Dubai is popular for the gold trading business. Most of the countries in the world import gold from Dubai only. And the foreign investors show more interest to start a jewelry business in Dubai to grow faster in a short decade with high revenue profits. In this blog, you will understand the process to start a gold jewelry business in Dubai and UAE region.
why start a jewelry business in Dubai only?
Here are some pros for gold business setup in Dubai
- The quality of the metal is very pure, that’s the main reason Dubai has a continuous market full of customers and the sales are in very high demand.
- Starting a jewelry business in Dubai has a long-run business growth in a short time.
- Dubai is the best place for the jewelry business with fewer risk factors. because the government has high security and some specified rules for gold business import and export. everyone should follow those otherwise they will hardly be punished.
- The cost of the jewelry business is very lower when compared to other countries.
- High net worth individuals.
here are the simple few steps to start a jewelry business in Dubai:
Registration: Like other businesses, this gold jewelry business also needs proper company registration with all legal clearance certificates. the registration of your company can be either in Dubai mainland or Dubai free zone. The Dubai Gold and Diamond park Freezone best suitable place for gold business.
Obtain a Trade License:
The DED Department of Economic Development in Dubai and DMCC Dubai Multi Commodities Center will issue the license based on the location. if you want to set up your jewelry business in the free zone then you have to apply for a license in DMCC. There are benefits of setting up a business in a free zone with 100% ownership, will have DDE Dubai diamond exchange membership, and no need for a local sponsor required while your company is formed.
Whereas if you like to start a jewelry business in the Dubai Gold Souk market, then you need to get approval from DED.In this market, you will have business benefits like you can directly interact with customers and also you can do international trade close to the port.
in order to purchase and sell, you should require a staff. so you should have a plan to hire some people for the company. like sales managers, sales staff cashiers,s, etc.
Requirements to run a gold business:
- Should have pure quality metal
- Try to customize the jewelry according to the customer’s request.
- Should have a custom code number for Exim inspection.
Documents required to set up a jewelry business in Dubai are:
- NOC, notarised contracts like Tenancy, MOA, etc.
- Tradename registratipon copy
- Trade license DED application
If are interested to start a jewelry business in Dubai, get in touch with us. we can help to get your trade license and commercial contracts. Read for more information about the gold market forecast and analysis to get more ideas.