Indians top investors in Dubai's gold business

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

Image used for illustrative purpose. Shopkeeper sits in his shop in Dubai gold souk.

Image used for illustrative purpose. Shopkeeper sits in his shop in Dubai gold souk.

REUTERS/Tamara Abdul Hadi

DUBAI: According to a new report by the Business Registration and Licensing, BRL, Sector of the Department of Economic Development, DED, 4,086 companies operate in Dubai’s gold sector.

The report noted that 2,498 licences were issued for the category of jewellery and jewels made of gold and silver, as well as 1,184 for trading in gold and precious metals, 392 for goldsmiths and precious jewellery, seven for gold foundry and precious metals, and five for gold liquidation.

The report also highlighted the distribution of companies according to sub-regions, with the leading sub-regions, which are Al Dhagaya, Al Ras, Ayal Nasir, Burj Khalifa, Warqa Al Bateen, Al Muraqqabat, Port Said, Al Rigga, Trade Centre 1 and Al Barsha 1, accounting for 46.5 percent of the total number of companies.

The report also showed that Indian citizens lead the top ten nationalities who invest in the sector, followed by the citizens of Pakistan, the United Kingdom, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada. The number of investors in the gold sector totalled 62,125, including 60,012 businessmen and 2,113 businesswomen.

The total value of sales in gold, jewellery and diamonds reached AED274 billion last year, an increase of about 3 percent compared to 2017, according to the Dubai Gold and Jewellery Group. The UAE's trade in gold and precious stones also grew significantly in recent years, and the sector’s annual foreign trade value is estimated at some AED400 billion. The country’s import of gold was valued at AED142.4 billion, while its exports amounted to AED75.9 billion, and its re-exports at AED26 billion, according to the Federal Customs Authority.

The sector provides residents of Dubai with gold imports from about 30 countries, while also meeting the demand of tourists.

© Copyright Emirates News Agency (WAM) 2019.

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