Which country has the costliest gold and where is it cheapest? Why wearing gold is bad omen in some countries, know the real reason here

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Prime Minister Narendra Modi has urged people to avoid buying gold for the next one year. Following this, the central government increased the import duty on gold to 15%, making gold prices in India among the highest in the world. In simple terms, gold has become more expensive in India than in many other countries.
Do you know which country has the most expensive gold and where it is the cheapest? There are also several countries where people generally do not prefer wearing gold jewellery. Here’s a look at where gold is costliest, where it is cheapest, and how gold-buying habits differ around the world.

UAE and Dubai Offer the Cheapest Gold

The United Arab Emirates is considered one of the cheapest places in the world to buy gold. There is no VAT or import duty on gold there, which keeps prices very close to international market rates. Dubai, especially its famous gold markets, is known worldwide for affordable gold jewellery and investment gold. Hong Kong is also among the cheapest places to buy gold.

India Has One of the Highest Gold Taxes

India now has some of the highest taxes on gold. On May 13, 2026, the Indian government increased gold import duty to 15%, up from 6% earlier. Apart from this, buyers also pay 3% GST and additional making charges ranging from 10% to 25%, making gold much more expensive in India compared to many other countries.

Hong Kong, Switzerland, and Singapore Are Gold Hubs

Places like Switzerland and Singapore are also known for low-tax gold markets. Investment gold, which includes gold bars, coins, or digital gold bought mainly for savings and profit,  is often tax-free in these countries. Their gold prices remain close to global spot prices.

Some Countries Do Not Prefer Gold Jewellery

In countries like Japan, Sweden, Norway, and Denmark, gold jewellery is not very popular. People there often prefer diamonds, platinum, or silver jewellery, especially for weddings and special occasions.

Scandinavia Discourages Showing Wealth

Scandinavian countries follow a social code known as “Janteloven,” which discourages people from showing off wealth or social status. Because of this cultural mindset, wearing heavy gold jewellery or displaying wealth openly is often considered inappropriate. In simple words, while showing gold jewellery is seen as a status symbol in India, it is often viewed negatively in Scandinavia.

Why Gold Jewellery Is Less Popular in Japan

Although Japan has historically been called a “land of gold,” ordinary people there never developed a strong culture of wearing gold jewellery. Traditional Japanese jewellery focused more on materials like coral, ivory, and decorative stones. Gold was mostly used in temples, royal objects, and statues rather than everyday jewellery.

In the 1960s and 1970s, diamond campaigns by De Beers made diamond engagement rings extremely popular in Japan. Even today, diamonds remain more popular than gold jewellery for weddings and celebrations.