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Dubai is one of the United Arab Emirates seven emirates. The city is renowned for its opulent retail centers, cutting-edge buildings, and vibrant nightlife. Due to its rapid transformation over a few decades from a sleepy Gulf port to a major international economic center, Dubai is known as the “City of Gold.” The nickname, however, refers to the city’s traders’ and consumers’ love of the golden metal. By obtaining its raw materials from Africa and selling the finished goods to customers in the developing economies of India and China, Dubai has established itself as a significant hub for the trading of gold. With about 1,200 tonnes of metals handled in the city’s gold souks, Dubai owns 29% of the global gold trading market.
Traders have been visiting Dubai’s Souks for more than a century pursuing spices, pearls, and gold. Due to its robust gold trade, Dubai earned the “City of Gold.”
The Dubai Gold Market: Why There’s No Better Place in the World to be Rich
According to Dubai Customs, the country’s gold trade was worth 41 billion euros in the first nine months of 2020. After oil, it is the city’s most lucrative export. Dubai has taken advantage of its location by establishing refineries, gold vaults, and jewelry-making facilities.
Gold is refined and turned into investment-grade bars in the UAE. They supply not only wholesale jewelers but also bullion banks and merchants. The entire procedure is completed on-site. The Dubai Good Delivery accreditation, a global standard for quality and technical requirements, is also held by Al Etihad.
Traders have been visiting Dubai’s Souks for more than a century pursuing spices, pearls, and gold. Due to its robust gold trade, Dubai earned the “City of Gold.”
Looking At Dubai, The City Of Gold, Gold Prices, And The Gold Market
According to Dubai Customs, the country’s gold trade was worth 41 billion euros in the first nine months of 2020. After oil, it is the city’s most lucrative export. Dubai has taken advantage of its location by establishing refineries, gold vaults, and jewelry-making facilities.
Gold is refined and turned into investment-grade bars in the UAE. They supply not only wholesale jewelers but also bullion banks and merchants. The entire procedure is completed on-site. The Dubai Good Delivery accreditation, a global standard for quality and technical requirements, is also held by Al Etihad.
Go Gold in Gold’s Future
Despite some stagnation, Mr. Max Warren, CEO of SION Trading FZE, predicts that gold prices will climb in the future since governments and investors view the yellow metal as a safe investment in the uncertain global economy. In addition to being a leading gold trader, the city is a significant retail market with hundreds of gold shops.
The Gold Souk, along with the other stores in the city, is the main destination for buyers of gold, who are traders, visitors, and locals. Customers can stroll in and purchase the jewelry of their choice, and it can even be personalized. When Dubai was a tranquil trading port in the 19th century, the city developed a fondness for gold and jewelry. The relationship between Dubai and the king of metals is renowned.
Conclusion
Dubai is one of the most esteemed gold trade markets because in large part of its physical location. The city is one of the least expensive places in the world to purchase gold due to its tax-free status. Importing gold and melting it to create gold bars are done in gold refineries, storage vaults, and jewelry manufacturing facilities. Traders and investors can buy and sell gold on the commodities market through the Dubai Gold and Commodities Exchange. According to the SION group, a UAE-based company with a license to trade and mine gold, Dubai’s appeal for its gold business has multiplied since its days as a city known for its treasure hunting.
