KHALEEJ TIMES, Sunday, Jan 12, 2020 | Jamadi Al Awwal 17, 1441
UAE ranked top exporter of precious metals in Arab world
The UAE is ranked first in the Arab World and fifth globally for exports and
re-exports of precious metals.
"In 2018, the UAE ranked first in the Arab world and fifth globally in terms of
value of exports and re-exports of precious metals. The UAE also ranked fifth
globally in terms of gold exports, second globally for diamond re-exports, and
first globally in jewellery re-exports," said Sultan bin Saeed Al Mansouri, UAE
Minister of Economy.
"The UAE is highly-competitive in the gold, diamonds and precious metals trade.
In fact, this is one of the most important sectors supporting the UAE's economic
diversification efforts, and the promotion of the country's non-oil foreign
trade. DMCC plays a major role in supporting and developing the emirate's
capabilities and consolidating its position as a leading precious metals trading
hub in the region," he said.
The UAE's non-oil foreign trade reached Dh1.63 trillion, a slight increase from
Dh1.61 trillion. Exports rose 1.8 per cent to Dh212 billion while re-exports
reached Dh478 billion.
During a recent visit to the Dubai Multi Commodities Centre (DMCC), Al Mansouri
reiterated the importance of the Kimberly Process, which the UAE joined since
The UAE has been committed to the international standards it set to ensure the
safe entry of diamonds to the UAE market only through trusted sources, devoid of
any suspicious activity related to funding of other nations' conflicts, in line
with state values and principles.
"With the support of the UAE Ministry of Economy and other partners in
government, the DMCC has created an unrivalled ecosystem for the precious
metals, diamond and jewellery trade. Already this year we have witnessed a surge
of interest from traders across the world wanting to do business in, and through
Dubai. Attracting this business to Dubai will significantly increase our
contribution the UAE's non-oil GDP in 2020," said Ahmed bin Sulayem, executive
chairman and chief executive officer of the DMCC.
"Looking ahead, the DMCC will continue to build an ever closer relationship with the international precious metals, diamond and jewellery industry, and
strengthen Dubai's reputation as a leading innovative trade hub," he added.