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Gold October 14, 2019 09:30:01 AM

UAE Assigns Priority Status to Country’s Gold Sector

Paul Ploumis
ScrapMonster Author
The new policy, approved by the cabinet, will accelerate setting up of a new gold standard.

UAE Assigns Priority Status to Country’s Gold Sector

SEATTLE (Scrap Monster): The government of UAE announced the decision of the cabinet to assign priority status to country’s gold and jewellery sector. The initiative is aimed at transforming the country into one among the leading centres for manufacture and design of bullion.

Dubai is a global leader in gold and precious metals trade and also an emerging global hub for bullion refining and jewellery manufacturing. As per estimates, UAE currently accounts for nearly 14% of the global gold trade. Also, gold trade contributes nearly one-fifth of the country’s total non-oil exports.

The new policy, approved by the cabinet, will accelerate setting up of a new gold standard. The approved proposal also includes introduction of a more centralized platform for trading and tracking gold import/export trade. Furthermore, it will result in creation of new policies to ensure stability within the gold trade in the region.

 

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Tawhid Abdullah, Chairman of the Dubai Gold & Jewellery Group welcomed the move, stating that it would have far-reaching positive impact on gold trade. The new platform will enhance UAE’s reputation as a global hub for gold and jewellery trade. The trade community is extremely satisfied that the government has urged to the long-standing request by them, Abdullah added.

The official press release issued by the government noted that the policy comprises of 10 strategic programmes and initiatives aimed to bring in value addition to the country’s gold and jewellery sector.

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