How UAE's growing role in gold production and refining is boosting jobs, economy

Dubai is increasingly establishing itself as a global centre for gold smelting and refining, with plans in motion to expand the UAE's network of gold and silver refineries. This strategic move aims to strengthen the country’s economic infrastructure and enhance its position on the global stage.

Industry experts pointed to several key factors driving the UAE's rise in the global precious metals market: its strategic geographic location, state-of-the-art infrastructure, and strong regulatory framework. These elements are helping bridge the gap between Eastern and Western markets, positioning the UAE as a pivotal player in the global gold trade.

A special edition of the Future of Trade report recently highlighted significant shifts in the global gold trade, predicting the emergence of an “Asian Century” for gold. The report also forecasts the creation of a new gold economic corridor among BRICS nations, including the UAE, offering a viable alternative to traditional gold trading hubs.

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This initiative is expected to reshape the global gold trade and further cement the UAE’s role as a key hub in the precious metals industry.

Shamlal Ahamed, managing director of International Operations at Malabar Gold & Diamonds, explained that the UAE is working to establish several "Good Delivery Refineries". According to him, this move is "set to further strengthen the nation’s economic infrastructure and global reputation".

He also added: "With the demand for gold bars surging globally, the UAE is well-poised to witness rapid growth in refinery infrastructure, enabling the region to efficiently meet rising international demand while solidifying its position as a global leader in the gold trade."

Creating jobs in the community

Dubai’s role as a global jewellery hub has made it a natural candidate for further growth in gold smelting and refining. Industry insiders argue that this backward integration is a logical next step in enhancing the city’s position in the global gold sector.

Tawhid Abdulla, chairman of the Dubai Jewellery Group said, highlighted the emirate’s growing strength across the entire gold supply chain. “The emirate is excelling in the entire supply chain of gold. With three UAE Good Delivery refineries supporting the sector, and local jewellery manufacturing improving over the years, we are creating more jobs and adding significant value to the emirate's economy."

Industry also pointed out that this expansion will, in turn, help create jobs in the community.

Rahul Sagar, founder and vice president of DIAN, and director at the Shantilal Group, emphasised how Dubai’s trusted refineries, equipped with cutting-edge technology, offer significant benefits to jewellers. “These refineries enhance ease and efficiency, ensuring better quality control, cost-effectiveness, and faster turnaround times," he said. "Moreover, the growth of smelting and refining operations naturally leads to job creation, further solidifying Dubai’s position as a leader in the gold and jewellery market."

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