DUTY FREE GOLD TRADE IN DUBAI
Dubai has strongly positioned itself as a trade hub for gold and precious metals, quickly emerging as the leader of trade in gems. Physical gold values traded through Dubai have consistently surged to the level of $75 bn. These volumes accounted for 40% of the world’s total trade in 2013 according to statistics from the Dubai Multi Commodities Centre (DMCC)
Gold trade in Dubai expanded in the 1940s due to free trade policies that persuaded entrepreneurs from Iran and India to set up stores in the city’s gold souk. Although there has been a general slump in the world’s gold market, the value share of gold trade in Dubai has increased from 18 per-cent in 2003 to 24 percent in 2004; registering a remarkable growth in the market.
Gold Trade in Dubai brings in US$6 Billion
The value of gold trade in Dubai was approximately US$5.8bn in 2003 while the diamond trade stood at approximately US$7bn in 2005. The largest buyer of Dubai’s gold is India and Switzerland is the largest supplier of gold ingots, scraps and wastes to Dubai.
The country imports Congo gold, deals with numismatics like the Krugerrand and offers the best gold prices today. It can be the place to sell your 24 karat Congo gold since records obtained indicate that it is one of the biggest importers of gold from the democratic Republic Of Congo.
The Dubai gold market is and will continuously be resilient under all conditions. For instance, when the total global demand fell by 15 % recently, Dubai expanded its gains in gold trade in a record demand and consumption growth. This shows that the world’s demand for gold has been shifted to Dubai as a highly positioned global market leader.
Dubai is also expanding its gold refining industry and trade in gold jewellery. In addition, a robust $75 bn in gold value (approximately 40 percent of global investment in physical bullion) went through Dubai in 2013, according to DMCC. This growth, according to experts, can be attributed to the rising number of tourists, location and the transparency of the gold trade in the city.
Dubai Gold Market Growth is at 73$ due to Tourists
There has been an annual gold trade growth of 73% in Dubai, accounting for over 2250 tons of high quality gold. The city complies to international money laundering rules and has strengthened responsible supply chains, making it a productive environment to do gold business in.
With the existing strong financial and physical infrastructure, a strong legal framework that shelters investors; this is the only environment where you can trade in gold with confidence. Dubai has also earned itself a reputation as the world’s bullion centre located in the middle of the consuming and producing nations. So where in the world are you today? Invest and sell your gold in Dubai!