Dubai Gold and Jewelery Group reported that new licenses operating in the Dubai gold sector reach 200 licenses annually, indicating the attractiveness of the gold trade to new investors.
She revealed in press statements yesterday that there are 40 countries that import gold from the UAE, noting that the group has completed the installation of 380 electronic screens of gold prices in the outlets in Dubai.
Licenses and companies
In detail, the Chairman of the Board of Directors of the Dubai Gold and Jewelery Group, Tawhid Abdullah, said that there are between 150 and 200 new licenses annually to work in the gold sector in Dubai, indicating the attractiveness of the sector and its attraction of new investors, pointing out that the total number of companies operating in the sector in Dubai reaches 4086 companies currently
He added that the UAE accounts for up to 14% of the total gold consumption around the world (export, re-export and trading in the markets), pointing out that there are 40 countries that import gold artifacts from the UAE, especially Arab and Asian countries.
Price screens
Abdullah revealed that the total number of electronic screens installed by the gold and jewelry group in the outlets has reached 380 screens so far, aimed at transparency in presenting real-time data for gold prices to consumers, and to support the standardization of gold price lists in the emirate's markets, according to an initiative agreed in cooperation with the Dubai economy.
He stressed that the UAE is the only country in the world to transfer the global price changes of gold to consumers through these screens at the same moment, which indicates the degree of accuracy and transparency used in the gold trade in the state’s markets.
"Instagram" Trade
Abdullah said that the gradual expansion witnessed in the markets in the trade in goldsmiths through the application of "Instagram" is one of the biggest challenges facing the traditional gold trade, after some people tended to directly promote gold through this medium that achieved popularity, after it provided the advantage of selling.
He stressed that trade via "Instagram" is a challenge for traditional stores, given the absence of operating costs incurred by traditional trade, calling on stores in the market to develop their marketing methods and access through those means. He also called on traders via "Instagram" to follow the legal standards and legislation in obtaining licenses eligible for that trade, and increase consumer awareness not to buy gold works through social media applications, except after obtaining documented bills that guarantee their rights in the event of any conflicts, and to ensure the rights of The state pays taxes on sales through approved bills.
He stressed that consumer complaints from the gold sector in Dubai were the least compared to other sectors, according to the data of the commercial control sector and consumer protection in the Dubai economy.
62 thousand workers in the gold trade
The Chairman of the Board of Directors of Dubai Gold and Jewelery Group, Tawhid Abdullah, revealed that the Indian nationality topped the list of licenses working in the gold trade according to the nationalities, followed by the nationalities: Pakistani, British, Saudi Arabia, Swiss, Omani, Jordanian, Belgian, Yemeni, and Canadian.
He added that there are about 62 thousand workers working in the trade and manufacture of gold in Dubai, according to recent data that was monitored.
- The number of companies operating in the sector in Dubai is currently 4086 companies.
40
A country that imports gold from the Emirates.