Wednesday 16 October 2019
The gold and jewellery sector has been assigned priority status by the UAE government, with the intention to transform it from a regional hub into a leading global center for bullion manufacture and design.
This will see the setting up of a 'UAE Gold Standard' as well as policies to ensure stability within the gold trade.
Dubai has already established itself as a prominent gold and precious metals center through its Gold Souq, the Dubai Multi Commodities Centre (DMCC), and as a base for bullion refining and jewelry making. With the latest announcement, the UAE itself will try to make that transformation.
The new policy — approved by the UAE Cabinet — features 10 strategic programs and initiatives. This includes governance within the gold sector at the federal and emirate levels and the establishment of a federal platform for gold trading and tracking its sources.
The policy will develop tools and initiatives that stimulate growth to bring added value to this vital sector. This will contribute to increasing non-oil GDP, strengthening the UAE’s domestic industry sector and the other supporting fields.
Gold trade has a 20 percent share of the UAE's total non-oil exports.