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UAE ranked top exporter of precious metals in Arab world

Staff Report/Dubai
Filed on January 11, 2020 | Last updated on January 11, 2020 at 06.32 pm
UAE ranked top exporter of precious metals in Arab world
Sultan bin Saeed Al Mansouri says the UAE is highly-competitive in the gold, diamonds and precious metals trade.

(Supplied photo)

Nation committed to international standards set to ensure safe entry of diamonds only through trusted sources

The UAE is ranked first in the Arab World and fifth globally for exports and re-exports of precious metals.

"In 2018, the UAE ranked first in the Arab world and fifth globally in terms of value of exports and re-exports of precious metals. The UAE also ranked fifth globally in terms of gold exports, second globally for diamond re-exports, and first globally in jewellery re-exports," said Sultan bin Saeed Al Mansouri, UAE Minister of Economy.

"The UAE is highly-competitive in the gold, diamonds and precious metals trade. In fact, this is one of the most important sectors supporting the UAE's economic diversification efforts, and the promotion of the country's non-oil foreign trade. DMCC plays a major role in supporting and developing the emirate's capabilities and consolidating its position as a leading precious metals trading hub in the region," he said.

The UAE's non-oil foreign trade reached Dh1.63 trillion, a slight increase from Dh1.61 trillion. Exports rose 1.8 per cent to Dh212 billion while re-exports reached Dh478 billion.

During a recent visit to the Dubai Multi Commodities Centre (DMCC), Al Mansouri reiterated the importance of the Kimberly Process, which the UAE joined since its inception.

The UAE has been committed to the international standards it set to ensure the safe entry of diamonds to the UAE market only through trusted sources, devoid of any suspicious activity related to funding of other nations' conflicts, in line with state values and principles.

"With the support of the UAE Ministry of Economy and other partners in government, the DMCC has created an unrivalled ecosystem for the precious metals, diamond and jewellery trade. Already this year we have witnessed a surge of interest from traders across the world wanting to do business in, and through Dubai. Attracting this business to Dubai will significantly increase our contribution the UAE's non-oil GDP in 2020," said Ahmed bin Sulayem, executive chairman and chief executive officer of the DMCC.

"Looking ahead, the DMCC will continue to build an ever closer relationship with the international precious metals, diamond and jewellery industry, and strengthen Dubai's reputation as a leading innovative trade hub," he added.

- waheedabbas@khaleejtimes.com

 


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