Dubai’s gold and diamonds trade from March to June is Dhs67.1 billion

Business Bureau, Gulf Today

Dubai non-oil trade continued its growth against the current crisis. Being a hub for gold and diamond trading and making, Dubai made Dhs67.1 billion from gold and diamond air-cargo trade between March and the end of June 2020.

Statistics released by Air Customs centre Management at Dubai Customs show that the diamond and gold trade from March 1st to end of June comprised Dhs35.6b of imports (428.8 tonnes), Dhs38.5 million (877 kilo grams) transferred into the free zone, Dhs471.7 million (2.1 tonnes) of re-exports “transit”, Dhs29.4b (161.2 tonnes) of exports, and Dhs1.4b (8.3 tonnes), which entered the free zone.

The Air Customs centre Management also completed 31,590 transactions including 17,169 import, 12,293 export and 89 re-export transactions.

In terms of value, gold and jewellery made Dhs5.6 billion, raw diamonds generated Dhs5.7 billion, polished diamonds Dhs3.6 billion, diamonds powder Dh503,300, gold powder Dh31.3m, gold bullions Dhs51.7 billion, gold coins Dhs16 million and gold medallions Dhs240.2 million.

“Dubai Customs contributes to a vision in which Dubai aspires to maintain its position as the city of gold and diamonds and a strategic hub for the trade of these precious goods,” said Ahmed Mahboob Musabih, Director General of Dubai Customs.

“Dubai Customs provides facilitated and streamlined services to the gold and diamonds sector and business groups. We have changed the stereotypical image about a customs organisation from just a law enforcement body to a friendly supportive organisation.”

“Our regular meetings at the Dubai Customs Consultative Council discuss the latest trends and issues within our community of business groups including health and food security, gold trade and passenger traffic.”

“We have implemented a number of initiatives during the spread of the coronavirus to ensure a Dubai streamlined external trade and a sustainable business sector, thanks to a generous stimulus package which Dubai Government rolled out in support of businesses in the emirate.”  Salih Al Shamsi, Director of Air Customs centre Management said they provide best and most advanced services to the gold and diamonds sector in the emirate in fulfilment of Dubai Customs’ vision of becoming the world’s leading customs administration supporting legitimate trade.