Goldhub blog

India’s gold import duties rise

Summary

• On 6th July, India’s gold import duty increased from 10% to 12.5% as part of a revenue-raising budget
• We believe it will have a negligible long-term effect on gold demand
• We think it may be a temporary measure: when the government’s books are in better shape we may see some of these tax increases rolled back
• The market will be supported by other government initiatives, including the structural reforms such as the India Gold Spot Exchange and plans to boost rural incomes

Gold shines brighter on Akshaya Tritiya

Akshaya Tritiya is one of the most auspicious occasions in Hindu religion. The word Akshaya means ‘Eternal’ and Akshaya Tritiya is thus considered an auspicious day for, among other things, starting a business, buying a property or making an investment. Buying gold on Akshaya Tritiya is believed to bring good fortune and prosperity. On the day itself, there is even a specific time period which is seen as auspicious for buying gold – the shubh muhurat.

UAE jewellery demand still dulled by VAT

I spent a few days in Dubai last week conducting field research speaking to jewellers and bullion dealers as well attending the Dubai Precious Metals Conference.