Official data for UAE gold sector released by DMCC

According to DMCC statistics, Dubai the 'City of Gold' is clearly strengthening its already powerful position as one of the leading international hubs for the gold industry. With the extremely high consumption levels of gold products, by both local inhabitants and the ever-growing number of tourists, these figures are expected to substantially increase over the next few years.

This is the first occasion that official industry-specific data has been made available to the gold sector. DMCC has reiterated their commitment to working with the necessary authorities and leading industry players, in order to facilitate the regular release of Dubai's gold import and export data in order to provide much needed consistency and transparency for the industry. Data will be distributed to members and will also be made available on DMCC's website amongst other channels.

"DMCC is dedicated to the growth and promotion of Dubai as a global centre for the trade of gold, diamonds and commodities. Data in regard to the sectors which we support is a vital tool and it is our intention to provide these numbers and additional local industry statistics which are currently being compiled," said Colin Griffith, Executive Director for Gold & Precious Metals at DMCC.

Griffith added: "Despite a significant increase in gold prices, the 2003 figures confirm Dubai's status as a leading global hub for gold and the city's excellent spread of business partners, trading with 75 countries worldwide, the largest of these being Switzerland, India, Saudi Arabia, Singapore and Pakistan."

The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serving the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.