Thursday 22 October 2020

Dubai gold and diamonds March-June trade hits $18bn

DUBAI, September 21, 2020

Dubai’s gold and diamond air cargo trade amounted to AED67.1 billion ($18.27 billion) between March and the end of June 2020, Dubai Customs has revealed. 
Statistics released by Air Customs Center Management at Dubai Customs show that the diamond and gold trade from March 1 to end of June comprised AED35.6 billion of imports (428.8 tons), AED38.5 million (877 kg) transferred into the free zone, AED471.7 million (2.1 tons) of re-exports “transit”, AED29.4 billion (161.2 tons) of exports, and AED1.4 billion (8.3 tons), which entered the free zone. 
The Air Customs Center Management also completed 31,590 transactions including 17,169 import, 12,293 export and 89 re-export transactions. 
In terms of value, gold and jewelry accounted for AED5.6 billion, raw diamonds AED5.7 billion, polished diamonds AED3.6 billion, diamonds powder AED503,300, gold powder AED31.3 million, gold bullions AED51.7 billion, gold coins AED16 million and gold medallions AED240.2 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 organization from just a law enforcement body to a friendly supportive organization.” 
“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 Center 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.  – TradeArabia News Service


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