|16 January, 2020

UAE gold, diamond trade in 2018 tops $70bln

To support the sector, the government decided two years ago to exempt the gold and diamond trade from VAT

The value of the UAE’s trade in raw and semi-worked gold and diamonds in 2018 amounted to Dh258.4 billion ($70.3 billion), a media report said.

The gold and diamond trade accounted for around 15.8 percent of the UAE’s total non-oil trade in 2018, valued at Dh1.628 trillion, reported state news agency Wam, citing statistics from the Ministry of Economy.

With the ongoing growth in the gold and diamond trade, the country was ranked first in the region in precious metal exports and re-exports in 2018.

To support the sector, the government decided two years ago to exempt the gold and diamond trade from value added tax, VAT, which improved its competitiveness and increased its trade activity.

Statistics issued by the Ministry of Economy and the Federal Tax Authority and the Federal Competitiveness and Statistics Authority highlight the fact that the UAE’s export of raw and semi-worked gold amounted to Dh53.4 billion, or around 25.2 percent of the country’s exports in 2018 totalling Dh212 billion.

The country's gold imports were valued at Dh111 billion during the same reporting period, or 11.8 percent of the country’s imports in 2018 totalling Dh938 billion.

The country's diamond imports amounted to Dh43.7 billion at the end of 2018, while the value of the re-export trade of this precious metal reached Dh50.3 billion.

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