Dubai Gold Trade Totals $29 Billion in 2009
March 08, 10 by Edon Ophir
A total of 576 tonnes of gold was imported into Dubai during 2009, the Dubai Multi Commodities Centre Authority (DMCCA) announced Sunday. The figure, despite marking a 15 percent decline compared to the 674 tonnes imported in 2008, indicated a 16 percent rise above Dubai’s average import of 498 tonnes since 2001.
Gold exports from Dubai reached 403 tonnes in 2009, an increase of 9 percent compared to 371 tonnes in 2008. Total gold trade through Dubai stood at $29 billion in 2009, matching the value of gold traded in 2008. The DMCCA did not provide separate figures for imports and exports.
India continued to be Dubai’s leading gold trading partner in 2009, topping a list of 130 countries that imported gold from the Emirate.
"Given the tough economic conditions and the resulting impact on the gold trade globally, Dubai's $29 billion gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade,” said Ahmed bin Sulayem, DMCCA’s executive chairman.
