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DUBAI / WAM
The Emirates Authority for Standardisation and Metrology (ESMA), has set up an awareness workshop in Dubai targeting 250 gold, jewellery and precious metal dealers nationwide to raise awareness of Federal Law No. 11 of 2015 on the control, trade, and stamping (or marking) of precious stones and metals and its executive regulations.
During the workshop, Abdullah Al Maeeni, Director-General of ESMA, said that the new federal law will ensure compulsory implementation soon in the country.
The gold, jewellery, pearls and precious stones sector in the UAE is witnessing remarkable growth, according to the Federal Customs Authority’s report on the direct foreign trade of gold in 2016.
The value of the country’s imports of gold amounted to AED142.4 billion, while exports were AED75.9 billion, and re-exports reached AED26 billion, he added.
The United Arab Emirates is witnessing good growth in its economic sectors in light of the development, potential and promising opportunities it offers to the business sector and investors. The country accounts for about 14 percent of the world’s gold trade.