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06/10/2017 - 07:00hs
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Abu Dhabi precious stones, metals trade hits USD 1.7 bn

The total amount traded from January to July in the capital of the United Arab Emirates accounted for 6.7% of non-oil sector turnover in the country.



Abu Dhabi – Trade in pearls, precious stones and precious metals amounted to nearly USD 1.7 billion in Abu Dhabi, the United Arab Emirates from January to July this year. The sum is similar to that of January-July 2016, Emirates News Agency (WAM) this Thursday (5).

This type of trade is traditional in the capital and across the UAE, going back over 100 years, according to WAM, which adds that demand is going up locally and internationally.

Abu Dhabi imported slightly over USD 1 billion worth of pearls and precious stones and metals, which is tantamount to 5.3% of total imports by the emirate.

Brazil exported a little more than USD 50 million in precious stones and metals to the UAE from January to July, up 12% from the year-ago period according to the Brazilian Ministry of Industry, Foreign Trade and Services. Gold sales reached USD 27.4 million, with diamonds accounting for USD 21.3 million in sales. These were by far the two top-selling items.

According to the Ministry, total pearls and precious stones and metals sales from Brazil to the UAE came out to USD 85.4 million from January to September – the latest available numbers –, up 26% from a year ago, with USD 47.1 million coming from gold sales and USD 36.8 million from diamonds.

Re-exports of pearls and precious stones and metals from Abu Dhabi fetched close to USD 600 million from January to July, which is 17.3% of total re-export numbers, WAM said. Exports from Abu Dhabi came out to USD 62.6 million.

Overall, precious stones, precious metals and pearls make up 6.7% of Abu Dhabi’s non-oil trade.

*Translated by Gabriel Pomerancblum

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