UAE to position itself as global gold hub; Plans to bring up federal trading platform

By Amirtha P S, Desk Reporter
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The Emirates Gold Bullion Committee’s third meeting reviewed the plans to launch a federal platform for gold trading, as part of its efforts to turn the country into a global hub for gold and jewelry trade.

In the committee chaired by the minister of state for foreign trade Thani Al Zeyoudi, the technical plans for the platform and for establishing a comprehensive database of all of the key players in the country’s gold industry were discussed.

“The committee is confidently progressing on the path toward reinforcing the country’s positions as a global hub for gold and precious stones trading and further facilitating doing business while bringing added value to this vital sector in order to contribute to increasing non-oil GDP,” Mr. Al Zeyoudi said.

Further, the meeting reviewed the latest developments related to the introduction of the UAE Good Delivery Standard, which is considered as a quality benchmark for the production of high-quality gold.

During the meeting, the minister pointed out that the committee has made tangible progress in implementing policies aimed at supporting gold trading and ensuring the development of robust legislation conducive to driving further growth in the sector.

“The Emirates Gold Bullion Committee is determined on ensuring the enforcement of international standards and criteria to ensure greater transparency and bolster the gold trade,” Mr. Al Zeyoudi said.

Gold and jewelry are an important sector to the UAE’s economy, with precious metals and diamond trading constituting a significant part of the country’s total non-oil exports.

Gold topped the list of commodities making up Dubai’s 2020 external trade at $58 billion, followed by telecoms $41.65, diamonds $17.42, petroleum oils $15.52 and jewelry $12.80, according to the data from the Dubai government.

The Gold Bullion Committee also discussed ways of raising the efficiency of the UAE’s customs outlets to handle the expected growth in gold trade and the prospects of accelerating cooperation with strategic partners to address local and international challenges.

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