Volume # 09 | September, 2013

UAE Freezones Biz News Updates

Dubai gold manufacturers offer proposal to promote with industry

Efforts aimed at transforming Dubai from trading hub into gold manufacturing hub

Removing import restrictions on Dubai-manufactured gold jewellery in key GCC markets is a key requirements to boost the sector, gold manufacturers says.

Manufacturers shared their observations with Dubai Exports, the export promotion agency of the Department of Economic Development (DED).

Regionally and globally policies that affect the gold industry and ways to create a competitive infrastructure and regulatory framework in Dubai were also discussed.

Having Dubai-manufactured gold jewellery included in the General System of Preferences (GSP), which allows for tariff-free imports in European Union markets, was also a key proposal by the manufacturers.

All these efforts aims to transform Dubai from a trading hub into a gold jewellery manufacturing hub, said Saad Al Awadi, Chief Executive Officer of Dubai Exports.

“The gold and jewellery sector is not only a thriving economic sector in Dubai but also a pillar of the emirate’s economic prosperity. The government has been working hand-in-hand with this sector and understands that Dubai is in an advantageous position to be a manufacturing hub for gold jewellery,” he added.

Dubai’s gold and jewellery exports in 2012 was valued at Dh104 billion and accounted for 64 per cent of the total non-oil exports from the emirate. Re-Exports of gold jewellery and other ornaments made of precious metals accounted for Dh68 billion, or 21 per cent of the total non-oil re-exports from Dubai during the same period.

Dubai has nearly 100 gold jewellery manufacturing units, in addition to a large number of free zone facilities operating in the Dubai Gold & Diamond Park and the Dubai Multi Commodities Centre (DMCC).

Uniform policies and cost-effective operations will make Dubai an attractive manufacturing hub, which will for sure allow Dubai and the sector to successfully compete globally,” said Chandu Siroya, MD of Siroya Jewellers and Vice Chairman of Dubai Gold & Jewellery Group.

The manufacturers also proposed a B2B event for gold jewellery every year as a way to bring the spotlight on gold manufacturing in Dubai and capitalise on the export opportunities. The workshop also explored possible participation various in international platforms, which will help to have alternative markets for UAE and Dubai-based manufacturers.

Al Awadi said that Dubai Exports will collate the discussions and insights gathered into comprehensive study of the sector followed by recommendations to develop the sector. Dubai Exports will also continue the dialogue series as a part of creating effective platforms for the private sector and government to build on the opportunities.

“We believe this path-breaking dialogue will build trust and lead towards a stronger public-private partnership in gold jewellery manufacturing and exports. Presently, re-exports of gold through Dubai is thrice bigger than exports. Dubai becoming a manufacturing hub will help exports close the gap and add more value to the local economy,” Al Awadi said.

“It is extremely encouraging to see that Dubai Exports is taking keen interest in reviving and developing the jewellery manufacturing sector. We hope that Dubai Exports will propose innovative measures to help the hundreds of Dubai-based jewellery manufactures to deal with various challenges and achieve a competitive edge globally,” said Sunny Chittilappilly, Chairman, Dubai Gold & Jewellery Group.

Aug 10, 2013

Free Zones Of UAE

Volume # 09 | September, 2013

UAE Freezones Biz News Updates

Courtesy Al Nisr Publishing LLC

Emirates Of UAE

Business

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