Gold & Diamond trade registers progressive growth: Dubai Customs

As per the latest data released by Dubai Customs non-oil trade in the emirate continued to grow irrespective of the current financial climate as the region’s hub for gold and diamond trading and making registered $18.27 billion worth air-cargo trade in the period between March and to the end of June 2020.

Statistics from Air Customs Centre Management at Dubai Customs revealed that the cumulative trade from March 1, 2020, to the end of June 2020 comprised of 428.8 tons of diamond and gold worth $9.69 billion being imported into the free zone along with $10.48 million (877 kgs) worth transfers made to the free zone.

During the same period, 2.1 tons ($128.42 million) of diamond and gold was engaged in re-exports “transit” along with $8 billion (161.2 tons) worth of exports, and $381.14 million (8.3 tons) worth of the materials entering the free zone.

The authority reported that 31,590 transactions comprising of 17,169 imports, 12,293 exports and 89 re-exports were completed in the same timeframe.

Value of transactions 

• Gold and Jewelry – $1.52 billion
• Raw Diamonds – $1.55 billion
• Polished Diamonds – $980 million
• Diamonds Powder – $137,021.00
• Gold Powder – $8.52 million
• Gold Bullions – $14.08 billion
• Gold Coins – $4.36 million and
• Gold Medallions – $65.39 million.

“Dubai Customs contributes to a vision in which Dubai aspires to maintain its position as the city of gold and diamonds and a strategic hub for the trade of these precious goods. Dubai Customs provides facilitated and streamlined services to the gold and diamonds sector and business groups. We have changed the stereotypical image about a customs organization from just a law enforcement body to a friendly supportive organization.”

He further added that “Our regular meetings at the Dubai Customs Consultative Council discuss the latest trends and issues within our community of business groups including health and food security, gold trade and passenger traffic. We have implemented a number of initiatives during the spread of the coronavirus to ensure a Dubai streamlined external trade and a sustainable business sector, thanks to a generous stimulus package that Dubai Government rolled out in support of businesses in the emirate.”