by
Almog Ramrajkar
| Apr 16, 2025
Updated on - 20 Jan 2026
Gold prices vary widely across the world, so where a person chooses to buy it can make a big difference in overall cost. Factors such as import duties, taxes, currency value, labour charges and governmental policies influence the affordability of gold in each region. So it is essential to understand which country has the cheapest gold price, which can help you save money and avoid unnecessary taxes.
This guide explores the cheapest gold to buy in which country, what makes them affordable, customs rules and tips for safe and informed buying.
Top countries to buy gold jewellery
The following are some of the cheapest country to buy gold jewelry in the world:
1. Dubai, UAE
Undoubtedly, Dubai is the best country to buy gold jewellery in the world. Lower tax rates and a competitive market keep prices cheaper in Dubai than in most places. The price of one gram of 24k gold is around AED 500.25, which is equivalent to around INR 12,146 (as of November 2025).
2. Malawi
Malawi is a country worth considering, as it is one of the cheapest countries to buy gold jewellery in the world. It is one of the top destinations for those seeking the lowest gold prices in the world. The approximate price for 24K gold in Malawi is around INR 7,940 per gram (based on data from earlier in 2025). However, more current November 2025 data suggests the price in Malawi is approximately INR 9,376 per gram.
3. Australia
Another best country to buy gold jewellery is Australia. Australia is considered a strong destination for purchasing gold jewellery. As of 2025, the price of 24k gold is approximately A$213.70 per gram, which amounts to approximately INR 12,408 per gram when converted to Indian rupees.
4. Colombia
Colombia is often thought to be the cheapest country to buy gold jewellery. As of November 2025, the price of 24K gold in Colombia is approximately 497,714.51 COP per gram, which converts to around INR 11,828 per gram.
5. Indonesia
Your quest for the best country to buy gold jewellery may also lead you to Indonesia, a country known for its intricate craftsmanship. As of late November 2025, the price of 24K gold in Indonesia is around IDR 2,124,236 per gram, which converts to approximately INR 11,397 per gram.
6. Hong Kong
It is one of the most affordable countries to purchase gold jewellery due to its tax-free policy and competitive gold market. As of November 2025, 24K gold costs roughly INR 12,713 per gram. You can visit famous shopping destinations such as Mong Kok and Central.
7. USA
Prices in the USA generally follow global benchmarks because of transparency regulations. As of November 2025, 24K gold is valued at around USD 136 per gram (INR 12,172); however, jewellery may be more expensive due to greater manufacturing and design costs. It remains a reliable destination for certified bullion and branded pieces.
Gold prices fluctuate frequently due to market demand, currency fluctuations and global economic conditions. It is always advisable to check the latest rate before making a purchase. If you’re travelling abroad to buy jewellery, having international travel insurance can offer financial protection against unexpected situations.
Key factors to compare when buying gold jewellery from
Choosing which country has cheapest gold price isn’t only about finding the lowest gold rate. You must compare several important factors before deciding where to shop. Local taxes and duties such as sales tax, VAT and import charges vary widely and can significantly increase the final price of jewellery.
Making or labour charges also play a major role, as countries with higher craftsmanship costs tend to have more expensive jewellery even if the gold rate is low. Currency exchange rates can influence affordability too; an unfavourable exchange rate may make purchases more expensive for Indian travellers. It’s also important to check India’s import guidelines, including duty-free limits, customs restrictions and documentation requirements, all of which impact the total cost of bringing gold back home.
Verify purity and hallmarking standards in the country you’re visiting to ensure authenticity and avoid counterfeit products. Consider seller reputation, choosing established jewellers who offer certification, transparent billing and reliable return policies.
Buy-back or resale value should also be assessed, as some countries provide stronger resale markets than others. Lastly, think about design availability, since many regions specialise in unique craftsmanship or cultural styles that may influence your final purchase decision.
Customs rules for getting gold to India
As of August 2025, India levies an effective 6% import charge on gold, which includes the Basic Customs Duty (BCD) and a 1% Agriculture and Development Cess (AIDC). These rates can change through government notifications, so travellers should always check the latest updates from official CBIC sources.
It’s also important to distinguish between customs duty and import duty: customs duty refers only to the BCD, while import duty includes BCD, AIDC and, in some cases, IGST if the gold is later sold within India. When gold enters the country, customs officers calculate its assessable value using international market prices. For instance, if gold worth ₹1,00,000 is imported, the BCD would be ₹5,000 and the AIDC ₹1,000, making the total duty payable ₹6,000.
Duty rates also differ for personal and commercial imports. Commercial imports attract a flat 6% duty on all quantities, whereas personal imports by travellers fall between 3% and 10%, depending on weight and whether duty-free limits are exceeded.
Under current guidelines, men may bring up to 20 grams worth ₹50,000 duty-free, while women may bring up to 40 grams worth ₹1,00,000. Gold bars and coins follow different rules, with bars under 20 grams sometimes exempt and larger quantities attracting 3% to 10% duty.
How to verify authenticity & avoid fraud while buying gold abroad
Buying gold abroad can be safe and cost-effective if you follow a few key precautions. Start by selecting a reputable, licensed jewellery dealer with good reviews and transparent pricing. Understand the country’s hallmarking system and look for purity stamps such as 22K, 916 (91.6% pure gold) or 750 (75% gold).
Always request a detailed bill specifying purity, weight, making charges, taxes and certification, as this documentation is essential for resale, customs clearance and insurance. Before making a purchase, compare prices with the international gold rate to avoid overpaying or falling for unrealistic discounts.
At the store, check for clear hallmarks, consistent colour, correct weight and non-magnetic properties to rule out gold-plated items. After returning home, consider having the jewellery independently tested or appraised for added assurance. Following these steps helps protect your purchase and ensures you receive genuine, fairly priced gold.
Conclusion
Finding the best country to buy gold jewellery requires more than just seeking the lowest gold price. Taxes, purity standards, making charges, currency value and customs rules all affect the final cost. However, international purchases also carry risks such as theft, loss, travel delays or unexpected emergencies.
To ensure a stress-free shopping trip, whether in Dubai, Australia, Malawi or any other destination, consider looking for travel insurance online. This makes it convenient to compare plans, check coverage options and choose a policy that provides financial protection against unforeseen events, helping make your gold-buying journey safer and more confident. Simply fill out the form on this page and make your next gold-buying journey worry-free.
FAQs
1. Do you need international travel insurance when buying gold abroad?
Yes, and it’s important to check whether the policy specifically covers high-value items like jewellery. Some plans require valuables to be declared separately, while others have coverage limits per item. Comparing policies online helps ensure you get adequate protection for your gold purchase.
2. Is it always cheaper to buy gold abroad?
Not necessarily. While some countries may have lower gold rates or labour charges, additional costs such as currency conversion fees, travel expenses and import duties can offset savings. Also, resale value in India may vary depending on local hallmark recognition and market demand.
3. How can you safely transport gold internationally?
Besides declaration and proper documentation, consider using discreet, secure packaging and carrying smaller quantities in hand luggage. Some travellers also opt for travel insurance that includes coverage for in-transit theft or loss, and it’s wise to check airline regulations regarding high-value items.
4. What should you check before purchasing gold abroad?
Look for hallmark verification, independent certification and transparent billing. Compare the item’s price to the international spot rate and be cautious of deals that seem unusually low. Additionally, consider design uniqueness and resale potential when choosing a piece.
5. Are there countries where buying gold is particularly advantageous?
Yes. Countries like Dubai, Singapore and Hong Kong often offer competitive gold rates, strict hallmarking standards and a wide range of designs. However, personal travel costs, customs rules and jewellery demand in India should always be factored in before making a purchase.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.