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The UAE Gets Serious About Gold | The Mesh Report

The UAE Gets Serious About Gold

Mike Hammer November 18, 2019 Comments Off on The UAE Gets Serious About Gold

The UAE has been a major hub in gold jewelry for a long time.  So of course the local government eventually decided they wanted a piece of that, and imposed a 5% VAT tax.

Wrong move – even just that 5% added cost crushed trade. UAE trade used 45 tonnes of gold in 2016, and volume dropped 20% in 2017 as customers went to other countries for lower costs.   So in May 2018 the UAE removed the VAT and the market started recovering slowly, to 36.2 tonnes for 2018.

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