His Highness Sheikh Ahmed Bin Saeed Al Maktoum announces new Gold Terminal facility in Dubai's Gold Souk

Opening next month, the facility will place Dubai on a par with the world's most modern cities in terms of infrastructure for gold and jewellery. The new terminal, located in the Goldland building, will allow jewellery importers to receive their precious cargoes directly to the Gold Souk, instead of at the airport - an arrangement which will be faster, more convenient and less expensive for traders.

Sheikh Ahmed said: "Emirates Transguard is very happy to work with the Dubai Gold and Jewellery Group to improve facilities to Dubai's jewellery sector and to also support the campaign to build the city's reputation as a City of Gold. The Emirates Group is always looking for opportunities to promote Dubai. This facility is another feather in Dubai's cap, and we are proud to help make this happen."

"This is an innovation that will have a real impact on jewellery traders here," said Tawhid Abdullah, Chairman of the Gold and Jewellery Group. "While preferential rates will make the facility extremely cost-effective, the chief benefits will be the faster turnaround time, increased security and easy access for our members.

"Previously, it was quite expensive for small traders to import goods, and they sometimes relied on the assistance of bigger players in the market. However this new system will allow every trader, big or small, to clear goods using their own account with Dubai Customs. This allows for a much more transparent market," he concluded.

The facility will be available exclusively for each member of the Gold and Jewellery Group. This single window clearance system will ensure that delivery and customs clearance can take place in one process. Traders will also be able to clear diamonds through the Kimberly Process, which gives a certificate of origin. Dubai is the only Middle East country to implement the Kimberly Process to date.

The Gold and Jewellery Group's transportation partner, Emirates Transguard, is the security services provider of Emirates Airline and possessors of the largest international network for the transport of valuable cargo in the region.

Dr. Abdullah Al Hashimi, Senior Vice-President, Emirates Group Security said: "We are expecting the terminal to clear an expected 1,000 transactions each month. Currently, the value of our monthly shipments is in excess of US$100 million, and we expect the new facility to be responsible for a large number of these transactions."

An association of more than 450 gold and jewellery outlets, the Gold and Jewellery Group Dubai is responsible for promoting, monitoring and improving the gold and jewellery trade in Dubai.