There is no import duty tax or VAT on gold bars brought into the UAE. REUTERS
There is no import duty tax or VAT on gold bars brought into the UAE. REUTERS
There is no import duty tax or VAT on gold bars brought into the UAE. REUTERS
There is no import duty tax or VAT on gold bars brought into the UAE. REUTERS

Declaring gold: what you need to know about how much you can bring in and out of the UAE


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Gold hidden inside mobile phones and body cavities on Dubai to India flights this week were the latest in a long list of recent smuggling cases.

Customs officials in India found smuggled gold worth $74,000 on Dubai to India flights.

Officials warned they are on high alert for people trying to dodge India's luxury tax, which must be paid on arrival and is often more than 10 per cent of the total gold value.

Recently, authorities in Chennai also recently recovered gold worth about $340,000 hidden underneath fake hairpieces of passengers headed for the UAE.

The travellers were set for flights to Sharjah and Dubai, but were rumbled by their suspicious hairstyles. They were also found to be concealing $33,000 in cash.

And it is not just Chennai reporting a spike in recent interceptions.

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15 audacious smuggling attempts - in pictures

  • US Customs arrested this Fly Jamaica Airways cabin crew attendant, who was found to have 4kg of cocaine strapped to his legs and concealed under tights and trousers. The haul at New York's JFK Airport would have been worth about $160,000 on the street. Photo: US Customs and Border Protection
    US Customs arrested this Fly Jamaica Airways cabin crew attendant, who was found to have 4kg of cocaine strapped to his legs and concealed under tights and trousers. The haul at New York's JFK Airport would have been worth about $160,000 on the street. Photo: US Customs and Border Protection
  • Police in Bogata, Colombia arrested this Canadian woman for trying to smuggle 2kg of cocaine on to a Canada-bound flight in September, 2013. The woman pretended to be pregnant and hid the drugs in a latex belly. AFP
    Police in Bogata, Colombia arrested this Canadian woman for trying to smuggle 2kg of cocaine on to a Canada-bound flight in September, 2013. The woman pretended to be pregnant and hid the drugs in a latex belly. AFP
  • This spectacularly conspicuous attempt to smuggle €30,000 of cocaine ended in arrest for a Colombian passenger in July, 2019. The man, 65, concealed one kilo of the illicit powder by gluing it to his head. He was caught when police noticed the height of his black toupee, when his flight from Bogota landed in Barcelona. Photo: Policia Nacional
    This spectacularly conspicuous attempt to smuggle €30,000 of cocaine ended in arrest for a Colombian passenger in July, 2019. The man, 65, concealed one kilo of the illicit powder by gluing it to his head. He was caught when police noticed the height of his black toupee, when his flight from Bogota landed in Barcelona. Photo: Policia Nacional
  • Australian customs officers foiled this attempt to smuggle the party drug ecstasy into the country, concealed in a Mr Potato Head toy. Officers at Sydney International Mail Centre cracked open the Toy Story figurine and found 293g of the drug in October, 2007. AFP
    Australian customs officers foiled this attempt to smuggle the party drug ecstasy into the country, concealed in a Mr Potato Head toy. Officers at Sydney International Mail Centre cracked open the Toy Story figurine and found 293g of the drug in October, 2007. AFP
  • Portuguese police released this image of multicoloured swim trunks with two brown rubber bags — supposed to look like buttocks — attached. The passenger who was wearing them was caught at the airport in Lisbon, off a flight from Belem in northern Brazil in February 2018. The fake buttocks contained enough cocaine for 5,000 doses. Photo: Portuguese National Police
    Portuguese police released this image of multicoloured swim trunks with two brown rubber bags — supposed to look like buttocks — attached. The passenger who was wearing them was caught at the airport in Lisbon, off a flight from Belem in northern Brazil in February 2018. The fake buttocks contained enough cocaine for 5,000 doses. Photo: Portuguese National Police
  • Guatemalan smugglers were found to have scooped out the cream filling of dozens of vanilla wafers and replaced it with wraps of cocaine. US Customs and Border Protection arrested the Guatemalan passenger carrying them at George Bush Airport in Houston in April 2015. The nearly 2 kilos of cocaine would have a street value of more than $60,000. AP
    Guatemalan smugglers were found to have scooped out the cream filling of dozens of vanilla wafers and replaced it with wraps of cocaine. US Customs and Border Protection arrested the Guatemalan passenger carrying them at George Bush Airport in Houston in April 2015. The nearly 2 kilos of cocaine would have a street value of more than $60,000. AP
  • Few airports in the world will let you through security without removing your shoes, due to the threat from terrorism and to tackle drug smuggling. Australian Customs discovered nearly half a kilo of heroin in the hollowed out soles of these shoes. AFP
    Few airports in the world will let you through security without removing your shoes, due to the threat from terrorism and to tackle drug smuggling. Australian Customs discovered nearly half a kilo of heroin in the hollowed out soles of these shoes. AFP
  • Customs officers at Dubai's main airport foiled 155 attempts to smuggle 'talismans and black magic items', related to witchcraft and sorcery, in 2015. Officers said criminals take advantage of often vulnerable people with superstitions. Photo: Dubai Customs
    Customs officers at Dubai's main airport foiled 155 attempts to smuggle 'talismans and black magic items', related to witchcraft and sorcery, in 2015. Officers said criminals take advantage of often vulnerable people with superstitions. Photo: Dubai Customs
  • In August 2019, 755kg of methamphetamine was found hidden under frozen cow hide from Mexico. The crystal meth was wrapped in aluminium foil and sandwiched among 18 pallets of hide that arrived in Sydney aboard a shipping container marked 'Salty Bovine Skin'. AFP
    In August 2019, 755kg of methamphetamine was found hidden under frozen cow hide from Mexico. The crystal meth was wrapped in aluminium foil and sandwiched among 18 pallets of hide that arrived in Sydney aboard a shipping container marked 'Salty Bovine Skin'. AFP
  • Crystal meth wraps are removed from inside hollowed out hardwood flooring at a warehouse in near Melbourne, Victoria, Australia, in April, 2017. The haul had been shipped from China and had a street value of $681m. AFP
    Crystal meth wraps are removed from inside hollowed out hardwood flooring at a warehouse in near Melbourne, Victoria, Australia, in April, 2017. The haul had been shipped from China and had a street value of $681m. AFP
  • London-based seafood salesman Gilbert Khoo was sentenced to jail at a British court in March, 2020 for smuggling live 'glass eels' to Hong Kong. He was caught with 200kg and the total haul between 2015 and 2017 was worth about $69m. Photo: National Crime Agency
    London-based seafood salesman Gilbert Khoo was sentenced to jail at a British court in March, 2020 for smuggling live 'glass eels' to Hong Kong. He was caught with 200kg and the total haul between 2015 and 2017 was worth about $69m. Photo: National Crime Agency
  • Khoo, pictured holding two pieces of gold, was arrested after Border Force officers seized a consignment at Heathrow Airport. Photo: National Crime Agency
    Khoo, pictured holding two pieces of gold, was arrested after Border Force officers seized a consignment at Heathrow Airport. Photo: National Crime Agency
  • Dubai Police released this image of drugs in a hollowed out book. It was part of a consignment of two tonnes of drugs of various types. A multinational police operation tackled criminal activities related to drug smuggling and trafficking in Denmark, Holland, Switzerland, Italy, Spain and Austria in November 2017. Photo: Dubai Police
    Dubai Police released this image of drugs in a hollowed out book. It was part of a consignment of two tonnes of drugs of various types. A multinational police operation tackled criminal activities related to drug smuggling and trafficking in Denmark, Holland, Switzerland, Italy, Spain and Austria in November 2017. Photo: Dubai Police
  • A passenger tried to smuggle a whole roasted hog from Peru to Atlanta in November, 2016, for Thanksgiving. US Customs staff seized the hidden pig, which is banned by laws designed to prevent foot and mouth disease and swine fever. Photo: US Customs and Border Protection
    A passenger tried to smuggle a whole roasted hog from Peru to Atlanta in November, 2016, for Thanksgiving. US Customs staff seized the hidden pig, which is banned by laws designed to prevent foot and mouth disease and swine fever. Photo: US Customs and Border Protection
  • Drugs are hidden inside a microwave as seizures are displayed at Dubai Airport in July 2019. Chris Whiteoak / The National
    Drugs are hidden inside a microwave as seizures are displayed at Dubai Airport in July 2019. Chris Whiteoak / The National
  • One of the largest drug busts in Dubai's history was made at Jebel Ali Port in May 2019. Sniffer dogs alerted officers to a shipment that was found to contain 5.7 million Captagon pills. Photo: Dubai Police
    One of the largest drug busts in Dubai's history was made at Jebel Ali Port in May 2019. Sniffer dogs alerted officers to a shipment that was found to contain 5.7 million Captagon pills. Photo: Dubai Police
  • Captagon is a type of amphetamine originally used for attention deficit disorders, but was banned in the 1980s due to its highly addictive nature. Smugglers in Syria have thrived during the chaos of the war there, and many shipments have been traced to the Arab state. Photo: Dubai Police
    Captagon is a type of amphetamine originally used for attention deficit disorders, but was banned in the 1980s due to its highly addictive nature. Smugglers in Syria have thrived during the chaos of the war there, and many shipments have been traced to the Arab state. Photo: Dubai Police

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Authorities at Chaudhary Charan Singh International Airport in Lucknow, the main transit hub for Uttar Pradesh, seized 752 grams of gold worth around $49,000 from two passengers landing from Dubai and Sharjah last week.

The gold ‘biscuits’ were hidden inside the shoes of one passenger and concealed in the body of the other.

Smugglers are constantly changing the way they attempt to import gold and cash illegally across borders.

On Saturday, March 27, Delhi Customs intercepted an Indian passenger on a Spicejet flight from Dubai who had hidden 798 grams of silver-coated gold wires on the frame of their trolley bags.

The hidden bullion was worth an estimated $44,270 (Dh162,600) and the passenger was arrested under India’s Customs Act.

Gold smugglers have been caught trying to carry illegal gold from the UAE into India nearly a dozen times already this year.

Hand-carrying gold on a plane is not in itself illegal, but passengers do need to consider the quantity they are importing or exporting to and from India, and have the correct documentation.

The National looked into the rules

Importing gold into the UAE

The UAE is one of the major importers and re-exporters of gold and jewellery, in part because there is no import duty tax or value added tax on gold bars brought into the country.

Travellers are required to declare cash, or any other financial instrument exceeding Dh100,000, according to the UAE’s government website.

Dubai is known as the City of Gold. It's very laissez-faire, entrepreneurial place

The cost of gold varies from day to day, but in practice this means you can import about 500 grams of gold without declaring it to customs.

Gold traders often wish to import much more than that, and they can do so entirely legally, according to Jeff Rhodes, founder and managing consultant for Rhodes Precious Metals Consultancy, DMCC.

"Dubai is simply the most well-organised, regulated and most competitive market in the world for gold and diamond jewellery.

"That's the reason why Dubai is known as the City of Gold. It's a very laissez-faire, entrepreneurial place.

"There are no restrictions on how much gold you can bring in and there are no restrictions on the amount you can take out, either as bars or jewellery," he said.

However, there are regulations.

If the value of the gold is more than Dh100,000, then customs officers in UAE airports will expect to see a certificate of origin or purchase receipt when you enter the country.

This measure of authentication was brought in by the UAE authorities to combat money laundering and suspicious financial activities.

Also, the Federal Tax Authority charges 5 per cent import duty on gold jewellery, although if the jewellery is imported for re-export then no customs duty needs to be paid.

This occurs in the UAE because the country is a hub for the rest of the Middle East, and some jewellery is imported and re-exported to countries around the region.

Gold jewellery also attracts 5 per cent value added tax, although when retailers sell the items to their customers, this VAT is passed on to them.

If the gold value is more than Dh100,000, then customs officers in UAE airports will expect to see a certificate of origin or purchase receipt when you enter the country.Reuters
If the gold value is more than Dh100,000, then customs officers in UAE airports will expect to see a certificate of origin or purchase receipt when you enter the country.Reuters

Exporting gold from the UAE

There is no limit on the amount of gold an individual can export from the UAE, and there are no taxes to be paid as you leave the country.

In fact, if you are a visitor to the UAE, and you have purchased gold jewellery or artefacts, you can claim back the VAT at the airport.

The rules for importing the precious metal vary from country to country, and these need to be considered before you board a flight from the UAE to travel abroad.

For example, India has clear rules regarding the importation of gold.

As of April 1, 2016, male passengers can bring in up to 20 grams of gold worth Rs50,000 ($688) duty free.

Female passengers can bring in 40 grams of gold worth Rs100,000 ($1,377).

If a traveller wants to bring in more gold jewellery, they need to declare the amount at customs and pay import duty to the government.

This fee changed in February 2021 when finance minister Nirmala Sitharaman cut import duties on gold and silver from 12.5 per cent to 7.5 per cent, but imposed a 2.5 per cent cess – an extra, separate tax.

The total import duty now is 10.75 per cent, compared to 12.5 per cent before the changes.

The government said they hoped the reduction would make smuggling less attractive and improve revenue.

Up to 120 tonnes of gold were smuggled into India in 2019, according to the World Gold Council’s Indian operations.

Jumanji: The Next Level

Director: Jake Kasdan

Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas 

Two out of five stars 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Sunday's fixtures
  • Bournemouth v Southampton, 5.30pm
  • Manchester City v West Ham United, 8pm
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault)  1:29.480 (14)

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South