Revealed: the importance of gold to Dubai's economy

More than 4,000 companies are operating in the gold sector in Dubai with total gold, jewellery and diamond sales topping $74bn
Revealed: the importance of gold to Dubai's economy
The number of investors in the gold sector stands at 62,125 including 60,012 businessmen and 2,113 businesswomen.
By Sam Bridge
Mon 03 Jun 2019 09:34 AM

More than 4,000 companies are operating in the gold sector in Dubai with total gold, jewellery and diamond sales reaching AED274 billion ($74.6 million) last year, according to a new report.

The Business Registration and Licensing sector in the Department of Economic Development (DED), Dubai said that 4,086 firms currently operate in the sector in Dubai.

Of those, 2,498 licences were issued for jewellery and jewels of gold and silver, 1,184 for trade in gold and precious metals, 392 for goldsmiths and precious jewellery, seven for gold foundry and precious metals, and five for gold liquidation, the report showed.

It revealed that Indians led the top ten nationalities investing in this sector followed by the citizens of Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada.

The number of investors in the gold sector stands at 62,125 including 60,012 businessmen and 2,113 businesswomen.

Total gold, jewellery and diamond sales reached AED274 billion last year, an increase of about 3 percent compared to 2017, according to the Dubai Gold and Jewellery Group.

The UAE's foreign trade in this sector is estimated at about AED400 billion annually. The import of gold was valued at AED142.4 billion, while the value of exports amounted to AED75.9 billion, and the value of re-exports to AED26 billion, according to the Federal Customs Authority.

The gold and jewellery sector provide residents of Dubai with gold imports from about 30 countries which also meets the demand of tourists who visit Dubai.

The report also showed that 46.5 percent of the total number of companies are based in Al Dhagaya followed by Al Ras, Ayal Nasir, Burj Khalifa, Warqa Al Bateen, Al Muraqqabat, Port Said, Al Rigga, Trade Centre 1 and Al Barsha 1.

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