Officials and merchants working in the jewelry and goldsmiths sector confirmed that there are eight factors that distinguish the Emirate of Dubai in the gold trade, and that it strengthens its position that it acquired at the regional and international levels by being "the city of gold".

And they presented to «Emirates Today» those factors, the most important of which is the great diversity in models and designs of goldsmiths, quality assurance, the availability of a safe environment for shopping in the sector, and competitive prices, pointing to the smooth flow of trade, which allowed the ease of importing goldsmiths from different countries of the world.

According to data issued by the Dubai Economy, the total number of investors in the gold sector in Dubai amounts to 62 thousand and 125 investors, while the number of companies operating in the sector is currently 4086 companies.

Gold City

In detail, the Chairman of the Board of Directors of the Dubai Gold and Jewelery Group, Tawhid Abdullah, said that there are factors that Dubai has in the gold trade sector and supports its position at the regional and international levels by being "the city of gold".

He added that one of the most prominent of these factors is the great diversity and richness of the goldsmith styles, pointing out that it is difficult to find in any global market gold crafts manufactured according to the Arab styles, while at the same time busy with Indian, Singaporean, Italian and Chinese designs.

He stressed that the geographic center of the emirate, making it for a long time, a center for gold trading between countries of the region, which attracted factories from different nationalities, in addition to the smooth flow of trade made it possible to import artefacts from different countries of the world.

He pointed out that the population diversification that characterizes Dubai is one of the factors that support the diversity of its gold jewelry supply.

prices drop

Abdullah stressed that the low prices of gold jewelry compared to other countries are among the factors that contributed to establishing Dubai's position as a city of gold, pointing to the standards that relate to high competitiveness, the multiplicity of companies in the local market in terms of trade or manufacturing, low operational costs, and a decline in the cost of Security and transportation compared to other markets around the world.

He stated that the great momentum in wholesale trade in Dubai contributed to a decrease in the profit margin in it on gold jewelry to about 5% compared to profit rates ranging between 10 and 12% in a number of countries in the world.

The Chairman of the Board of Directors of the Gold and Jewelery Group in Dubai stressed that the gold markets in the emirate are characterized by great reliability and high quality in the quality of goldsmiths, in light of great control over the markets, which makes visitors prefer to buy gold from Dubai, which contributed to the fame of the city For gold.

Gold trading

Abdullah revealed that, according to data issued by the Dubai Economy, the total number of investors in the gold sector in Dubai amounts to 62 thousand and 125 investors, of whom 36,001 thousand are investors in the activity of trade in jewelry and jewelery from gold and silver, and 19,035 thousand investors in the activity of goldsmithing and precious jewelry , 6992 investors in the trade of gold and precious metals not occupied, 53 investors in the activity of gold and precious metals plumbing operations, and 44 investors in the "gold-clearing activity".

He added that the number of companies operating in the gold sector in Dubai currently reaches 4086 companies, noting that "the activity of trade in jewelry and jewelery of gold and silver includes 2498 licenses, while the activity of trade in gold and precious metals not occupied includes 1184 licenses."

He pointed out that there are 392 licenses for the profession of "goldsmith and precious jewelry", seven licenses in the activity of "gold and precious metal plumbing operations", and five licenses in the "gold clearing" activity.

As for the distribution of these licenses according to nationalities, India came first, followed by Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada.

Great variety

For his part, Abdul Salam KB, CEO of Malabar Group for Gold and Jewelery, said that there are factors that have supported Dubai's position as a city of gold at the international level.

He added: «Dubai is famous for the existence of a great diversity and a wide variety of gold and jewelry that meet different tastes and cultures, which facilitates the flow of commercial movement of gold in Dubai, and attracting many international companies annually to work in the gold sector.

He pointed out that Dubai has an advanced infrastructure in the gold sector, which promotes the attraction of new companies to work in, in addition to the low fees and taxes on the gold and crafts sector compared to other countries, which in turn contributed to the low cost of gold jewelry in the country, in addition to ensuring the quality of gold in Dubai , And the application of high standards for quality control.

KB pointed to the geographical location of the emirate, and the incentives for import, export and re-export according to sophisticated and flexible legislation, which is one of the factors that have supported Dubai's position in the gold trade sector.

Ease of shopping

In turn, the director of marketing at «Samara Jewelery Company», Katia Abu Samara, said that he who visits gold markets in a number of European countries easily understands the significance of Dubai’s “Gold City”, with its distinction in the elements of ease of shopping in the sector.

She explained: «Shopping in European gold stores or even in a number of Asian countries is difficult, with limited parts offered for security reasons, and the presence of a large number of security personnel, in what Dubai has the advantages of easy shopping, and a completely safe environment that allows shoppers freedom Walk around the gold store to see large numbers of jewelery and jewelry, and compare them.

The emirate’s reputation

As for the CEO of "Dahkan Jewelery Company", Vishal Dahkan, he said that the elements that Dubai has as a city of gold make a large number of international companies prefer opening branches in the emirate, with its franchise in a thriving commercial activity in the movement, whether residents or tourists.

Dahkan attributed this to the emirate's reputation and the high quality of jewelry and gold offered to shoppers, as well as the diversity, low prices, taxes and fees, which makes visitors, especially from Asian countries, prefer to buy from Dubai, or they come to it in particular with the intention of buying.

274 billion dirhams

The latest data related to the gold trade showed that the total sales of gold, jewelry and diamonds in Dubai markets reached 274 billion dirhams during 2018.

The Gulf countries, Lebanon, Jordan, and North African countries, in addition to a number of Asian countries, are among the most important gold importers from Dubai.

Safe environment

Tariq Al-Mudaqa, CEO of Al Kalouti Jewelry Company, said that excellence in the Dubai gold sector represents an integrated experience that consolidates its position as a city of gold.

The pistil agreed with his counterparts that there is a great diversity in the models of goldsmiths, in addition to the availability of a safe environment at the level of trade, manufacture and shopping. He pointed out that Dubai has an advanced infrastructure and an attractive investment climate for companies, in addition to benefiting from the emirate's geographical location.

Factors that characterize the Dubai gold market

1. Variety of models of goldsmiths.

2. Quality assurance.

3. The geographical location commercially.

4. Low taxes and fees.

5. Safe environment for work and shopping.

6. Advanced infrastructure.

7. Easy shopping.

8. Competitive price.