Gold has always been a commodity which has been highly traded in the UAE. During the past week, the price of gold has fluctuated. As of March 30th, 2021, the price of gold dropped by almost 2%.
During November 2020, gold topped the list of imports with total imports of gold amounting to approximately USD $27.3 billion, even higher than crude oil. Diamond imports amounted to approximately USD $11.1 billion. Gold exports from the UAE were approximately USD $15.4 billion and diamond exports amounted to USD $10.2 billion.
With such high volumes of trades in the gold and diamond market, traders need to be aware of the VAT impact for trading in gold, diamond and gold and diamond jewelry. This article will cover the impact of VAT on trading in:
- Gold bars and investment grade precious metals, and;
- Gold, diamond and gold and diamond jewelry.