| 07 Mar 2010 |
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Dubai records US$29 billion gold trade in 2009
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Annual imports stand at 576 tonnes; exports reach 403 tonnes
Average gold price US$973 per ounce
India continues to rank as top export and import partner
Dubai, March 7, 2010: Dubai Multi Commodities Centre Authority (DMCCA) announced today that the total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008. This data was compiled by the Data and Statistics Reporting division of Dubai Trade, an innovative, simple and secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities CentreDubai Multi Commodities Centre
. For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15 per cent decline compared to the record set in 2008, it was 16 per cent higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai reached 403 tonnes, an increase of nine per cent compared to 371 tonnes in 2008.
Ahmed bin Sulayem, Executive Chairman, DMCCA, said: "Given the tough economic conditions and the resulting impact on the gold trade globally, Dubai's US$29 billion gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade."
He added, "The value of the gold trade in the emirate has increased by over six times since 2001; the same for 2009 is more than double the average trade in the past nine years. These figures demonstrate the emirate's increasingly important role as a centre for regional and global gold trade. With growing stability in global economic conditions, we are confident that Dubai will continue to perform well in 2010 and further strengthen its status as a global hub for gold trade."
In 2009, gold prices broke the record-high level of US$1,200 per ounce before averaging to US$973 per ounce. More than 130 countries served as gold import partners into Dubai in 2009. India continues to remain Dubai's top gold trading partner, signifying Dubai's role as a gateway to the gold trade in the Indian subcontinent.
About DMCCDMCC Precious Gems Division:
The Precious Gems division at Dubai Multi Commodities CentreDubai Multi Commodities Centre (DMCCDMCC), a strategic initiative of the Dubai Government, consolidates and drives the long term development of the precious gems sectors. The strategic activities of this dedicated division assert Dubai's position as a leading hub for precious gems and jewellery, whilst effectively promoting these industries. Its membership-based trading platforms, namely the Dubai Diamond Exchange (DDE) and the Dubai Pearl Exchange (DPE) provide industry specific services to promote global trade. DMCCDMCC has established a robust infrastructure, including free zone status, secure vaults and purpose-built facilities, that brings together a wide range of commodities activities. Committed to serving the needs of participants in the precious gems markets, the portfolio of the Precious Gems Division includes initiatives such as Dubai Cut Diamond and Pearl Essence.
For further information, please contact:
Gunjan Chaurasia / Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969;
Fax: 971-4-3356080
Email: g.chaurasia@asdaa.com / n.nesson@asdaa.com
© Press Release 2010
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