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In recent years, new
Gold shopping centres have also been built, including
the sophisticated
Gold and Diamond Park,
New Gold Souk Center,
Gold Land,
Gold Centre and
Gold House.
A recent study of
Dubai found that;
* 95% of all tourists buy Gold when visiting Dubai.
* 76% of all Dubai residents own Gold.
* 80% of Dubai residents intend on buying Gold within the next
year.
The
Dubai Govt. has recently increased it's efforts to
further advance Dubai as a global leader in the Gold industry by
developing the
"Dubai Metals & Commodities Centre" (the
DMCC)... the
DMCC is a strategic government initiative offering a unique
opportunity for participants in a wide range of commodities
industries... it provides facilities that bring together the
entire value chain of
Goldd and
Precious Metals participants with all the relevant support
industries such as finance, logistics and insurance, including
the refining, manufacturing and trading of Gold.
The DMCC is
currently the only
UAE free zone authority offering freehold property
options on business premises in addition to all other free zone
benefits -including 100% business ownership, a 50 year tax
holiday, and a one stop shop facility for processing of all
documentation including immigration and licensing needs. The
DMCC's
300-hectare development is situated in the heart of
"new" Dubai adjacent to Dubai 's newest projects including
The
Palm Island and the
Dubai Marina... and is strategically located in close
proximity to the major port of
Jebel Ali and in easy reach of
Dubai International Airport, the
DMCC lies
between the fifth and sixth interchange on the
Sheikh Zayed highway.
In an effort to provide the highest quality international
standards, the DMCC
has developed the
"Dubai Good
Delivery Standard"... this standard, specifically designed
for small Gold bars will fully complement the
London Good Delivery Standard for large
400 ounce Gold bars. The creation of this standard will
improve tradeability and distribution of small bars and will
enhance the reputation of approved refineries. By ultimately
increasing confidence in the quality of gold bars for the local
and regional markets, this system will in turn create extra
trade finance activities.
Refiners of
Gold bars conforming to the standards of the
Dubai Good
Delivery Standard will be added to the
Dubai Good Delivery List, created and maintained by
DMCC... the
qualifying criteria is designed to ensure the sustainability of
the refinery’s operations with a specified volume of production
and a minimum tangible net worth, along with appropriate KYC
procedures as defined by the
DMCC.
Refineries must maintain strict standards of creditworthiness,
financial strength, operational competency and superior
production procedures, ensuring the manufacturing of high
quality gold with a minimum purity of 995. The small gold bars
produced by these refiners must meet certain specifications of
weight, fineness, appearance and marks.
The
Dubai Gold & Jewellery Group (the
DGJG), representing approx. 700 members of Dubai’s Gold and
Jewellery trade, has unveiled a massive promotions for the
Dubai Shopping Festival of 2006-2007... the special offer
include winnings worth 45 kilograms of Gold, which is 1 kg Gold
daily for every day of the 45 days long festival. Since
inception of the
Dubai Shopping Festival (the
DSF) in 1996,
DGJG
has given away 619 kilograms of Gold in prizes. This year the
Group is giving away 5% of all winnings to charity.
You can visit Dubai City of Gold online at
www.dubaicityofgold.com
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