Indians are the main investors in the gold trade in Dubai
DUBAI: According to a new report from Business Registration and Licensing, BRL, Department of Economic Development, DED, 4,086 companies are operating in Dubai’s gold sector.
The report notes that 2,498 licenses were issued for the category of gold and silver jewelry and jewelry, as well as 1,184 for the trade in gold and precious metals, 392 for goldsmiths and precious jewelry, seven for the foundry of gold and precious metals, and five for the liquidation of gold.
The report also highlighted the distribution of companies by sub-region, with the main sub-regions being Al Dhagaya, Al Ras, Ayal Nasir, Burj Khalifa, Warqa Al Bateen, Al Muraqqabat, Port Said, Al Rigga, Trade Center. 1 and Al Barsha 1, representing 46.5% of the total number of companies.
The report also showed that Indian citizens lead the top ten nationalities investing in the sector, followed by citizens of Pakistan, UK, Saudi Arabia, Switzerland, Oman, Jordan. , Belgium, Yemen and Canada. The number of investors in the gold sector amounted to 62,125, including 60,012 businessmen and 2,113 businesswomen.
The total value of gold, jewelry and diamond sales reached AED274 billion last year, an increase of around 3% from 2017, according to the Dubai Gold and Jewelery Group. The UAE’s gold and gemstone trade has also grown significantly in recent years, and the sector’s annual foreign trade value is estimated at some AED400 billion. The country’s gold imports were valued at AED 142.4 billion, while its exports were at AED 75.9 billion and re-exports at AED 26 billion, according to the Federal Customs Authority. .
The sector supplies Dubai residents with gold imports from around 30 countries, while also meeting tourist demand.
© Copyright Emirates News Agency (WAM) 2019.