United Arab Emirates

Six former Trucial States of the Persian Gulf formed the United Arab Emirates in 1971, a further one joined later. Some 250 jewellery and bullion dealers (now 600) formed the Dubai Gold and Jewellery Group in 1996. Since 1979 only a limited mintage of coins has been undertaken by Emirates mints. The location of Dubai, coupled with its free trade policy, certainly helped the development of its jewellery trade.

Visitors to the Emirates from Africa and Europe cross paths with trade (especially in scrap gold) from India, China and eastern Asia. It is estimated 95% of tourists who visit Dubai buy gold, helping it maintain 29% of the world market. With the seemingly endless shops of the gold souk it is not a surprise therefore that Dubai is known as the City of Gold.