The UAE is one of the greatest destinations for African gold. The size of gold trading is growing more over the years. Therefore, the gold industry in the UAE is a prospective environment with many important factors operating in the area. Further, we will show you what is the best way to export gold from Ghana to Dubai.

In this article, we will make sure you understand everything about the gold export market from Africa to the UAE. Likewise, in some free zones in the UAE; gold trading has evolved from tangible jewelry and gold bar trading to digital gold.

1. Gold trading in the UAE
2. What are the best locations for gold trading in the UAE?
3. Why is investing in gold a good business idea?
4. Is it a good choice to export gold from Ghana to Dubai?
5. What are the procedures for gold selling?
6. Step-by-step process to export gold from Ghana to the UAE
7. Documentation requirements for importing gold from Ghana
8. How can we help you enter the gold business in the UAE?

1. Gold trading in the UAE

The UAE gold market offers many options to export gold from Ghana to Dubai for investors willing to expand their horizons. In the same vein, the gold trading business in the country has been growing massively for various years; attracting traders and businesses around the world.

In 2022, the trading of precious metals such as gold and diamonds is one of the most booming markets and imports in Dubai and the UAE. Further, it contributes approximately 22% of all non-oil exports in the UAE. As a result, gold trading as well as other precious metals and jewelry is an important area of the economy of the country.

If you are thinking about exporting gold from Ghana to the UAE; there are certain things you must consider to have the right setup.

2. What are the best locations for gold trading in the UAE?

Before you start importing gold from Ghana to Dubai; you should know the dynamics of the areas where you want to set up your business. Let’s observe some of your options:

2.1. DMCC Free Zone

The Multi Commodities Center Free Zone in Dubai is a top-leading location for gold trading across the UAE. Likewise, it was created in 2002 and is one of the most vital trade zones across Dubai. In the same vein, the DMCC free zone is a trade and commerce hub for R&D and refining, investing, and trading.

That is to say, precious metals such as precious stones, gold, metals, and diamonds are leading in the area.

2.2. Gold and Diamond Park

This free zone is integrated by approximately 90 retailers. In addition, Dubai Diamond Park and Dubai Gold is a commercial area located on Sheikh Zayed Road. Further, this is a fully air-conditioned and multistoried complex with several retail shops, offices, and manufacturing units.

On the other hand, the Diamond and Gold Park has been improved to 120 manufacturing units and 350 commercial offices with the current expansion policies.

2.3. Dubai Mainland

If you want to export gold from Ghana to Dubai or set up a trading business in the UAE; the Gold Souk Market is perhaps the ideal location for this. In the same vein, in Dubai Mainland, you can directly sell and trade your products. As a result, this important market is known as a destination for gold buyers and is on tourists’ checklist.

Most importantly, it is a traditional marketplace located at the center of the Deira commercial district. Further, there are more than 300 retailers trading jewelry here.

3. Why is investing in gold a good business idea?

• It never loses its value: Unlike common coins, paper currencies, or other physical assets; gold never loses its value. In addition, the special properties of gold are highly esteemed around the world. You can also melt it for better transportation, another good benefit is that it is resistant to corrosion.
• There are different ways to have it: It is normally a good idea to have physical gold in the form of coins or bards. However, there are certain alternative options for investors.
• Invest in gold mining shares: This will allow you to obtain the benefits of having gold without the need of storing it. In the same vein, during the bull market, mining shares tend to outpace the gold price.
• Good against inflation: Gold is widely known for being one of the safest options against inflation when it eats the value of paper assets. Regardless of the global circumstances, gold will always retain its value while paper assets can go to zero.
• Higher demand: Important markets like India and China have massively increased their gold demand. Further, gold usually has had a more important place in the culture of some countries. As a result, the gold demand in China has been stable and steady among those who like to save money with gold bars.

4. Is it a good choice to export gold from Ghana to Dubai?

Commodities trading in the gold area has become a profitable choice for investors and entrepreneurs. Raw gold of any purity or bullion (over 99% of purity) can enter the UAE. On other hand, nuggets, gold dust, or gold bars, are not acceptable in Dubai’s custom checkpoints.

Investors must submit all important documentation and paperwork as well of origin certificates and taxes proof for customs clearance in the UAE.

As the product reaches the UAE, registered gold is traded to get it cleared through customs checkpoints. For instance, gold traders have partnerships with international security transportation companies.They also partner up with warehouse companies to store the gold and precious metals.

4.1 What is the scope of gold transport security companies in the UAE?

There are various globally recognized security businesses across the UAE. In other words, these security transport companies assist you if you export gold from Ghana to Dubai; moving it to the nominated refineries of the country.

Further, there are about 14 gold refineries across the UAE that provide fine gold for their partners. After that, they distribute it to the buyers who will perform jewelry for retail and commercial uses.

5. What are the procedures for gold selling?

Certainly, knowing your client is a crucial aspect of the gold trading business. Therefore, since it is a high-net-worth environment, the channels of operations must be free and clear of any suspicion. Likewise, if you want to export gold from Ghana to Dubai, you must abide by all the requirements from the authorities.

In other words, the know-your-client form is a good aspect to begin with and has all the documents and agreements stating purity information, initial base price, quantity, etc.

6. Step-by-step process to export gold from Ghana to the UAE

Here is a list of all the steps in registering the buyer and seller by the gold trading business.

1. The offer is sent by the miner (from Ghana) to the gold trading company or buyer in the UAE.
2. After that, the buyer reviews the offer and both parties agree and sign the KYC form.
3. The miner must send the important documentation such as proof of fund documents and credentials to the buyer for review purposes. And all the due diligence is conducted by both parties to avoid scams.
4. Next, the seller pays for all the export documents processing fees, duties, required taxes, insurance, and freight costs as well as the rest of the delivery expenses.
5. The other party must notify the buyer at least 3 days before the transport date with all shipment details. In other words, failure to update will lead to delays in customs clearance.
6. As the product reaches the designated airport, either the buyer or the authorized security transport division must receive the shipment and move it to the designated refinery.
7. Then, the buyer pays for the storage, customs clearance, security transport, and refining process.
8. In addition, weighing and sealing of the refined gold is an essential part and must go through strict compliance as per the government bodies in charge.
9. Tampering with the sealed boxes after the weighing and refining process leads to the remake of the process. In addition, the seller cannot touch the product in this process.

After the process has been completed, the Commercial Invoice is generated by the seller; the buyer accepts and signs the document while the buyer’s banker is present. In conclusion, the invoice amount is transferred within 3 working days. Likewise, the ownership changes to the buyer after this step.

7. Documentation requirements for importing gold from Ghana

• Customs Declaration Form, Original Bill of Landing, and Bill of Entre (BOE).
• Original Commercial Invoice for the buyer.
• Certificate of circulation merchandise and certificate of origin.
• Delivery of documents regarding the Sales and Purchase Agreement (SPA), copies of the document for customs clearances, and shipment contract number.
• The shipment is marked as Custom Code for Raw Gold Ingot form is 71081210 and “believed to contain gold”. In the same vein, the airway must have the mark “Air Freight Pre-Paid” while showing the net and gross weight of the shipment.

For customs transfer of payments and clearance; you must have the above-listed documents. In addition, in order for the Refinery to accept the shipment and government authorities and banks to process the clearance rapidly; you must have additional documents ready, this way the seller can avoid any delays.

7.1. What are the additional documents?

• Insurance certificate: export permit and license from the custom’s ownership certificate showing that the seller is the legal owner of the products.
• Inventory of good report: packing list with a net and gross weight of gold content. In addition, it also must have the number of gold bars per box, serial numbers of packing boxes, and the net weight of each gold bar.
• Title of declaration and exportation: by the supplier/owner/seller stating that the payments of all charges, taxes, and duties to the relevant government entities in charge at the origin are made.
• Shipping approval certificate.
• Any additional documents requested by the refinery or customs authorities in the importing country.

7.2. Additional documentation to export gold from Ghana to Dubai

If the gold is coming from the Democratic Republic of Congo or any of its neighboring countries; the importing country requires extra documentation. Let us observe:

• Compliance that the gold is pure and is not a mixture of other minerals. For this, there are special tests to determine the purity of the gold bars for authenticity.
• Interpol clearance certificate.
• UN clearance.

Therefore, if you want to export gold from Ghana to Dubai, you must follow the steps shown above to ensure legal importation to the UAE.

8. How can we help you enter the gold business in the UAE?

As we mentioned earlier, Dubai and the UAE overall are important destinations for African Gold. In addition, it is one of the reasons why the traded volume is growing progressively over the years. With the current pro-market government, right now is the best moment to start a gold trading business in the country.

At Connect Free Zone, one of our most important objectives is to provide you with the most innovative company formation solutions so you can rapidly start working and profiting. Likewise, we also provide you with outstanding sponsorship solutions for an easy setup process in Mainland Dubai.

We ensure that you can easily establish in the greatest location possible. Further, we will make sure you take advantage of all the business jurisdictions in the UAE such as Mainland or any Free Zones. We compare free zones’ rules, regulations, policies, and locations regarding your organization’s objectives, as well as put our outstanding PRO services at your disposal.

Would you like contact us to help you enter the gold trading business? If you want us to assist you in this complex process or if you have any inquiries; you can send us an email through contact@connectfz.com. Feel also free to call us on +971 43 316 688.

If you want to access a variety of employment opportunities in the UAE and improve your career; you can go to thetalentpoint.com. If you send us your resume to contact@thetalentpoint.com we will also review your application.