Dubai has traded gold, gems and jewellery for decades. But, as Tawhid Abdulla, Chairman of Dubai Gold & Jewellery Group, explains, it’s only in recent years that it has emerged as a key international hub – with major growth potential
Dubai strived to become a major international jewellery hub more than 40 years ago. In the 1970s, Beirut was the region’s gold and jewellery powerhouse, before ceding status to Kuwait. Dubai entered the competitive arena in the early ’80s, as critical infrastructure such as Dubai International Airport created new opportunity and put the emirate on the global map.
Today, not only are we the main player in the Middle East & North Africa (MENA), but we are, without doubt, one of the most significant centres of gold and gems trading in the world. This is key in terms of elevating the emirate’s global profile and securing ongoing commercial success, both in a strategic and economic context.
According to Bain & Company, the global gold and jewellery sector was the only luxury category to achieve value growth in 2020. As we move into the post-Covid era, this is clearly an industry that can help to propel the UAE even further as the country continues to push ahead with its economic diversification agenda.
