UAE gold, diamond trade in 2018 totals AED258.4 billion

The value of the UAE’s trade in raw and semi-worked gold and diamonds in 2018 amounted to AED258.4 billion, which reinforced the country's position as a regional centre of the trade in the Middle East.

The gold and diamond trade accounted for around 15.8 percent of the UAE’s total non-oil trade in 2018, valued at AED1.628 trillion, according to statistics from the Ministry of Economy.

With the ongoing growth in the gold and diamond trade, the country was ranked first in the region in precious metal exports and re-exports in 2018.

To support the sector, the government decided two years ago to exempt the gold and diamond trade from value added tax, VAT, which improved its competitiveness and increased its trade activity.

Statistics issued by the Ministry of Economy and the Federal Tax Authority and the Federal Competitiveness and Statistics Authority highlight the fact that the UAE’s export of raw and semi-worked gold amounted to AED53.4 billion, or around 25.2 percent of the country’s exports in 2018 totalling AED212 billion.

The country's gold imports were valued at AED111 billion during the same reporting period, or 11.8 percent of the country’s imports in 2018 totalling AED938 billion.

The country's diamond imports amounted to AED43.7 billion at the end of 2018, while the value of the re-export trade of this precious metal reached AED50.3 billion.

Follow Emirates 24|7 on Google News.