Abu Dhabi, Ajman, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain are the other six Emirates, with Abu Dhabi serving as the capital of the UAE.
Dubai is well-known worldwide for its luxurious malls, impressive skyscrapers, and vibrant nightlife. It’s also nicknamed the ‘City of Gold’ because it trades over 1,200 tons of gold each year.
Dubai started as a quiet port but grew rapidly in the late 1960s and early 1970s when traders from Lebanon sought safety there due to the civil war. The city embraced the gold market, supported by the government and favorable customs policies, becoming a major global center for gold trading.
Today, Dubai hosts refineries, wholesalers, state-of-the-art storage vaults, jewelry makers, and a large retail gold sector. The Dubai Gold and Commodities Exchange (DGCX) provides access to gold trading for investors worldwide.
Dubai is home to people from nearly 200 countries, reflected in its diverse jewelry styles that attract buyers globally. The famous Dubai Gold Souk in Deira boasts over 300 jewelers and is one of the world’s largest gold markets, holding up to 10 tons of gold at times.
The Dubai Gold & Jewellery Group ensures transparent pricing in the Souk with electronic price boards displaying market rates. Buyers are guaranteed to see the gold purity hallmark on items, as required by Dubai law.
Since the year 2000, Dubai has become a key player in global gold trading and refining. Supported by government policies, it has grown into a regional hub connecting with other major markets like Istanbul and India.
With its strong commitment to gold trading and its strategic location, Dubai and the UAE will continue to be central to the global gold trade scene.
