Indians beat UK nationals to top the list of 10 nationalities investing in Dubai's Gold sector

INDIANS have surpassed the British nationals to top the list of top 10 nationalities investing in Dubai’s gold sector, latest report showed.

The Indians lead the top 10 nationalities investing in Dubai's gold sector followed by the citizens of Pakistan, Britain, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen, and Canada.

As many as 4,086 companies operate in the gold sector in Dubai and the number of investors stands at 62,125 including 60,012 businessmen and 2,113 businesswomen, the country’s business registration and licensing (BRL) sector in the department of economic development (DED) said in its new report.

Of the 4,086 companies, 2,498 licences were issued for 'Jewellery and jewels of gold and silver', 1,184 for trade in 'Gold and precious metals', 392 for 'Goldsmiths and precious jewellery', seven for 'Gold foundry and precious metals', and five for 'Gold liquidation' activity, it said.

The total gold, jewellery and diamond sales, reached £58.81 billion (274bn dirhams) last year, an increase of about three per cent compared to 2017, according to the Dubai Gold and Jewellery Group.

The UAE's trade in gold and precious stones has also grown significantly in recent years and its foreign trade in this sector is estimated at about £85.86bn annually (400bn dirhams).

The import of gold was valued at £30.56bn (142.4bn dirhams), while the value of exports amounted to £16.29bn (75.9bn dirhams), and the value of re-exports to £5.58bn (26bn dirhams), according to the Federal Customs Authority.