UAE main­tains lead­ing po­si­tion as global gold hub

ESMA to or­gan­ise aware­ness work­shop for traders of gold and pre­cious stones in Fe­bru­ary

The Gulf Today - Business - - UAE -

DUBAI: The Emi­rates Au­thor­ity for Stan­dard­i­s­a­tion and Metrol­ogy (ESMA) met the Dubai Gold & Jew­ellery Group (DGJG) to en­hance the com­pet­i­tive­ness of the UAE’S re­gional and global gold mar­kets and main­tain the UAE’S lead­ing po­si­tion as a global gold hub. On the trade in pre­cious stones and met­als (UAE Fed­eral Law No. 11 of 2015 on the con­trol of trade in pre­cious stones and pre­cious met­als), which came into ef­fect last year.

Ab­dul­lah Al Maeeni, ESMA Di­rec­tor Gen­eral, said that the meet­ing high­lighted the im­por­tance of fo­cus­ing on en­hanc­ing the UAE’S lead­ing com­pet­i­tive­ness in the world trade in gold, pre­cious stones and Jewel­ery, and how ESMA by its laws and reg­u­la­tions serves and pro­tect the rights of con­sumers and traders.

The UAE’S trade in gold, pre­cious stones has grown sig­nif­i­cantly in re­cent years. The coun­try’s for­eign trade in this sec­tor is es­ti­mated at about Dhs400 bil­lion an­nu­ally, while the coun­try’s im­ports of gold reached Dhs142.4 bil­lion, while the value of ex­ports amounted to Dhs75.9 bil­lion, and the value of re-ex­ports to Dhs26 bil­lion, ac­cord­ing to the Fed­eral Cus­toms Au­thor­ity.

He added that ESMA has reached an agree­ment with the Dubai Gold and Jewel­ery Group, to or­gan­ise the sec­ond aware­ness work­shop for traders, which will be held next month in Dubai, to ex­plain the scope of the leg­is­la­tion and its ob­jec­tives and its im­por­tance in terms of en­sur­ing the rep­u­ta­tion of lo­cal mar­kets. The law and its ex­ec­u­tive reg­u­la­tions in­clude the re-ex­port move­ment out­side the coun­try or for­eign mar­kets.

He ex­plained that the meet­ing also touched on the seals and stamp­ing of gold and jew­ellery, and how the UAE leg­is­la­tion will help con­sumers and traders to ob­tain ac­cu­racy in weight, read­ing scales and spec­i­fi­ca­tions, re­quire­ments and con­trols of bal­ances in stores and la­bels of prod­uct on jew­ellery and sup­port the ex­port process of these prod­ucts and con­sumer pro­tec­tion mea­sures.

The Emi­rates Au­thor­ity for Stan­dard­i­s­a­tion and Metrol­ogy (ESMA), was im­ple­mented in Oc­to­ber last year, the irst aware­ness­rais­ing work­shop of the law and reg­u­la­tion tar­get­ing 250 gold and Jewel­ery mer­chants of gold and pre­cious met­als at the state level to raise aware­ness.

Emi­rates Au­thor­ity for Stan­dard­i­s­a­tion and Metrol­ogy (ESMA) is the fed­eral au­thor­ity ap­proved by the United Arab Emi­rates to ex­er­cise ad­min­is­tra­tive re­spon­si­bil­i­ties by uni­fy­ing man­age­ment, su­per­vi­sion and co­or­di­na­tion of stan­dards, reg­u­la­tions, and qual­ity con­trol.

The Au­thor­ity’s pol­icy is drawn up by a board of di­rec­tors headed by H.E. Eng. Sul­tan Bin Saeed Al Man­souri the UAE min­is­ter of econ­omy, and in­cludes rep­re­sen­ta­tives of the rel­e­vant fed­eral and lo­cal gov­ern­ment en­ti­ties.

(ESMA) was es­tab­lished as a fed­eral body un­der Fed­eral Law No. 28 of 2001.

The Au­thor­ity pro­vides stan­dards, metrol­ogy, con­form­ity as­sess­ment and ac­cred­i­ta­tion ser­vices in ac­cor­dance with in­ter­na­tional re­quire­ments and prac­tices.

Ear­lier the Dubai Gold and Com­modi­ties Ex­change (DGCX) an­nounced that it has rounded off a highly suc­cess­ful 2018 by break­ing its an­nual vol­umes record, trad­ing 22.26 mil­lion con­tracts, up 28 per cent from the pre­vi­ous year.

Of­fi­cials dur­ing the meet­ing.

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