The UAE Bullion Market Committee launches the “Emirates Good Delivery Standard” for gold

$100 billion UAE trade in gold and diamonds in 2020

Al Zeyoudi during the launch of the "Emirates Standard for Good Delivery".

From the source

Yesterday, the UAE Bullion Market Committee launched, in the presence of the Minister of Economy Abdullah bin Touq Al Marri, Minister of State for Foreign Trade and Chairman of the UAE Bullion Market Committee, Dr. Thani bin Ahmed Al Zeyoudi, the "Emirates Standard for Good Delivery" for refineries and smelters.

A statement issued by the Ministry of Economy yesterday revealed that the country's foreign trade volume of gold, diamonds, jewelry and jewelry during the year 2020 amounted to about $100 billion.

The statement stated that the "Emirates Standard for Good Delivery" is a voluntary standard that provides a national framework for the gold sector, in line with international best practices.

The new national standard also represents a reference in the quality and technical specifications of refineries and gold production facilities in the country, and includes three evaluation criteria related to the technical capabilities of the facilities and their financial soundness, and their procedures related to gold sources.

add quality

The Minister of State for Foreign Trade and Chairman of the UAE Bullion Market Committee, Dr. Thani bin Ahmed Al Zeyoudi, stressed the importance of launching the standard within the framework of the federal policy for the gold sector, and in line with the Cabinet’s decision to adopt the “Dubai Standard for Good Delivery” as the applicable standard at the national level.

He pointed out that the standard represents a qualitative addition that contributes to the consolidation of the country's position as one of the most important poles of the gold, jewelry and bullion trade in the world, and enhances the competitiveness and attractiveness of the products of refineries and local facilities, and facilitates their access to global markets.

Al-Zeyoudi explained that the step comes within the framework of continuous efforts to strengthen procedures and regulations, with the aim of ensuring the sustainability of the strategic sectors in the country and its readiness for the future, and to complement the committee's initiatives package aimed at developing the institutional structure and strengthening the governance of the gold and precious metals trade sector in the country, in line with the directives of the leadership in Adopting the best international methodologies, the highest quality standards and keeping pace with the latest trends in order to establish the country’s prestigious position as a vital center for trade in gold, diamonds and precious metals.

best practices

For his part, Minister of State, Ahmed bin Ali Al Sayegh, affirmed that the UAE’s directions are to strengthen its position on the map of global exports, pointing out that the launch of the “Emirates Standard for Good Delivery” comes as a developmental methodology aimed at promoting and adopting best practices in trading gold in the country, both as exports Or imports, as well as manufacturing and logistics, stressing the importance of continuing to adopt the best initiatives and practices to advance the gold trade sector in the UAE, and enhance its position on the global trade map of this strategic commodity.

foreign trade

According to the statement, the country's foreign trade volume of gold, diamonds, jewelry and jewelry during the year 2020 amounted to about $100 billion, at a time when the UAE's gold exports grew by 56 percent compared to 2019, with a value close to $30 billion.

During the first half of 2021, the value of the sector’s exports exceeded $18 billion, recording a growth of about 40% compared to the same period in 2020, and nearly doubled compared to the same period in 2019. The UAE’s bullion exports also recorded a growth of 42% in 2020.

In turn, the gold and jewelry sector is witnessing a steady growth in the UAE, and is registering an increasing demand among the local business community, as the number of licensed smelters has reached 28, while the country hosts 5,604 facilities operating in the metals and gemstones sector and related commercial activities.

Executive office

In addition, the UAE Bullion Market Committee formed its executive office, which began the actual implementation of the committee's activities and initiatives, including managing the operations of the Emirates Standard for Good Delivery.

The head of the office, Muhammad Ali Al Kamali, said: “We will continue our efforts, in partnership with the private sector, to monitor all developments in this vital sector, to contribute to its sustainability and consolidate the country’s position as a global center for trade, as we witnessed an increase in bullion exports from the country from 50.6 billion dirhams in 2017 to 105.3 billion dirhams. Dirhams in 2020.

It is noteworthy that the contribution of the gold, diamonds, jewelry and jewelry trade amounted to 25% of the country's total non-oil foreign trade.

• 30 billion dollars in the country's exports of gold, a growth of 56%.

• 28 licensed smelters for gold in the country, and more than 5,604 facilities operating within the minerals and precious stones sector and related commercial activities.

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