|26 May, 2019

Over 4,000 companies operate in Dubai’s gold sector, says DED

Of the 4,086 companies, 2,498 licences were issued for "Jewellery and jewels of gold and silver"

Image used for illustrative purpose. Customers in a gold shop in UAE.

Image used for illustrative purpose. Customers in a gold shop in UAE.

Dubai Tourism

DUBAI - The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, Dubai, has stated that 4,086 companies operated in the gold sector in Dubai, according to a report issued by the sector.

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. The report aims to familiarise entrepreneurs with the gold sector and highlight its role in adding value to the economy.

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.

The report highlighted the distribution of the companies according to the top sub-regions. The top regions, which accounted for 46.5% of the total number of companies, are 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.

The report also showed 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.

The total gold, jewellery and diamond sales, reached AED274 billion last year, an increase of about 3% 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.

The country'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. This also meets the demand of tourists who visit Dubai.

© Copyright Emirates News Agency (WAM) 2019.

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