Unraveling Dubai's Gold Trade: A Complex Web of Global Connections

Dubai doesn’t rely on its own gold mines; instead, it sources its gold from a diverse range of countries, fueling its reputation as a premier trading destination.

Africa, particularly West Africa, plays a pivotal role in Dubai’s gold trade, with countries like Mali and Ghana contributing to the city-state’s gold supply.

Turkey serves as a crucial refiner and transit point for gold shipments from Central Asia and Africa, with Dubai being a key destination for these precious metals.

Switzerland is home to some of the world’s most prestigious gold refineries, which process gold from all over the world, supplying pure gold to Dubai.

Russia has emerged as an increasingly important player in Dubai’s gold market, with the UAE emerging as a key destination in the aftermath of sanctions.

Dubai’s geographical location makes it a crucial link between Africa, Asia, and the Middle East, serving as the "New Silk Route."

Dubai’s logistics infrastructure supports the flow of gold from mines to consumers, making it an attractive destination for gold traders.

Dubai's status as the world's second-largest gold trading hub, leapfrogging the UK in 2023, underscores its growing significance.

The UAE’s rise to become the second-largest gold trading hub is driven by a new gold corridor emerging across Asia, where demand for gold is surging, and central banks are accumulating reserves.

Dubai's gold trade is a dynamic and ever-changing landscape, with the emirate’s position as a global gold hub powered by its ability to connect gold-producing nations with some of the world’s largest consumers.