Dubai Chamber of Commerce launches three Gold Sector-Specific Business Groups

Dubai Chamber of Commerce launches three Gold Sector-Specific Business Groups

DUBAI, 15th March, 2023 (WAM) – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched three business groups for the gold sector.

The Gold Manufacturers, Gold Bullion & Refinery Group as well as the Gold Designers Business Groups will serve as a platform for members to advocate for policy changes beneficial to Dubai’s gold industry and drive the competitiveness of the market.

For over a century, Dubai's Souks have been the destination of choice for traders looking for pearls and gold and since then, the emirate has sustained its status as the 'City of Gold’. Dubai trade in the gold market has increased considerably in recent years. At a CAGR of 15% between 2017 to 2021, the total trade of gold went from US$43.4 billion to US$75 billion.

The three new gold sector-specific business groups will play a fundamental role in sustaining the promising growth of the industry, ensuring it continues to thrive and add significant value to the economy.

Gold remains an attractive asset for many reasons. According to the World Gold Council, over the past decade, jewelry has made up 44% of annual average gold demand. Gold production has become geographically diverse with bar and coin