Step 1: Obtain an import license
All importers of gold in Dubai must first obtain an import license from the Department of Economic Development (DED). The application for an import license can be submitted online or in person. The following documents are required for an import license:
* A completed application form
* A copy of the company's trade license
* A copy of the company's Memorandum and Articles of Association
* A copy of the company's financial statements
* A copy of the company's bank statement
* A copy of the company's customs clearance certificate
Once the DED has approved the application for an import license, the importer will be issued an Import Permit.
Step 2: Register with the Dubai Gold and Jewellery Group (DGJG)
All importers of gold in Dubai must also register with the Dubai Gold and Jewellery Group (DGJG). The DGJG is a self-regulatory organization for the gold and jewellery industry in Dubai. Registration with the DGJG is required in order to access the Dubai Gold and Commodity Exchange (DGCX).
Step 3: Clear the gold through customs
Imported gold must be cleared through customs before it can be released for sale. The following documents are required for customs clearance:
* An Import Permit
* A DGJG registration certificate
* A commercial invoice
* A packing list
* A bill of lading
The importer will also be required to pay customs duties and taxes.
Step 4: Sell the gold
Imported gold can be sold to local retailers or exported. The importer will need to obtain a Certificate of Origin from the DGJG in order to export gold.
Additional Requirements
In addition to the above procedures, importers of gold in Dubai must also comply with the following requirements:
* Importers must keep records of all gold imports and exports for a period of 5 years.
* Importers must report any suspicious transactions to the DED or the DGJG.
* Importers must ensure that the gold they import is conflict-free.
By following these procedures, importers of gold in Dubai can ensure that their shipments are compliant with all applicable regulations and requirements.
