Abu Dhabi trade in pearl, gemstones, precious metals amounts to AED4.7 billion in Q1, 2017

ABU DHABI — The total value of Abu Dhabi’s trade in pearl, gemstones and precious metals amounted to AED4.7 billion during the Q1 of 2017 from AED3.3 billion during the corresponding period last year, a growth of 42.4 percent , according to figures released by Abu Dhabi Statistics.

The growth is driven by entrepot, including the non-oil commodities coming to the emirate through its different ports of entry, including sea, air or land.

According to industry suppliers, the sustained growth in pearl, gemstones and precious metals is attributed to the prestigious standing now boasted by the UAE being a main hub for this kind of trade, affirming that the demand over pearl and precious metals will increase over the coming period.

According to the figures released by Abu Dhabi Statistics, the volumes of pearl, gemstones and precious stones re-exported across ports of entry in Abu Dhabi during the first three months of the year were valued at AED2.103 billion against AED719 million during the same period last year. On a monthly basis, the value significantly jumped to AED110 million from AED491 million last year.

The imports were up to AED2.387 billion during Q1 2017 from AED220 million over the corresponding period last year. The emirate’s imports of pearl, gemstones and precious metals for the month of March reached AED727 million, the highest level in two years, with the exports standing AED201 million during Q1, against AED2.36 billion in the Q1 2016.

The emirate’s trade in pearl, gemstones and precious metals accounts for 10.2 percent of Abu Dhabi’s total trade, valued at AED45.9 billion, since January through March 2017.

Source: Emirates News Agency