Oman gold market anticipates hike from India’s buying

 

Oman gold market anticipates hike from India’s buying

Gold traders and jewellers in Oman are cautiously optimistic about a potential rise in gold purchases by Indian expatriates, following India’s decision to lower customs duties on gold and silver from 15 percent to 6 percent. This policy change is expected to make gold purchases in Oman more appealing due to the perception that Gulf-sourced gold is of superior quality.

Local traders believe the reduced import duty will make gold roughly 5 percent cheaper in Oman compared to India, enhancing its attractiveness for buyers. A gold trader on Ruwi High Street told domestic media, “The reduced import duty makes gold and jewellery purchases in Oman even more attractive.”

Shamlal Ahamed, Managing Director of Malabar Gold & Diamonds, highlighted the benefits of this policy, stating that it should curb illegal gold imports and benefit organized retailers. “This reduction will support a more regulated market, promoting economic growth and stability,” Ahamed said.

An official from Lakhoos Exchange, a major bullion and forex exchange, suggested that the lower duty makes buying gold in Oman and bringing it to India a favorable option. The reduction is a positive development, encouraging gold purchases from the Gulf, the official remarked.