Dubai’s gold sector witnessed 20 per cent growth in foreign trade during the first quarter of 2021 compared to Q1 2020
Dubai Industries & Exports (Dubai IE), the export promotion and industrial development agency of Dubai Economy, showcased the capabilities and potential of the gold & jewellery sector in Dubai for the first time at JCK, the premier gold & jewellery fair that concluded in Las Vegas recently.
Saed Al Awadi, CEO of Dubai Industries & Exports, along with Ahmed Bin Sulayem, executive chairman and CEO of DMCC, led a team of senior officials and businessmen from Dubai at JCK, which is acclaimed globally as an exceptional opportunity for gold & jewellery traders to connect to potential markets overseas and especially with the largest buyers in North America.
Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, and chairman of Dubai Diamond Exchange said: “DMCC is home to the region’s leading diamond and jewellery firms, and it was encouraging to see many of our members at the conference in the United States. DMCC sits at the heart of Dubai’s progressive, dynamic and enabling environment and we have ambitious plans to attract even more jewellery trade and traders to the city."
"Welcoming delegates to our Dubai Diamond Conference and JGT Dubai in February next year was a real focus for us in Las Vegas. The insights, connections and experience gained at the 2021 JCK Show are invaluable, and will no doubt accelerate our strategy to transform Dubai into a world-leading trade hub for precious metals, stones and jewellery,” he said.
Bin Sulayem added that DMCC highlighted the Dubai Diamond Conference to new audiences at JCK, in addition to promoting the inaugural edition of the Dubai Jewellery, Gemstone and Technology Exhibition 2022, which will be hosted by DMCC to bring buyers, manufacturers, traders, designers and suppliers in these sectors together in Dubai.
"An important stakeholder in this development is Ithra Dubai, which is developing the Deira Enrichment Project. This project seeks to pay homage to the tradition of trade in Deira through developing infrastructure and facilities that will expand the Deira Souk to become the centerpiece of the district. When completed the area will boast a plethora of retail spaces, from shop fronts to storage areas, – ultimately enhancing the workflow process,” he said.
Mohammed Ali Al Kamali, deputy CEO of Dubai Industries & Exports and head of the Executive Office of the Emirates Gold Bullion Committee, remarked: "We sought to develop an integrated system that supports the sustainability of the gold & jewellery sector through several initiatives aligned with the comprehensive strategy for this sector. Our focus is on initiatives that fully support value chains of direct and indirect industries in the sector. We are in continuous consultations with the private sector to identify most important areas for improvement and we are currently working on developing transparency and governance in the industry and creative designs in gold & jewellery to make our products appealing to foreign markets.”
Al Kamali added that participation in international exhibitions helps connect the vital gold & jewellery sector in Dubai with elite groups of merchants around the world. “We are pleased to work with DMCC, Ithra Dubai and the Dubai Gold and Jewellery Group, which highlights the efforts of all concerned parties to sustain this strategic sector and support the emirate’s position as a global centre for gold, jewelry and diamonds.
Tawhid Abdullah, chairman of Dubai Gold and Jewellery Group, said: “It is important for gold and jewellery manufacturers in Dubai to diversify their export markets, and for this they have to participate in prominent events such as the JCK so that they understand about their target markets, explore latest industry developments, and get a chance to network with potential buyers abroad.”
Dubai is mainly a centre for rough diamond trade, leveraged by its proximity to Africa, where diamonds are mined, and India, where 90 per cent of the world’s diamonds are polished, added Abdullah. The UAE is the third biggest trading hub for rough diamonds after Belgium and India. Gold & jewellery have become Dubai’s largest component of non-oil external trade. Trade data for Q1 2021 shows that Dubai’s gold & jewellery sector has been growing despite the global impact of Covid-19. Trade in gold & jewellery in Dubai increased from Dh92.88 billion in Q1 2020 to Dh111.5 billion in Q1 2021, and when the two quarters are compared the sector has also seen a 22.4 per cent growth in exports, according to Dubai Customs data.
Business licencing data from the first half of 2021 also indicates a remarkable growth of 102 per cent in the gold sector compared to H1 2020. Commercial licences issued in the gold sector during H1 2021 reached 204, according to the latest update from Dubai Economy, Licenses issued by Dubai Economy for the gold & jewellery trade cover eight activities, most importantly, trading in gold and jewellery, trading in gold and precious metals, and jewellery designing, among others.
The gold & jewellery sector in Dubai reflects the confidence and reputation it enjoys in global markets, and its pivotal role in facilitating global trade even in unusual circumstances, as well as the quality and efficiency of the trade policies in the UAE. The sector is expected to witness more initiatives and projects in line with the strategic goal of developing the institutional structure for the governance of gold trade, enhancing competitiveness in gold trade, building an integrated system for the sector and strengthening the UAE as a global gold trade hub in line with the directives of the leadership.
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