The United Arab Emirates (UAE) is a major international gold trading hub largely thanks to Dubai, one of the country’s seven Emirates. This has been the focal point for much of the UAE’s development in the gold market, especially over the past 10-15 years, which has resulted in a marked growth in physical gold trading. In this regard, two headline figures stand out, official gold jewellery exports, which in 2020 exceeded $6bn, and bullion imports which reached $29bn. It was arguably the creation of the Dubai Multi Commodities Centre (DMCC) in 2002, which helped to strengthen Dubai’s role as a key entrepôt in the Mi ... (full story)