What is the Cheapest Place to Buy Gold in the World?

Many ask where they can find the cheapest gold? And by gold, it means gold jewelry. If you are talking about bullions, then the price will vary every day for each country. However, if you are talking about jewelry, there are places where you can get at the cheapest price, and not by reducing the karat value.

What is the Cheapest Place to Buy Gold in the World? Dubai, UAE is the cheapest place to buy gold. Areas such as Gold Souk, Gold & Diamond Park, D’damas and Malabar Gold make Dubai the cheapest country to buy gold jewelry. It gets even cheaper during festivals. Although gold price changes every day and Dubai may not be the cheapest place to buy gold on some days. That said, in general, it is considered the best place to purchase high-quality gold jewelry at the cheapest price.

Buying gold abroad at a cheaper price than the USA sounds like a good plan, but you have figure out the intricacies of carrying it on an international flight to the USA. In this article, I’ve listed out top 5 places where gold jewelry is the cheapest and have also discussed how to get it onboard a flight.

Top 5 Places to Buy Gold at the Cheapest Price

Dubai, UAE
Bangkok, Thailand
Hong Kong, China
Zurich, Switzerland
Kochi, India

Dubai, UAE (22K 1gm Gold – $39.41)

Deira Gold Souk is one of the hottest spots in Dubai for gold jewelry buyers. Gold Souk is a gold shopping hub which witnesses large crowds every day and especially at festivals. The whole place is filled with stores with wide windows to put golden ornaments in the display. Before buying any gold from Deira, make sure to check the gold price on that day. You should also check up with the seller for the karat of the gold. We advise you to visit a lot of shops before deciding to purchase your gold items, and it’s also alright if you can haggle to get a better price. They may not reduce the cost of the gold but can give some discounts on the workmanship.

Bangkok, Thailand (22K 1gm Gold – $37.39)

Most large gold shops in Bangkok are located on the Yaowarat Road, also called as Chinatown. Tourists come here to buy gold ornaments for its stunning workmanship, low price, large option, and beautiful design. Most gold ornaments sold here are 90% pure which is 22K. You will also find pure 24K gold ornaments, but it will cost you more in the workmanship. It is worth noting that in Thailand gold is sold by ‘baht’ weight, which is nearly 15.244 grams. You should visit places such as Taoto Kang, Hua Seng Heng, MBK Center, Chatuchak Market, and Khaosan Road.

Hong Kong, China (22K 1gm Gold – $37.45)

Goldsmiths of Hong Kong are famous for their creative jewelry designs. Hong Kong also sells 22K gold jewelry at one of the cheapest rates in the world; it gets cheaper during festivals. If you are planning to purchase gold jewelry at a low price, you should visit places such as Chow Tai Fook, Luk Fook, and Chow Sang. Hong Kong’s gold market is considered among the most active world markets and sells pure quality gold at a lower price. The shops in Hong Kong also house 99 percent pure gold, to which they refer as Chuk Kam.

Zurich, Switzerland (22K 1gm Gold – $37.32)

Swiss gold is much coveted among gold buyers. Switzerland is known for refining gold with over 50% of the companies worldwide are located in Switzerland. There is no VAT on the sales of gold in Swiss and houses one of the largest gold market in the world. You can buy both gold jewelry and bars in Zurich. Although the country is well known for luxury watches, it is also an excellent place to buy gold jewelry at a lower price, especially gold watches or gold studded watches. Some of the best places to buy gold jewelry is Degussa – one of the big German precious metals dealer in Zurich. Although the gold price is comparatively cheaper in Switzerland, the workmanship is higher. You will find luxury jewelry stores such as Chopard, Bulgari, Tiffany & Co, Cartier, Bucherer, etc. where gold jewelry could be pretty expensive, which is primarily due to the workmanship and the design of the ornaments.

Kochi, India (22K 1gm Gold – $41.92)

Kochi, Kerala is the cheapest place to buy gold in India. Buying gold and exchanging gold gifts is a common practice here. Tourists from around the world come here to buy gold jewelry. Gold is valued highly is the favorite among Indians over other precious metals and stones. In times of festivals such as Dhanteras, the gold price gets even cheaper, and you will see a gold rush among the people in thousands in the gold shops. Some of the best places to purchase gold jewelry in Kochi is Bhima Jewels, Malabar Gold & Diamonds, Joyalukkas Jewellery, Chungath Jewellery, etc. Kochi is also popular for the exchange of gold, where people exchange their old gold jewelry to buy new ones at a reduced price.

How to Bring Gold or Gold Jewelry to the USA on International Flights?

You can bring gold or gold jewelry to the USA from international borders, but you have to declare it. It’s a must if you are bringing precious metals to the USA. The rules to declare your items will vary from country to country. But, to be sure it is always good to declare your items. If you are concerned about paying duty fee, don’t be! In most conditions, you may be qualified for a CMP exemption. You can get a personal exemption of $200, $800 and $1600 depending on the amount of jewelry you are carrying and from where you are getting it. Check out ‘U.S. Customs and Border Protection’ website for more info on the duty-free exemption. But, make sure to declare your precious items even if you are wearing them on you.

Duty-Free Exemptions of $200, $400 and $1600 apply to:

If the items are for personal use or are to be given as gifts.
The items are in your possessions, and they accompany you when returning the USA.
You are bringing items after an overseas stay of at least 48 hours. But these exemptions don’t apply if you are returning from Mexico or the U.S. Virgin Islands.
Exemptions are allowed at an interval of 30 days. If you bring gold items to the USA with duty-free exemptions, you have to wait for another 30 days to be eligible for another exemption of precious foreign goods.

Next, if you are planning to bring some expensive, foreign-made items, you should register them at a CBP office or the airport. The CBP recommends this practice for all travelers to avoid any confusion.

Moreover, there’s no duty to be paid if you are bringing investment-grade gold bullion or coins into the USA.

According to the U.S. Customs and Border Protection website:

There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer.

Here are some best practices

Carry your gold jewelry with your personal items.
Always declare if you are in doubt and is a must if the value is above the jurisdiction’s threshold.
Don’t lie or try to hide your gold items. It could get an exemption but if you decide to hide or lie, the exemptions will be forfeited, and you will have to pay more than what you have for the duty fees.
If you are carrying gold in large quantities, e.g. over $100k+, you should use a logistics company for safe transportation of precious goods.
Next, check up with the US CBP and its rules before bringing gold items to the country.

Conclusion

In many countries, gold is a more popular choice of precious metal than others but not so much in the west. People in Dubai or India would purchase pure 22K or even 24K golden ornaments, and can spend a fortune for a desirable design and workmanship. In the west, people are more fond of diamonds than gold; they usually look for either gold-plated or 14K gold items. If you are one of those who is fond of this yellow metal than white platinum, you should visit the countries mentioned above to buy the best ornaments. These countries not only produce pure gold ornaments but are also held highly for their unique designs and workmanship. On the other hand, if you are planning to buy gold bullions, bars, and coins, it rarely matters form where you buy it.