UAE accounts for 14% of global gold trade

Media In – Abu Dhabi – First of October 2018 / WAM /

 The UAE accounts for about 14 per cent of the world’s gold trade, while the value of exports and re-exports is growing, revealing the growing competitiveness of the country’s gold industry and trade and emphasizing its commercial importance on the global gold trade map. The trade sector for gold, precious jewelery, pearls and precious stones is growing in the UAE, said Abdullah Al Meini, General Manager of the Emirates Authority for Standardization and Metrology. He pointed out to the Federal Customs Authority’s data on the direct foreign trade of gold in 2016, which confirmed the arrival of the value of the country’s imports of gold to To AED 142.4 billion. The value of exports was AED 75.9 billion and the value of re-exports reached AED 26 billion. During an awareness workshop organized by the Authority in Dubai targeting 250 gold, jewelery and precious metals traders at the state level to raise awareness of Federal Law No. 11 of 2015 on the control of the traffic in precious stones and precious metals and its executive regulations, which will enter into force soon, Has witnessed a good growth in its economic sectors in light of the development, potential and promising opportunities it offers to the business sector and investors, while the gold, jewelry, jewelery and precious metals sector is in a special position, noting that the UAE in general and Dubai in particular will remain The world’s gold trade regionally and internationally. The Emirates Authority for Standardization and Metrology is one of the most prominent legislative bodies that play this crucial role at the federal level. Its role is not limited to the issuance of bills but also to the completion of the march. To take practical steps towards the awareness of the concerned groups and in more than one way, and on an ongoing basis. “According to official statistics, the UAE’s trade in gold, jewelery, precious metals and pearls ranked first in the non-oil commodity trade, accounting for 37 per cent of the total non-oil trade of the UAE. Governmental and private bodies “.