“If any nation is happy about India’ gold import curbs it is the UAE, where bullion traders are registering brisk sales given the restrictions on the import of the precious metal in India. The curbs on gold in India have raised demand for gold and diamond studded gold jewellery among expatriate Indians and visitors from India to the UAE. ‘The UAE’s gold trade has become the de facto beneficiary of the Indian government’s tough stance on domestic consumption. There is almost a 16% difference on a per gram basis, in buying gold ornaments in the UAE as compared to buying gold in India,’ said an official at a store in Dubai’s gold souk.”
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=237886&sn=Detail
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