Dubai Multi Commodities Centre meet to discuss impact of taxation on gold

The Dubai Multi Commodities Centre (DMCC), the world’s leading free zone for commodities trade and enterprise, is set to hold an in-depth discussion on the evolution and impact of taxation on gold” and challenges in the jewellery sector” on the first day at the 7th edition of the Dubai Precious Metals Conference.

In India, the government has imposed a 5 per cent customs duty on gold jewellery last year. In UAE too, a 5 per cent VAT rate has been imposed on gold jewellery since the start of 2018. What are the implications of these taxes and how are they impacting the gold market? These, and other issues, will be tackled in depth on the first day of the conference.

Jewellery experts from across the world will be on hand to discuss Challenges in the jewellery Sector. Gold jewellery represents the largest source of annual demand for gold per sector. Although this has declined over recent decades, it still accounts for around 50% of total demand, says the World Gold Council.

India and China, of course, are by far the largest markets, in volume terms, together accounting for more than half of global gold demand. The Asian and Middle Eastern markets are dominated by demand for purer, high-quality Gold.

How do policy changes, geopolitical situation, taxation, changing preferences of millennials, finance availability & costs affect the gold jewellery sector? Are changes temporary or permanent? These questions will be addressed by industry players who are dealing with these and other questions on a daily basis.

Other sessions will look at responsible sourcing – expectations and reality, bullion banking: the road ahead, the role and future of global exchanges.

Shekhar Ghosh is consulting editor, He has edited and written for publications like Business India, Business Standard, Business Today, Outlook and many other international publications. He can be reached at

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