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Why is Dubai called the ‘City of Gold’?
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Revenue from the Gold and Jewelry business in Dubai was observed to be approximately 12 billion dirhams last year, and the growth rate in this sector is increasing rapidly. Therefore, establishing a gold jewelry business in Dubai can be an excellent choice for an entrepreneur to earn more and grow.
Globally, investors are very cautious when investing in different commodities and financial instruments due to the risks involved. International investors prefer safe investments with high returns. The Gold and Jewelry business is seen as a top option due to less uncertainty and more opportunities to profit globally, as gold is the most trusted commodity worldwide.
Dubai has the advantage of attracting international investors due to its strategic location connecting the eastern and western continents. It was established as a traditional trading market in the Middle East for spices, precious stones, traditional products, textiles, etc. It has now become a leading hub for the trade of gold, silver, and diamond jewelry.
Gold is much cheaper here compared to anywhere else in the world, and the reason behind this is that Dubai imports raw gold from South Africa and manufactures jewelry here, hallmarking the jewelry made. Dubai achieved 1,200 tons of gold in trade last year.
India and China are the main buyers of gold jewelry from Dubai. Since Indians reside in Dubai in good numbers, they are the largest buyers of gold jewelry due to their tradition of wearing it on special occasions and weddings. After India, China, Pakistan, the UK, Saudi Arabia, Oman, and Canada are the top buyers of gold from Dubai.
According to a study, Dubai captured 29% of the worldwide gold trade in 2021. The gold sector here is so developed and large that 4,086 companies are currently working in this industry. Last year, Dubai sold gold worth more than 552,000 crore. Gold is cheap here because only a 5% VAT is applied to gold, and tourists can also claim a VAT refund.
The Dubai Gold Souk is a traditional and vast market, being the largest gold and jewelry market in the world. It has more than a thousand shops. People can find the latest designs from all over the world. There are more than three hundred retailers here dealing in a wide variety of jewelry, from a very economical range to the most expensive and luxurious jewelry varieties that cannot be found anywhere else but in the Dubai Gold Souk.
Here are the reasons to start a jewelry business in Dubai.
In the 'City of Gold,' there is no need for a second thought to start a jewelry business in Dubai.
Get Information on Company Formation in Dubai
Before setting up a jewelry business in Dubai, there must be clarity on the nature of the business. Whether you want to go for retail, wholesale, or import and export, it must be wisely chosen before investing.
The process of starting a jewelry business in Dubai involves many requirements which we will discuss in the next steps.
Along with the registration of the company name, the choice of location where the company will be established is a must. The company registration can be done under the Free Zone or mainland areas.
If you choose a free zone for company registration in Dubai, there is a free zone named Gold & Diamond Park (DGDP), which is an ocean of all precious metals, gems, and jewelry. Entrepreneurs starting in this free zone get many advantages and opportunities to earn and grow their business. It is the largest free zone in the UAE specifically for the gold, precious stones, and jewelry sector. Starting a business here is smooth and beneficial due to tax advantages, 100% ownership, excellent connectivity, and amazing infrastructure. This free zone is an extension of "Jebel Ali Free Zone," which issues trade licenses to investors in the Dubai Gold and Diamond Park.
If you choose the Dubai mainland for company registration, then the Gold Souk is a famous place for jewelry trading in the mainland areas. Tourists and investors from all over the world flock here for shopping or trading in gold. Company registration involves brand registration and the submission of required documents for company setup, such as passport, proof of residence, NOC certificate, copy of the lease agreement, etc.
After the registration process is complete, the second step is to get the license from the authorities for gold and jewelry trading. The following must be complied with while applying for the license.
First of all, choose the location where you want to go for a business setup - Free Zone or Mainland. If you choose a free zone to get the maximum profit from your business revenue, then choose a specific free zone for jewelry businesses, as each free zone is dedicated to a particular industry.
After choosing the right location, the license is valid for that particular area. This will help you avail the benefits of policies that are specific to the upliftment of a particular industry in a particular sector.
There are two business channels for a jewelry business in Dubai. The first one is DED (Department of Economic Development) and the second is DMCC (Dubai Multi Commodities Centre). The D-DED License allows investors to invest in the Gold Souk Market. The DMCC License allows investors to open a jewelry business in a free zone.
The next step after choosing the location and business structure is to submit the required documents along with the application form to the DMCC or D-DED. These documents include address proof of the shareholders and directors, copies of Passports, approval of the business name, MOA (Memorandum of Association), and AOA (Articles of Association).
The last step after getting the license is to apply for a visa. The trade license of the area helps in getting a residence visa to live and work in Dubai. After getting your visa, you can sponsor your staff and dependents to get their visas.
So, there is no other destination as profitable as Dubai in the Gold and Jewelry sector. The UAE Government is supporting and benefiting the Sector by providing all ease and flexibility to entrepreneurs to start and run the business smoothly. Here in Dubai, there is no fear of any fraud or malpractices due to the great and stringent legal system.
As prudent and competent Business Setup Consultants, we help your goals become a reality. If you are a visionary entrepreneur and have the ambition to achieve much more by setting up a business in Dubai, then you must forget all worries and hassles by contacting World Company Setup. We will provide all the guidance and advice and not only show you the path but also make you reach the destination without any delay or complications.
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Dubai is a magnet for entrepreneurs from all over the world. Fifty years ago, there was a desert where a modern metropolis now stands, and today many international companies have offices in the emirate. The government is interested in developing infrastructure because tourism is the main driver of the economy and attracts investors. One of the advantages is the ability to open a bank account. Unlike many countries, it does not require a large number of documents or citizenship.
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