Dubai Under New Scrutiny as Gold Trade Grows - Middle East Real Time - WSJ:
"Gold bars and jewelry worth about $75 billion came into and went out of Dubai last year, according to new statistics from the Dubai Multi Commodities Centre, by far a record for the emirate. The figures reflect Dubai’s growth as a hub for the processing, sale and export of gold, but also betoken the added scrutiny that has come with being a trading post for a metal steeped in both opportunity and controversy.
The volume of gold trade through Dubai last year rose by 73% even as gold demand fell globally, according to the DMCC figures. The reasons behind the increase aren’t entirely clear, but it may be partly down to Iran’s recent use of Dubai as a transit point for gold bought in Turkey. Per the DMCC, Dubai has simply successfully positioned itself as a cheap and easy place for gold traders and refiners to do their work, while benefiting from good local demand.
Processing African gold through Dubai figures to be a point of emphasis for the DMCC and local gold refineries as they look for further growth in the coming years, given the continent’s geographic closeness and rich untapped mining potential. "
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