Pure Gold to absorb VAT on all gold and diamond purchases in January

Firm wants to give customers more time to get used to the new system
By Lubna Hamdan
Tue 19 Dec 2017 09:39 AM

Customers of Pure Gold Jewellers in the UAE will not have to pay Value Added Tax (VAT) from January 1 to 31, 2018, as the firm will pay it on their behalf on all gold and diamond jewellery.

The tax, which will be introduced in the UAE starting January 1, will raise the prices of most goods and services by at least 5 percent. These include utilities, bills, entertainment, private transport, electronics and jewellery.

However, Pure Gold said it wants to offer customers more time to get used to the new tax system throughout the first month of the year.

Furthermore, the brand will reveal new collections, incorporating 18 karat yellow and white gold, and certified diamonds, such as Eternity, Solitaire, Pure Sparkle, and Illusion. It will also launch the new gold Fareeha collection.

The founder and chairman of Pure Gold, Firoz Merchant, is known for his philanthropy, having donated over $4m (AED14.7m) in several humanitarian initiatives, including paying return tickets of “poor” expat prisoners.

Established in 1989 in Dubai, Pure Gold Jewellers has 125 stores in the Middle East and Asia, with 200 more stores planned worldwide.

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Last Updated: Tue 19 Dec 2017 08:45 AM GST

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