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Dubai, the city where gold is tax-free for tourists | Let’s travel | Magazine

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Within the first 9 months of 2020, gold commerce within the emirate was valued at 41 billion euros, in keeping with Dubai customs.

For greater than a century, retailers have come to the souk (market) of Dubai on the lookout for spices, pearls and gold. This metallic is town’s most profitable export, after oil. Dubai has taken benefit of its geographical place, specializing in gold vaults, jewellery and refineries.

It’s a actual gold chain. On the Etihad Gold firm they refine and convert gold into ingots, that are funding grade bars. They provide banks and retailers, but in addition wholesale jewelers. The Etihad additionally has the Dubai Good Supply certification, a global recognition of high quality and technical specs.

Gold refinery co-owner Salah Khalaf says he sees an amazing future for his enterprise, from a jewellery and funding perspective. In truth, it’s a nice promoter that folks “Make investments solely in gold”Since you see the impact it has had in your metropolis: infrastructure, stability and safety.

The refinery makes ingots in quite a lot of sizes. The value could differ. For now a 10 kilogram gold bar prices rather less than 450,000 euros.

One of many largest gold retailers in Dubai, referred to as Jawhara, was based by the Adbullah household in 1955. They specialise in gold, jewellery and diamonds. Now they’ve expanded into retail gross sales.

In Dubai, gold is tax-free for vacationers. Picture: Shutterstock

Tawhid Abdullah, the CEO, says that the gold business is flourishing, with 40 to 50 tons obtainable in the marketplace at any given time, be it retail or wholesale. “And because of the massive numbers we deal with, our costs are probably the most aggressive on the planet.”

Jewelery and the gold business are effectively regulated in Dubai. The Dubai Gold and Jewelery Group has greater than 700 members, and between their requirements and people of the Authorities, they be certain to promote “an ideal product”, within the phrases of Abdullah.

It’s estimated that between 20 and 40% of the world’s gold passes by means of Dubai annually, with the bulk passing by means of the souk del oro, the place there are 300 shops in simply half a sq. kilometer.

An enormous benefit: Dubai gold is tax-free for vacationers. For that reason, many enterprise to the souk or to the Oro y Diamante park seeking jewels.

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