Dubai records $29bn gold trade in 2009 as exports see 9% rise

The total gold trade through Dubai stood at $29 billion (Dh106.43bn) in 2009, matching the value of gold traded in 2008, according to Dubai Multi Commodities Centre Authority (DMCCA).

For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15 per cent decline compared to the record set in 2008, it was 16 per cent higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai reached 403 tonnes, an increase of nine per cent compared to 371 tonnes in 2008.

Ahmed bin Sulayem, Executive Chairman, DMCCA, said: "Given the tough economic conditions and the resulting impact on the gold trade globally, Dubai's $29bn gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade."

In 2009, gold prices broke the record-high level of $1,200 per ounce before averaging to $973 per ounce. More than 130 countries served as gold import partners into Dubai in 2009. India continues to remain Dubai's top gold trading partner, signifying Dubai's role as a gateway to the gold trade in the Indian subcontinent.

"The value of the gold trade in the emirate has increased by more than six times since 2001; the same for 2009 is more than double the average trade in the past nine years. These figures demonstrate the emirate's increasingly important role as a centre for regional and global gold trade. With growing stability in global economic conditions, we are confident that Dubai will continue to perform well in 2010 and further strengthen its status as a global hub for gold trade," Sulayem said.

The data was compiled by the Data and Statistics Reporting division of Dubai Trade, a secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre.

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