Dubai Gold Trade and Consumption Grows
October 07, 10
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The first six month period of 2010 shows gold imports to Dubai totaling 384 tons, up 4.3 percent or 16 tons from 2009. However, gold exports fell 6.7 percent to 225 tons where last year they stood at 240 ton, pointing to a growing consumption within Dubai’s own retail market.
Dubai also showed an increase in exports for ingots of gold (11.6%) and a decrease in re-export for waste and scrap gold (84.5%).
As the gateway to the region, Dubai exports gold to most GCC countries while India remains as Dubai’s leading import/export cohort – the top export being gold bars and the top import being semi-manufactured forms of gold.
According to Malcolm Wall Morris, chief executive officer of DMCC, "The volume of gold traded in Dubai has held strong in the face of the rising price of gold, reinforcing Dubai's position as the City of Gold.”
“We are pleased to see infrastructure tools and value added services like Dubai Good Delivery Standards and Gold Vaults, as well as our close proximity to refineries and gold souk play a major role in improving tradability and enhancing our status as an exclusive trading hub for bullion and other precious metals," He added.