The latest Dubai Customs reports released on September 21, 2020, indicate that Dubai’s gold and diamond air cargo reached around AED67.1 billion ($18.27 billion) between March and the end of June 2020. Ever since the health crisis hit the global economy hard, the price of gold has shot up as investors seek haven assets to shield their portfolio.
Statistics published by Air Customs Center Management at Dubai Customs reveal that the diamond and gold trade from March 1 to June 30 consisted of AED35.6 billion of imports (428.8 tons). Also, the trade comprised AED471.7 million (2.1 tons) of re-exports “transit”; AED1.4 billion (8.3 tons) that entered the free zone, AED38.5 million (877 kg) transferred into the free zone, and AED29.4 billion (161.2 tons) of exports.
Notably, the Air Customs Center Management also cleared 31,590 transactions that include 17,169 import, 12,293 export, and 89 re-export transactions.
Regarding the value, gold and jewelry accounted for AED5.6 billion, gold bullions AED51.7 billion, and gold medallions AED240.2 million. On the other hand, raw diamonds accounted for AED5.7 billion, gold powder AED31.3 million, gold coins AED16 million, diamonds powder AED503,300, and polished diamonds AED3.6 billion.
Dubai Customs Speaks On Gold And Diamond Market
The Director-General of Dubai Customs, Ahmed Mahboob Musabih, said:
“Dubai Customs contributes to a vision in which Dubai aspires to maintain its position as the City of Gold and Diamonds; and a strategic hub for the trade of these precious goods. Dubai Customs provides facilitated and streamlined services to the gold and diamonds sector and business groups. We have changed the stereotypical image about a customs organization from just a law enforcement body; to a friendly supportive organization.”
The regular meetings that Dubai Customs hold at the Consultative Council; discuss the latest trends and issues affecting the community of business groups. They include health and food security, gold trade, and passenger traffic. Musabih added:
“We have implemented several initiatives during the spread of the coronavirus to ensure a Dubai streamlined external trade; and a sustainable business sector, thanks to a generous stimulus package; which Dubai Government rolled out in support of businesses in the emirate.”
The Director of Air Customs Center Management, Salih Al Shamsi; said that they offer the best and most advanced services to the gold and diamonds industry in the emirate. They strive to fulfill Dubai Customs’ vision of becoming the leading customs administration in the world supporting legitimate trade.