fun when you end up with some other metal mixed in to the center of your jewelery. Be careful. There are many, many stories of people buying from the gold souk and massively overpaying, or being sold outright garbage. Buy from a bank if you absolutely must. Are there no places in India you can buy? As a Chenni resident, you should not buy physical gold in Dubai from a shop, as most retail gold shops are partially or completely fraudulent. However, if you happen to have a trusted contact in Dubai, you could purchase gold certificates from the National Bank of Dubai. These certificates are valid for 5 years, and can be redeemed for the actual gold bars, or traded as the price of gold changes. The operative word for purchasing anything in Dubai is caution. Most prices are higher than countries such as the USA (mobile phones, computers), Thailand (clothing), China (durable goods). Virtually all shops I have purchased from on Al-Fahindi street are selling fraudulent electronic goods. Karama specializes in fake brand names. Buying fakes is fine with clothing if the price is low and you know what you are getting, but buying gold is a little less fun when you end up with some other metal mixed in to the center of your jewelery. Be careful. There are many, many stories of people buying from the gold souk and massively overpaying, or being sold outright garbage. Buy from a bank if you absolutely must. Are there no places in India you can buy?

Answer 2

Application
How to Import Gold into Dubai, Abu Dhabi, Sharjah, Ajman, Ras Al Kaimah, Fujairah and Um Al Quwain

According to the GCC Customs Union, Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form is exempted from Customs Duties under customs code 71.08 as follows:

* Powder (Code: 71.08.11.00)

* Ingot of Gold (Code: 71.08.12.10)

* Other unwrought forms (Code: 71.08.12.90)

* Other semi-manufactured forms (Code: 71.08.13.00)

* Monetary (Code: 71.08.20.00)

To import gold into the UAE, in any of its forms, it is necessary for the receiving party to have an appropriate Trade License issued by a Government Authority. The following Trade Licenses are all appropriate for importing gold:

* Gold Trading License

* Precious Metals Trading License

* Jewellery Trading License

* General Trading License

* Jewellery Manufacturing/Industrial License

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* Precious Metals Industrial License (eg. refining)

The above trading licenses can be issued by a number of freezone in the UAE or through the relevant Municipality. The Gold & Diamond Office can assist with the entire process of registering and licensing a freezone company.

In order to facilitate the intial import of gold The Gold & Diamond Office can act as the receiving party by receivng the gold on consignment. By agreeing the terms in a comprehensive Consignment Contract the owner can be assured of absolute security, and will be free to proceed to make a sale as soon as the shipment has been cleared.

The following documents are required in order to correctly process a shipment of gold through customs:

* Import goods declaration

* Delivery order from shipping agent (if appropriate) addressed to company licensed by licensing agency in UAE

* Original bill of lading (for seaports)

* Original invoice from the exporter addressed to licensed importer in the UAE detailing total quantity, description, and total value of goods

* Original certificate of origin approved by chamber of commerce (or competent authority) at country of origin detailing the origin of goods

* Detailed packing list as per weight, method of packing, HS code for each article

* Copy of Trade License of buyer and seller

There are no customs duties levied on Export of goods from the UAE