Raising the gold bar The Dubai Gold and Jewellery Group weaves CSR activities and transparency to secure brand presence. Chairman Tawhid Abdullah shares his thoughts
The Dubai Gold and Jewellery Group (DGJG) has set a legacy for the industry in Dubai, followed by a strong commitment to sustain the emirate’s status as the ‘City of Gold’ and ‘Jewellery Destination of the World’ by offering the best quality and wide variety of jewellery at the globally competitive prices. It further intertwines this concept with corporate social responsibility in order to market and secure brand presence.
“Responsibility towards the society we live is one of the most critical roles for any industry, and the jewellery sector is no different,” said Tawhid Abdullah, chairman of the DGJG.
The group encourages jewellers to be responsible by educating them on ‘ethical sourcing’ of gold, diamonds or other precious metals, while engaging in several CSR activities. “Our partnership with Dubai Cares, and several other charitable causes set the tone of voice for such missions through our members as well,” he added.
Enhanced transparency
Overall, the development of the gold market and its future is both exciting and positive.
“Our strategy for the gold and jewellery sector is to further enhance the legacy we established and share the vision of the government; to expand with retail and promote the industry in all given opportunities,” maintained Abdullah.
The UAE government’s initiative to introduce a standardised platform to track the commodity highlights the federal acknowledgement of the gold industry and its importance to the growth of GDP.
“Gold and jewellery is an important sector of the UAE economy, with precious metals and diamond trading contributing 20 per cent of the country’s total non-oil exports. The new [UAE gold] policy will only enhance transparency as it will enable the tracking of gold. The policy includes establishment of a federal platform for gold trading and tracking,” he stated.
This official platform is aimed to create transparency; register/account for all gold coming into the UAE by identifying the first buyer. This initiative is aimed at fulfilling the requirements
Chairman, Dubai Gold & Jewellery Group
of banks and international regulatory institutions like financial action task forces, central banks and other lenders.
“This encourages jewellers to follow international standards and ensures that the industry is self-disciplined when it comes to regulations,” he added.
Stable investment
Gold plays a prominent role in the economy, as it has long been looked upon as a safe, growth-based investment tool, which is why individual and institutional investors turn to gold whenever there is an unstable situation, according to the chairman.
“This is the reason why household consumers not only take advantage of the adornment value through variety of designs available in the market but also the investment that this precious metal delivers when they sell. Gold is surely a safe haven for investors, and this is proven time and again.”
Speaking about the evolving geopolitical situations of the world, commodities such as gold tend to grow in demand, notably if more investors adopt it as an investment.
“The forecast for gold is positive and this makes it a good investment,” he said.
According to Abdullah, that trends and disruptions further fuel retail gold purchases. “The volatile currency and regional situation will only add more demand for bullion.”
Tawhid Abdullah,
DSF deals
To date, the DGJG is hosting a buyand-win promotion at the Dubai Shopping Festival (DSF), where Dh4 million worth of gold coins are being given away as prizes.
“We are offering one of the ultimate compulsions for customers to buy jewellery this DSF, and they get not just growth for their precious jewellery investment, but also chance to win millions of dirhams worth of gold coins. The raffle promotion is open for customer who are exchanging their used gold jewellery as well. Needless to mention that this will fetch them best value when the exchange for new gold,” the chairman concluded.
Gold plays a prominent role in the economy, as it has long been looked upon as a safe, growth-based investment tool”