A new policy to spice up the UAE’s position as a worldwide hub for the gold and jewelry trade was approved by the country’s cupboard on Sunday, in step with state agency Wim.
“The policy is meant to develop mechanisms and initiatives to maximize the good thing about the gold and jewelry trade, reworking the UAE from a regional hub to at least one of the world manufacturing countries and leading designers,” the statement aforementioned.
“This can make sure the stability and prosperity of UAE’s gold trade, raise its aggressiveness and maintain the leading position of the country as a vital international hub.”
The new policy consists of ten strategic programmers and initiatives, as well as the governance of the gold market at each federal and native levels and also the institution of a federal platform for gold mercantilism. It additionally covers following the provision of gold and promoting the UAE’s gold sector internationally.
The use of technology within the production of the valuable metal and also the institution of a UAE international gold normal also will type a part of the new programmed, in step with the statement.
“The policy can develop tools and initiatives that stimulate growth so as to facilitate doing business and convey additional price to the present important sector. this may facilitate boost the knowledge-based economy and contribute to increasing non-oil gross domestic product, strengthening UAE’s domestic trade sector and also the different supporting fields.”
The gold and jewelry exchange the UAE is one amongst the foremost necessary economic sectors tributary twenty per cent of the country’s total non-oil exports.
The gold and diamonds trade has been traditionally necessary for Dubai, with around 800 outlets situated chiefly round the city’s gold market square in Deira. business trade has additionally been growing in Dubai in recent years, however, suffered a happening early in 2018 once a five per cent VAT rate was introduced across the country.