Why Filipinos Trust Kuwait's Gold Market More Than the UAE's
KUWAIT CITY, March 21: Filipinos in Kuwait prefer buying gold locally over the UAE due to the absence of VAT and lower import duties, making prices more affordable. Unlike the UAE, which imposes a 5% VAT on gold jewelry, Kuwait keeps costs low with minimal taxation and competitive market rates. While the UAE offers VAT exemptions for high-purity gold under specific conditions, Kuwait's straightforward tax-free pricing makes it the go-to choice for Filipino buyers.
Despite rising gold prices, the Filipino community in Kuwait remains deeply invested in purchasing gold jewelry, adapting their buying habits to market fluctuations. Abdul Hussien Saed, owner of Rukn Al Mubaraka Golden Jewellery in Kuwait City, shares insights into these evolving trends with the Arab Times.
18K Gold: The Preferred Choice
'Most Filipinos prefer 18K gold for its affordability, lightweight nature, and durability,' Saed explains. 'However, there is also demand for 21K and 22K gold for those who prefer heavier jewelry. 24K gold is bought mainly as an investment and by only a few customers.'
How Rising Gold Prices Affect Buying Behavior
The increase in gold prices has reshaped purchasing patterns. 'Many customers have the same budget, say 200 KD, but now the same jewelry costs 250 KD,' he notes. 'Instead of skipping the purchase, they opt for lighter pieces to stay within budget.'
Despite inflation, Filipinos continue to buy gold, recognizing its long-term value. 'Most buy jewelry for personal use, but they are still aware that it's an investment as well,' Saed says.
Do Filipinos Delay Buying During Price Surges?
'No, Filipinos do not stop buying gold when prices rise,' Saed clarifies. 'They purchase whenever the price fits their budget. However, at current high prices, customers are avoiding heavy pieces, waiting for the market to stabilize.'
Purchasing habits vary depending on financial status. 'A domestic worker may have a fixed budget and switch to a lighter option if needed,' he says. 'Meanwhile, some working professionals still buy heavier jewelry, but they monitor the market closely and prefer stability over sudden price drops or hikes.'
What's Trending Among Filipino Buyers?
'Filipinos love a mix of everything, but they follow trends more than cultural traditions,' Saed shares. 'Right now, hoop earrings are very popular. For heavier jewelry, designs like paperclip chains and Monaco styles are trending.'
Advice for Gold Buyers
Saed advises customers to be wise and strategic in their purchases. 'If you're buying for a long-term investment, timing is key. Buying gold when the market is favorable ensures better returns in the future.'
Despite market challenges, gold remains a prized asset for Filipinos in Kuwait, symbolizing both style and financial security.
Bringing Gold to the Philippines? Know the Rules
Filipinos returning to the Philippines with gold jewelry or bullion should be aware of customs regulations to avoid issues at the airport
Personal Allowance
No limit on gold jewelry for personal use, but high-value items must be declared.
Value Declaration
If gold, including jewelry, exceeds $10,000, travelers must declare it to customs.
Commercial Quantities
Those bringing gold for business or resale need permits and may be subject to duties and taxes.
To prevent complications, travelers should check the latest customs guidelines from the Philippine Bureau of Customs or consult the Philippine embassy or consulate before their trip.
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