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UAE maintains leading position as global gold hub
BY OUR BUSINESS BUREAU January 13, 2019
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DUBAI: The Emirates Authority for Standardisation and Metrology (ESMA) met the Dubai Gold & Jewellery Group (DGJG) to enhance the competitiveness of the UAE’s regional and global gold markets and maintain the UAE’s leading position as a global gold hub. On the trade in precious stones and metals (UAE Federal Law No. 11 of 2015 on the control of trade in precious stones and precious metals), which came into effect last year.

Abdullah Al Maeeni, ESMA Director General, said that the meeting highlighted the importance of focusing on enhancing the UAE’s leading competitiveness in the world trade in gold, precious stones and Jewelery, and how ESMA by its laws and regulations serves and protect the rights of consumers and traders.

The UAE’s trade in gold, precious stones has grown significantly in recent years. The country’s foreign trade in this sector is estimated at about Dhs400 billion annually, while the country’s imports of gold reached Dhs142.4 billion, while the value of exports amounted to Dhs75.9 billion, and the value of re-exports to Dhs26 billion, according to the Federal Customs Authority.

He added that ESMA has reached an agreement with the Dubai Gold and Jewelery Group, to organise the second awareness workshop for traders, which will be held next month in Dubai, to explain the scope of the legislation and its objectives and its importance in terms of ensuring the reputation of local markets. The law and its executive regulations include the re-export movement outside the country or foreign markets.

He explained that the meeting also touched on the seals and stamping of gold and jewellery, and how the UAE legislation will help consumers and traders to obtain accuracy in weight, reading scales and specifications, requirements and controls of balances in stores and labels of product on jewellery and support the export process of these products and consumer protection measures.

The Emirates Authority for Standardisation and Metrology (ESMA), was implemented in October last year, the first awareness-raising workshop of the law and regulation targeting 250 gold and Jewelery merchants of gold and precious metals at the state level to raise awareness.

Emirates Authority for Standardisation and Metrology (ESMA) is the federal authority approved by the United Arab Emirates to exercise administrative responsibilities by unifying management, supervision and coordination of standards, regulations, and quality control.

The Authority’s policy is drawn up by a board of directors headed by H.E. Eng. Sultan Bin Saeed Al Mansouri the UAE minister of economy, and includes representatives of the relevant federal and local government entities.

(ESMA) was established as a federal body under Federal Law No. 28 of 2001. The Authority provides standards, metrology, conformity assessment and accreditation services in accordance with international requirements and practices.

Earlier the Dubai Gold and Commodities Exchange (DGCX) announced that it has rounded off a highly successful 2018 by breaking its annual volumes record, trading 22.26 million contracts, up 28 per cent from the previous year.
 

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