2.08 PM Tuesday, 5 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:21 06:34 12:33 15:53 18:26 19:40
05 March 2024

Over 4,000 companies operate in Dubai’s gold sector: DED

By Staff

The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED), Dubai, in its new report, states that 4,086 companies operate in the gold sector in Dubai.

The report includes statistics on the number of companies operating in Dubai, the activities of the gold market sector and the distribution of the companies across the emirate. The report aims to familiarise entrepreneurs with the gold sector, and highlight its role in adding value to the economy.

Of the 4,086 companies, 2,498 licences were issued for "Jewellery and jewels of gold and silver", 1,184 for trade in "Gold and precious metals", 392 for "Goldsmiths and precious jewellery", 7 for "Gold foundry and precious metals", and 5 for "Gold liquidation" activity.

The report highlighted the distribution of the companies according to the top sub-regions. The top regions, which accounted for 46.5% of the total number of companies, are Al Dhagaya followed by Al Ras, Ayal Nasir, Burj Khalifa, Warqa Al Bateen, Al Muraqqabat, Port Said, Al Rigga, Trade Centre 1 and Al Barsha 1.

The report also showed that Indians led the top ten nationalities investing in this sector followed by the citizens of Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada. The number of investors in the gold sector stands at 62,125 including 60,012 businessmen and 2,113 businesswomen.

The total gold, jewellery and diamond sales, reached AED 274 billion last year, an increase of about 3% compared to 2017, according to the Dubai Gold and Jewellery Group. The UAE's trade in gold and precious stones has also grown significantly in recent years. The country's foreign trade in this sector is estimated at about AED 400 billion annually. The import of gold was valued at AED 142.4 billion, while the value of exports amounted to AED 75.9 billion, and the value of re-exports to AED 26 billion, according to the Federal Customs Authority.

The gold and jewellery sector provide residents of Dubai with gold imports from about 30 countries. This also meets the demand of tourists who visit Dubai.