Over 4,000 gold firms in 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 per cent 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 Dhs274 billion last year, an increase of about 3 per cent 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 Dhs400 billion. The country’s import of gold was valued at Dhs142.4 billion, while its exports amounted to Dhs75.9 billion, and its re-exports at Dhs26 billion, according to the Federal Customs Authority.

WAM