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Gold trade: a strategic bilateral asset between India and the United Arab Emirates

Shilpa Dhamija

By Shilpa Dhamija10 octobre 2023

The gold and jewellery trade is booming between India and the United Arab Emirates. Indeed, in 2022, the two nations signed a Comprehensive Economic Partnership Agreement (CEPA), drastically reducing taxes and customs duties.

A new agreement strengthens the gold and jewellery trade between India and the United Arab Emirates (Tanishq)

1%

Customs duties on gold imports from the United Arab Emirates to India

0%

Tax on jewelry exports from India to the Emirates

40,7%

Growth in gold exports from the United Arab Emirates in 2023

India, the second largest consumer of gold, is also home to some of the fastest-growing jewellery brands in the world. Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers, and Tanishq have generated billions of dollars by not just serving the lucrative home market but also bolstering an expansive network in the neighbouring UAE, a region that has become a steadfast anchor to their global aspirations.

tourist customers who flock to the UAE looking to take advantage of the low gold prices in comparison to their home countries

Shamlal Ahamed, Managing Director, International Operations, Malabar Gold & Diamonds

In FY’23, Malabar Gold & Diamonds, the 6th largest jewellery retailer in the world, saw over 25% of its US$ 5.2 billion turnover come from the UAE. While for Kalyan Jewellers, the Middle East contributed 16% to its approximately US$1.7 billion revenue. The gold and jewellery trade has moulded into a significant bilateral asset between India and UAE. So much so that last year, the two nations signed a first-of-its-kind trade agreement - the Comprehensive Economic Partnership Agreement (CEPA) - in which, among other perks, India can import bullion from the UAE at just 1% duty and export jewellery to the UAE at zero tax, with certain restrictions.

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