This activity covers bulk trade in gold, silver and platinum group metals. Traders deal in bars, grain, dore and other unworked forms of the metal. Buyers are refiners, jewellery makers, banks and other bullion traders. It is by some distance the most tightly controlled part of the metals trade.
Dubai sits close to the centre of the entire world gold market. The UAE exported USD 53.41 billion of gold across 2024 and 2025.1 That puts the country among the largest gold exporting nations anywhere. Its position on the routes between Asia, Africa and Europe is a large part of the reason.
The shape of those exports says a lot. Gold bars lead the way at USD 5.8 billion, followed by coins at USD 4.7 billion.1 Jewellery and gold dust follow along behind those two lines.1 Exports stood at about USD 52 billion in 2023, so the trade is holding steady rather than spiking.2
Why Dubai is called the City of Gold
Whether you trade bullion, supply refiners or broker precious metal, this activity covers that trade. The figures below show the scale Dubai handles.
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Sources: Gulf News (2025), TrendEconomy (2025)
Who is this activity for?
| BULLION Bullion traders and dealers | You buy and sell gold and silver in bar or grain form. Purity records and secure logistics are central. |
| SUPPLY CHAIN Refiner and jeweller suppliers | You feed refiners and jewellery makers with unworked metal. Traceability of the metal matters as much as price. |
What this activity covers
This code covers wholesale trade in gold and other precious metals. It carries approval and compliance duties that the rest of the class does not.
- Bulk trade in gold bars, grain and dore
- Bulk trade in silver, platinum and palladium
- Supply of unworked precious metal to refiners and jewellery makers
- Import, secure storage and re-export of precious metal
- Trade against recognised purity and assay standards
Product scope
| Gold bars | Cast and minted bars in standard weights. The largest single export line by value. |
| Gold grain and dore | Unrefined and semi-refined gold sold to refiners. Priced on assayed purity. |
| Silver | Bar and grain silver for industry and jewellery. Higher volume and lower value than gold. |
| Platinum and palladium | Platinum group metals for industry and jewellery. Thin markets that move sharply on news. |
| Investment products | Coins and small bars held as investments. Sold on to dealers rather than the public. |
What falls outside this activity
This activity does not cover metal scrap, which the class guidelines place under class 4669. Refining, assaying or working the metal is manufacturing and sits under its own code. Making or selling finished jewellery is a separate activity again. Selling direct to the public is retail trade and needs a retail activity.
In short, you can trade unworked precious metal in bulk, but you cannot refine it, make jewellery, or sell to the public.
Compliance
THIRD-PARTY APPROVAL
This activity requires pre-approval from the Security Industry Regulatory Agency (SIRA) before a business license can be issued by Meydan Free Zone.
ANTI-MONEY LAUNDERING COMPLIANCE
This activity is classed as a Designated Non-Financial Business or Profession (DNFBP). Anti-money laundering rules apply to this business. The business must meet all AML registration and reporting duties for as long as the license is held.
Citations
1. Gulf News, Who Buys UAE Gold? Where Dh196 Billion of Exports Went, 2025.
2. TrendEconomy, UAE Gold Exports, UN Comtrade Trade Statistics, 2025.