According to the Dubai Multi Commodities Center (DMCC), total sales of gold in the emirate over the past 2008 amounted to US $ 29, which is 53% more than in 2007.
As of December 31, 2008, 674 tons of gold were imported into Dubai, while gold imports in 2007 totaled 559 tons. Gold exported from Dubai totaled 371 tons in 2008, compared with 287 tons in 2007. Further, the total gold sales in Dubai during the second half of 2008 reached the level of US $ 16 billion, which is 57% more than in the same period of 2007, when this figure reached US $ 10.16 billion, and by 22 % more compared to the first half of 2008, when revenues amounted to US $ 13.07 billion.
In 2008, more than 100 countries of the world became importers of gold in Dubai. The list of importers topped the UK and India. Over the past year, Dubai gold was exported to 64 countries, which is a record for the emirate. The list of exporters who accepted the largest amount of gold from the emirate of Dubai, topped by Switzerland and India.
"In the first half of last year, gold prices in Dubai rose to such an extent that they became an absolute record for the entire history of gold trading in the emirate," said Dr. David Rutledge, Executive Director of DMCC. “This led to a significant increase in the inflow of gold scrap to Dubai for its subsequent refining. Due to the subsequent decline in prices in the fourth quarter of 2008, the emirate increased its import of precious metal ingots, which indicated that the emirate’s gold market is becoming a round-the-clock market. year".
The positive results of 2008 demonstrate the growing role of Dubai as a center for global and regional gold trading. Despite the extremely difficult international financial conditions prevailing in the past year, the emirate continues to occupy a stable position in the gold trade market. “Historically, people, governments, and investment funds have shown increased appetite for gold, which is a reliable and guaranteed investment, in times of lack of stability. We expect imports to Dubai to remain as stable as last year.” - concludes Dr. David Rutledge.
