Published: 2019.10.17. The special status of the gold market in the UAE

The special status of the gold market in the UAE - Preview

The Government of the United Arab Emirate (UAE) has decided to give the gold mining and jewelry manufacturing sector special status. This was reported by the regional publication Gulf News.

The purpose of this decision is to turn the country from a regional center for processing and trade in gold into one of the leading world centers for the creation and sale of products from yellow precious metals. For the successful implementation of such a project, it is necessary to introduce a single quality standard for gold like the “gold standard”, and also take a number of political measures to guarantee the stability of the gold trade. In the emirate of Dubai, a center for the production and trade of jewelry and investment gold has already been created.

Political decisions include 10 strategic programs and initiatives that should be extended to all emirates within the framework of a single state. It is also necessary to create a single platform for gold trading, on which careful control over the origin of the yellow precious metal will be carried out.