Dubai Sees Surge in Gold Company Registrations

Source:

". . .total imports of gold in Dubai reached 300 tons during the first six months of 2009"

Hundreds of gold and jewelry companies have registered with the Dubai Multi Commodities Centre (DMCC) in the last 18 months, it has been revealed.

Market insiders speaking to Emirates Business 24/7 said that 297 new firms—most of which deal in gold or jewelry—had done so during this period, bringing the total number of gold and jewelry firms registered with the DMCC to more than 700 overall.

This increase can be attributed to the Dubai authorities' attempts to market the emirate as a viable location for gold investments, traders said.

Last week, the DMCC announced that total imports of gold in Dubai reached 300 tons during the first six months of 2009, with 213 tons of exports also being made.

India, Switzerland and Iran were the main importers of gold from Dubai, the organization said in its report.

Sanjay Jain of Shreyans Jewellers explained: "We chose Dubai for setting up our headquarters because of its geographical location and because of [the] support that the local government provides to gold."

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