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THE ECONOMY - GOLD

Gold refinery at DMCC to open in six months

Posted on 17/08/2003

International gold refining standard is coming to Dubai with three high-tech refineries being set up at the Dubai Metals and Commodities Centre (DMCC) poised to boost the City of Gold's refining capacity to a significant level. According to industry sources, the combined refining capacity of the three refineries in the initial phase would be 300 metric tonnes per year which can go up to 500 tonnes at a later stage. The first refinery to go on stream within six months at the DMCC is the 100 ...  >>MORE

Weak dollar, stocks to drive gold demand

Posted on 13/08/2003

A weak U.S. dollar and nearly flat equity and property market could drive the price of gold to nearly US$400 by the end of the current year, said a gold market specialist during the launch of the Arabic version of the Gold Survey by Dubai Metals and Commodities Centre (DMCC). "External factors, economic and political, will continue to favour de-hedging and investment over the rest of 2003 while fabrication demand is price-sensitive and could, along with the supply from scrap, limit the upside," ...  >>MORE

Industry sees 30pc jump in sales

Posted on 05/08/2003

Dubai's gold and jewellery sector has experienced a 30 per cent increase in sales, buoyed by a large number of shoppers coming from the GCC, said a top industry official. "The value of total gold sales rose to US$1.3 billion last year and this year we expect it to grow up to US$1.5 billion," said Tawhid Abdullah, chairman of the Gold and Jewellery Group. "Due to a very good number of shoppers from the GCC, most of the jewellery outlets are witnessing about a 30 per cent increase in sales. ...  >>MORE

Gold Terminal to open at the Souk next month

Posted on 23/07/2003

Sheikh Ahmed bin Saeed Al Maktoum, President of the Department of Civil Aviation and Chairman of the Emirates Group, yesterday signed a ground-breaking agreement between the Dubai Gold and Jewellery Group and Emirates Transguard, to create a Gold Terminal in the Gold Souk. Opening next month, the facility will place Dubai on a par with the world's most modern cities in terms of infrastructure for gold and jewellery. The new terminal, located in the Goldland building, will allow jewellery ...  >>MORE

Gold traders await holiday season

Posted on 24/06/2003

Retail traders in the gold market here are pinning their hopes for recovery on holiday purchases by Asians after suffering from poor sales in the last quarter. The uncertainty in the region following the Iraq war and high gold prices had a negative impact on the local market. However, activity has just begun to pick up and the market is expected to regain its shine soon. The wholesale trade is also beginning to pick up, with several wholesalers changing tack to give the market a boost. "The ...  >>MORE

Gold sales to rise despite price hike

Posted on 17/06/2003

Despite surging gold prices in the world market, the outlook for gold sales in Dubai remains positive, according to traders. "Last year, Dubai imported 250 tonnes of pure gold, sold 180 tonnes of jewellery and processed about 80 tonnes of bullion in local factories and refineries," said Tawfique Abdullah, chairman of the Gold and Jewellery Group. "The surge in gold prices has a negative impact on retail sales in the local market, but it hasn't been drastic, and with the annual promotions ...  >>MORE

UAE backs Kimberley Process

Posted on 01/06/2003

UAE Minister of Economy and Commerce Sheikh Fahim Bin Sultan Al Qasimi has reiterated the UAE's support to the UN-backed Kimberley Process that seeks to curb trading on conflict diamonds. The minister, according to a statement, met a delegation led by Dubai Metals and Commodities Centre (DMCC) officials recently to discuss the progress of the implementation of the Kimberley Process. The delegation comprised Kimberley Process Chairman Abbey Chikane and World Diamond Council Chairman and CEO ...  >>MORE

Japanese firm opens jewellery casting unit in Dubai

Posted on 10/05/2003

A substantial contribution to jewellery manufacturing standards in the UAE has been made with the opening of the country's first international jewellery casting unit. This unique facility has been opened by Yasui Japan and is located at the Gold & Diamond Park, the UAE's exclusive jewellery and manufacturing outlet. A report by the Dubai-based Khaleej Times yesterday quoted Mohammed Al Falasi, Manager, Property Management, EMAAR Properties as saying: "We are honoured to welcome Yasui to the ...  >>MORE

DMCC to set up diamond exchange

Posted on 30/04/2003

Dubai Metals and Commodities Centre (DMCC), the only such centre in the world to put gold, other precious metals, diamonds and commodities under one roof, is working towards setting up a diamond exchange to facilitate trading in rough and polished diamonds locally. The move will also pave the way for this bourse to become a member of the prestigious World Federation of Diamond Bourses. According to sources, DMCC has started talks with international traders in anticipation of the move to set up ...  >>MORE

DMCC launches sale of jewellery making units

Posted on 27/04/2003

The Dubai Metals and Commodities Centre (DMCC), which has concluded its first phase with a couple of refinery projects taking off, has embarked on the second phase with the sale of unique jewellery manufacturing units in the complex. The third phase, to be ready by 2005, will focus on trading where official exchanges for bullion, commodities and diamonds will be set up. Dubai Islamic Bank (DIB) has tied up with DMCC to offer jewellery manufacturers a unique medium-term finance package. ...  >>MORE

UAE accounts for 7pc of global jewellery trade

Posted on 23/04/2003

The UAE accounts for almost seven per cent of the global jewellery trade valued at US$1 billion and 10 per cent of the total pure gold (bullion) trade. This was revealed by Mubarak bin Fahad, director-general of Dubai World Trade Centre (DWTC) during the inauguration of the DWTC-organised International Jewellery Dubai 2003 (IJD) by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, yesterday. The Middle East and India together account for ...  >>MORE

DMCC offer to manufacturers

Posted on 09/04/2003

Dubai Metals and Commodities Centre (DMCC) will shortly take bookings for the second stage of its business, the manufacturing phase. Jewellery, diamond and precious stone manufacturers are now being given the opportunity to pre-book manufacturing units. "The first stage of the business, the refinery phase, is well underway," said Tawfique Abdullah, chief executive officer of DMCC. DMCC will offer resident manufacturers benefits including a secure regulated environment, special freight rates, a ...  >>MORE

Gold jewellery sales during DSF fall 20pc

Posted on 05/04/2003

If anybody wondered about the effect of high gold prices on gold jewellery sales during the Dubai Shopping Festival (DSF), the answer is that aggregate sales were down by more than 20 per cent, contrary to claims by certain outlets, according to estimates by Gulf News. This is the picture that emerged from the offtake of coupons by the 400 members of the Gold and Jewellery Group. Each Dh500 purchase entitled the buyer to a coupon, which the outlet acquired from the Group office paying Dh6. The ...  >>MORE

Gold and Diamond Park records 150% increase in visitor traffic

Posted on 26/01/2003

The Gold and Diamond Park, the UAE's exclusive Jewellery Manufacturing and Retailing outlet, has recorded a 150 per cent increase in visitor traffic to the retail Centre in twelve months of trading to November 2002. "Since the park's inauguration in May 2001 there has been considerable interest from the public and the last 12 months has witnessed excellent growth in visitor numbers. This has resulted in better than expected sales volumes which have far surpassed expectations for 2002," ...  >>MORE

Quality certification for jewellery set up

Posted on 22/01/2003

Dubai Municipality has established a new certification scheme - the Good Jewellery Trading Practice (GJTP) certificate - to promote Dubai's reputation as a place to buy quality jewellery. The system, called 'Bareeq', will assure customers of the quality of the goods and services offered by certified shops, said Mohammed Abdul Kareem Julfar, Assistant Director General of Dubai Municipality for Technical Services. 'Bareeq' certificates will be valid for one year to shops that meet the criteria. ...  >>MORE

Banks and DMCC launch strategic financial alliance

Posted on 15/01/2003

Dubai Islamic Bank (DIB), ABN-Amro and Dubai Metal and Commodities Centre (DMCC) yesterday announced a strategic alliance to provide Islamic finance packages to companies specialising in gold and diamond trade. DIB said that the alliance will leverage the various skills of the three partners with the Islamic Bank coming in with its expertise in Islamic financing, while the Dutch banking major provide its knowledge on gold and diamond industry and DMCC will market the packages to its members. ...  >>MORE

Dubai has world's largest gold market

Posted on 25/12/2002

Dubai which imports 300 tones of gold, has the highest concentration of jewellery stores in the world. According to Tawhid Abdullah, chairman of Gold and Jewellery Group, jewellery remains the number one gift item for the visitors who come to Dubai every year with a staggering 95 per cent of all tourists purchasing gold and jewellery . This has made Dubai the regional hub for the jewellery market. While 35 per cent of the gold imported into Dubai is being consumed in Dubai itself, 25 per cent ...  >>MORE

Dubai slump in sales at Dubai souk

Posted on 18/12/2002

Dubai souk wore a deserted look yesterday as the price rally of the yellow metal, sparked by mounting war fears, peaked to a five-and-a-half year high and kept buyers at bay. Most jewellery shops in Dubai yesterday reported a dramatic plunge in sales, some retailers posting up to 60 per cent drop. Local gold price, on a relentless rally over the past 15 days, went up yesterday to Dh38 per gram for 22 carat and Dh40.50 for 24 carat as international prices rose to US$342.50 per troy ounce (31.1 ...  >>MORE

UAE gold offtake drops 8.4pc on higher prices

Posted on 06/12/2002

Higher gold price took its toll on jewellery offtake in the UAE in the first nine months this year with total demand for the yellow metal declining by 8.4 per cent in the first three quarters in line with a similar Gulf wide trend. UAE's gold demand, the region's second highest after Saudi Arabia, dropped to 68.2 tonnes year-on-year from 74.4 tonnes. While jewellery offtake declined by 9.1 per cent, investment demand for the yellow metal showed a dramatic growth of 20.1 per cent in the ...  >>MORE

Dh100m gold sales eyed in nine days

Posted on 27/11/2002

Dubai the City that Cares 2002 plans to raise gold sales to Dh100 million in the next nine days through coupons offered by the Gold and Jewellery Group. The group, which has 300 outlets, will also donate Dh50,000 to organisations such as the Rashid Paediatric Centre, the UNICEF and the UAE Red Crescent Authority. Sales of the group increased in the past two weeks and are expected to rise further during the second half of Ramadan. (The Gulf News) ...  >>MORE

UAE to join Kimberley Process: DMCC CEO

Posted on 19/11/2002

UAE will join the Kimberley Process, an international movement which struggles to eliminate the presence of conflict diamonds (rough diamonds from rebel-held conflict areas) in the market, once it meets the requirements specified in the organisation's check list, according to a top official from Dubai Metals and Commodities Centre, DMCC. Speaking to Khaleej Times after the ground breaking ARY Arum plus gold and jewellery refining and production complex yesterday, Tawfique Abdullah Chief ...  >>MORE

Dh50 million Al Ghurair Giga Gold Refinery launched

Posted on 10/11/2002

The first gold refinery, a Dh50 million project within the recently announced Dubai metals and Commodities Centre, DMCC, was launched by Al Ghurair Group yesterday, The enterprise call Al Ghurair Giga Gold, GGG refinery with the annual capacity of 100 tonnes initially, aims to create a new corporate identity in the gold market of the UAE symbolising the three initial "G” for the three "9”s quality. Located in the DMCC complex at Emirates Hills off Sheikh Zayed Road, the new project is a ...  >>MORE

Gold souk office to offer purity checks

Posted on 30/09/2002

Customers who buy gold and diamond jewellery will be able to verify the purity, quality and weight of their purchases within minutes at an office soon to be established at the Dubai Gold Souq, according to a leading retail gold trader. "The office is being set up by the Dubai Gold and Jewellery Group in cooperation with the Economic Development Department and the Dubai Municipality," said Mohammed Tamjid Abdullah, General Manager of Damas Jewellers, while talking to reporters yesterday at the ...  >>MORE

Emirates Group firm to handle HSBC bullion

Posted on 29/09/2002

Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, has signed an agreement for Transguard, the group's security services provider, to supply HSBC with gold bullion storage, transportation and delivery services. Abdul Jalil Yousuf Darwish, vice-chairman, HSBC Bank Middle East, signed on behalf of the bank. HSBC is expanding its precious metals business in the Middle East. Transguard already provides cash distribution services for HSBC in the ...  >>MORE

Summer of discomfort for gold trade

Posted on 22/09/2002

It has been a summer of discomfort for the gold jewellery trade, with overall business shrinking by about 12 per cent compared with the previous year. As higher prices and regional uncertainties weighed on the metal, jewellery purchases throughout the region suffered a setback during the second quarter of the year. Gold jewellery offtake in the high profile market of Dubai and the rest of the UAE also fell by the same margin as prices held significantly above the psychologically important level ...  >>MORE

Gold demand drops

Posted on 18/09/2002

The 37 per cent fall in gold jewellery sales in India, the world's largest gold consumer, has been the main reason for the drop in gold demand in the second quarter of the current year. Although gold demand was lower in volume terms, the dollar value of purchases was virtually unchanged at US$7.3 billion. This was a consequence of the rise in the price of the metal, which averaged US$312.67 per ounce for the period. This was US$45 per ounce or 16.8 per cent higher than in the second quarter of ...  >>MORE

DMCC's tax holiday for firms, individuals

Posted on 17/09/2002

Individuals and companies working in the Dubai Metals and Commodities Centre (DMCC) will be exempt for 50 years from all taxes. This period is renewable subject to a decision by the chairman. The period of exemption is calculated from the date the companies start work in the centre. The decree on DMCC published in the official gazette goes on to state that companies and individuals enjoy 50-year exemption from restrictions on transfers in any currency of capital, profits, or wages to any other ...  >>MORE

Dubai Metals and Commodities decree

Posted on 17/09/2002

Excerpts from the decree on the formation of Dubai Metals and Commodities Centre Following are translated excerpts from the decree on the formation of the Dubai Metals and Commodities Centre as published in the official gazette. We, Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, in my capacity as Chairman of Dubai Customs, Ports and Free Zone Corp, after having reviewed Law No. (4) for 2001 in respect of free zones, I issue the following decree : Article 1 a) A free zone in Dubai ...  >>MORE

Gold price registers marginal decrease

Posted on 12/09/2002

Speculation about rising gold prices on Sept.11, the first anniversary of terrorist attacks in America, proved wrong when the retail price of 22 karat gold in Dubai came down to Dhs35.50 on Wednesday from Tuesday's price of Dh35.75. Gold bullion price in the international market also was quoted as US$315.5 an ounce on Wednesday evening, US$8.5 less than the opening price on Monday. It was business as usual in the Dubai gold market. There was no panic buying or selling of gold, one of the most ...  >>MORE

UAE to join global diamond initiative

Posted on 09/09/2002

The UAE is set to join the Kimberley Process in November this year as the 45th member, when the agreement for this international scheme of certification for rough diamonds is finalised. The chief executive of the newly launched Dubai Metals and Commodities Centre (DMCC), Tawfique Abdullah, noted that the Kimberley Process has been officially endorsed by the UN and has become a vital element in the diamond business worldwide. The Kimberley Process involves more than 30 governments, the ...  >>MORE

Gold and Diamond Park reports 40pc increase in sales

Posted on 16/08/2002

The Gold & Diamond Park, an attraction for tourists and shoppers alike has reported an increase of 40 per cent in sales as compared to last year. Supported by the World Gold Council, the Gold and Jewellery Group in Dubai and the Diamond Trading Company, the marketing arm of De Beers, the Gold and Diamond Park, promotes the genuine value of its jewellery through traditional museum displays and an enviable and comprehensive retail mix. There are several other promotions running concurrently at ...  >>MORE

DMCC shortlisting commodities

Posted on 13/08/2002

Dubai's Metal's and Commodities Centre, DMCC is coming up with a shortlist of the commodities deemed viable for trading at the centre, according to a top DMCC official. Out of the 150 commodities traded worldwide, DMCC has to define which of those can be traded here. DMCC will be talking to gold, diamond and other commodity traders once the survey is over. Launched in April Dubai Metals and Commodities Centre will provide a full range of facilities for trading in gold, diamonds and key ...  >>MORE

Dubai gold trade readying Dh17 million promotion

Posted on 29/07/2002

The Gold & Jewellery Group, the trade umbrella of Dubai's more than 400 bullion and jewellery outlets, is chalking out a promotions campaign offering Dh17 million in total prize money in a bid to woo buyers not only from other emirates but also from neighbouring Gulf countries. The year-long campaign offers cash prizes worth more than one million dirhams every month, according to trade sources. The promotion, proposed to start from September 1, will be the biggest initiated by Dubai's ...  >>MORE

Gold buyers waver as prices decline

Posted on 27/07/2002

The fall in gold prices witnessed during the last two days has confused both jewellers as well as consumers as to whether they should buy or wait for a little while more. According to jewellers, any fluctuation in gold prices has always put sales on hold as the consumers would naturally be on the look-out for a further fall. The recent fall experienced in gold prices has literally slowed down sales in the Dubai market. "Though prices were staying high during the last few months, the sales ...  >>MORE

Gold price dip seen helping to raise jewellery sales

Posted on 25/07/2002

Dubai's jewellery traders, languishing from a sales slump triggered by a sharp price rally this year, said the sudden slide of the yellow metal in the past two days from a two-year peak of US$336 to US$308 is auguring well for an earlier-than-expected recovery. Traders, who have been bracing for a summer lull that is expected to continue till mid-September, said they expect jewellery sales to pick up substantially in the post-holiday period if the current downward trend of the yellow metal ...  >>MORE

Abu Dhabi to set up gold laboratory

Posted on 28/06/2002

Abu Dhabi is joining Dubai in setting up a gold laboratory to activate the jewellery trade and prevent any fraud, officials said yesterday. A committee grouping representatives from the Abu Dhabi Municipality, the Food and Environment Control Centre (FECC) and the Abu Dhabi Chamber of Commerce and Industry, has been set up to oversee the implementation of the project. Sheikh Mohammed bin Butti Al Hamed, the Ruler's Representative in the Western region and Chairman of the Municipality and ...  >>MORE

Demand for gold in Dubai remains dull

Posted on 27/06/2002

Demand for gold in Dubai was slack in June and the market seems set for a flat season as soaring summer temperatures keep tourists away, traders said yesterday, Reuters reports from Dubai. They said a rise was due later in June and early July as expatriates buy jewellery and gold bars to take home and with some local marriages taking place. But demand is only expected to pick up in September. "Sales in June were slack. It was almost the same year-on-year but slow compared to previous ...  >>MORE

Kyrgyz gold bars make global debut in Dubai

Posted on 20/06/2002

The largest gold mining company in Central Asia - JSC Kyrgyzaltyn - has airlifted its first consignment of value-added gold bars direct to Dubai for a world debut in a move seen by analysts as further enhancing the City of Gold's profile as a global hub for physical gold. Jeffrey D. Rhodes, general manager of Standard Bank London's Dubai Representative Office, which facilitated the landmark event signalling the emergence of Dubai as the sole export destination for value-added gold exports from ...  >>MORE

Dubai gold park completes year

Posted on 18/06/2002

EMAAR Properties on Monday said its manufacturing and retail free zone for jewellery -- the Gold and Diamond Park -- has completed a "hugely successful year of operation." The park now has 100 per cent occupancy ad 90 per cent success rate with visitors and 24-hour production by some manufacturers to meet soaring demand, EMAAR said in a press statement. "We have enjoyed an excellent first year of operation that has exceeded our expectations for both manufacturing and retail operations here ...  >>MORE

UAE doubles cash reserves to over US$14b

Posted on 01/06/2002

The UAE has nearly doubled its cash reserves to more than US$14 billion to maintain its financial credibility and ensure import coverage - but lower gold prices have depressed its wealth of the precious metal, according to the International Monetary Fund. From around US$7.4 billion at the end of 1995, reserves with the IMF minus gold surged to nearly US$14.1 billion at the end of 2001, IMF statistics showed. The reserves have steadily increased during that period despite violent fluctuations ...  >>MORE

Dubai gold trade to get major boost

Posted on 27/05/2002

The newly formed Dubai Gold Management Committee (DGMC) is designing a complete operating model for gold trade at the recently launched Dubai Metals and Commodities Centre. The committee met recently to discuss its objectives and ongoing development of the centre which was announced by General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Defence Minister. The committee discussed the short and long term goals, objectives and future developments of the project, including all ...  >>MORE

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Quick List

Gold refinery at DMCC to open in six months


Weak dollar, stocks to drive gold demand


Industry sees 30pc jump in sales


Gold Terminal to open at the Souk next month


Gold traders await holiday season


Gold sales to rise despite price hike


UAE backs Kimberley Process


Japanese firm opens jewellery casting unit in Dubai


DMCC to set up diamond exchange


DMCC launches sale of jewellery making units


UAE accounts for 7pc of global jewellery trade


DMCC offer to manufacturers


Gold jewellery sales during DSF fall 20pc


Gold and Diamond Park records 150% increase in visitor traffic


Quality certification for jewellery set up


Banks and DMCC launch strategic financial alliance


Dubai has world's largest gold market


Dubai slump in sales at Dubai souk


UAE gold offtake drops 8.4pc on higher prices


Dh100m gold sales eyed in nine days


UAE to join Kimberley Process: DMCC CEO


Dh50 million Al Ghurair Giga Gold Refinery launched


Gold souk office to offer purity checks


Emirates Group firm to handle HSBC bullion


Summer of discomfort for gold trade


Gold demand drops


DMCC's tax holiday for firms, individuals


Dubai Metals and Commodities decree


Gold price registers marginal decrease


UAE to join global diamond initiative


Gold and Diamond Park reports 40pc increase in sales


DMCC shortlisting commodities


Dubai gold trade readying Dh17 million promotion


Gold buyers waver as prices decline


Gold price dip seen helping to raise jewellery sales


Abu Dhabi to set up gold laboratory


Demand for gold in Dubai remains dull


Kyrgyz gold bars make global debut in Dubai


Dubai gold park completes year


UAE doubles cash reserves to over US$14b


Dubai gold trade to get major boost