dubaigoldrates

Tag: gold and diamonds

  • Gold and diamonds head up UAE imports

    Gold and diamonds head up UAE imports

    TheNationalUAE

    Gold and diamonds were among the most popular imports into the UAE in the first three months of the year, with the country’s consumers buying about 200,000 kilograms of the materials, valued at around Dh37.9 billion, according to data from the Federal Customs Authority.

    Cars took second place, with Dh12.4 billion purchased in the first quarter, as the UAE’s consumers took advantage of the low yen to buy Japanese cars.

    The UAE’s total non-oil trade reached Dh256bn in the first quarter of this year, down slightly compared to the first quarter of 2013, when Dh270bn of trade was recorded.

    The UAE ran a deficit in terms of its non-oil trade in the three months to March, spending Dh166.4bn on imports, compared to receipts of Dh89.6bn from exports and re-exports combined.

    The balance of non-oil trade is watched closely by the UAE Government, which aims to diversify away from oil to ensure economic growth and current account surpluses in the future.

    The Australasia and Asia-Pacific region remained the UAE’s largest trade partner, accounting for 43 per cent of the country’s non-oil trade, worth Dh106bn.

    European trade grew by 3 per cent compared to the previous year, accounting for 27 per cent of total trade, and was valued at Dh67.2bn. Trade with the Middle East and North Africa accounted for 14 per cent, or Dh35.1bn.

    The US and Caribbean accounted for 10 per cent of quarterly non-oil trade, valued at Dh24.1bn, followed by West and Central Africa, which accounted for 4 per cent of trade, and East and South Africa, which accounted for 3 per cent.

    The value of non-oil trade between the UAE and GCC reached Dh22.9bn in the first three months, with imports from the GCC accounting for Dh7.4bn, while exports and re-exports totalled Dh15.4bn.

    Saudi Arabia was the UAE’s largest non-oil trade partner in the Middle East. Total value of the UAE-Saudi non-oil trade totalled Dh8.3bn, accounting for 36.2 per cent of total trade with GCC countries.

    Oman was the UAE’s second-largest trade partner in the Gulf with Dh6bn, or 24.6 per cent of Gulf trade, followed by Kuwait and Qatar, both valued at Dh3.2bn.

    In 2013, total trade between the UAE and the rest of the world totalled Dh 1.53 trillion.

  • Dubai strongest globally as a center for gold and diamonds

    Dubai strongest globally as a center for gold and diamonds

    Dubai strongest globally as a center for gold and diamonds

    Increasing amounts of gold and diamonds that are actually traded through Dubai is rapidly reinforcing the emirate’s position as a global hub for trade in goods the main rival of the world’s major centers in the European continent.

    A report published by the “Med” yesterday statistics reveal the trading value of $ 70 billion of gold in 2012 with a high weighting to higher levels through 2013. The size of the value of the gold market in Dubai in 2012 is equivalent to 12 times its size in 2003 as a trading value of only $ 6 billion.

    And recorded diamond trade growth steady also, the value of diamonds were traded early last decade between 3 to 5 million dollars it soon rose in 2011 to $ 39 billion, and continues to the size of the diamond market in Dubai to grow, where he scored two months the first and second This year’s trades amounted to 20 million carats, an increase of 7% compared with the same period of last year, this is equivalent to $ 9.1 billion or an increase of 11% compared with the value of a diamond, which has been trading the same period in 2012.

    And playing center DMCC, which was founded in 2002 a major role in this growth, promotes excellence Dubai in the markets of precious metals and gems world by encouraging companies to work from the free zone developed by the center in Jumeirah Lakes Towers, as well as providing distinctive services to companies and investors, such as Wallet service and   Dubai Gold & Commodities Exchange.

    Adding to the importance of the center announcement earlier this month for the determination of the company “Kaluti” the British set up a factory for gold jewelry at a cost of $ 60 million in the free zone in question, it is expected that the plant starts production in 2014 card up to 1400 tons of gold and 600 tons of silver and other precious metals.