India tops in investment in Dubai’s gold sector

The total gold, jewellery and diamond sales, reached 274 billion dirhams last year, an increase of about three per cent compared to 2017.

Indians lead the top 10 nationalities investing in Dubai’s gold sector followed by the citizens of Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada, according to a new report.

As many as 4,086 companies operate in the gold sector in Dubai and the number of investors stands at 62,125 including 60,012 businessmen and 2,113 businesswomen, the Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED) said in its new report.

The report includes statistics on the number of companies operating in Dubai, the activities of the gold market sector and the distribution of the companies across the emirate.

It aims to familiarise entrepreneurs with the gold sector, and highlight its role in adding value to the economy, a statement from the DED said.

Of the 4,086 companies, 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’ activity, it said.

The total gold, jewellery and diamond sales, reached 274 billion dirhams last year, an increase of about three per cent compared to 2017, according to the Dubai Gold and Jewellery Group.

The UAE’s trade in gold and precious stones has also grown significantly in recent years and its foreign trade in this sector is estimated at about 400 billion dirhams annually.

The import of gold was valued at 142.4 billion dirhams, while the value of exports amounted to 75.9 billion dirhams, and the value of re-exports to 26 billion dirhams, according to the Federal Customs Authority.

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

Courtesy: Business Today