World's second-largest gold hub is in Dubai, does not produce any gold itself but..., most of the gold comes from...
World's second-largest gold hub is in Dubai, does not produce any gold itself but..., most of the gold comes from...
Dubai is famous for its shiny gold shops, especially in the Gold Souk. But behind the sparkle, there's a big and busy gold trade that connects many countries around the world. Dubai itself does not produce any gold. Still, it has become the second-biggest gold trading center in the world. This is possible because of its strong transport system, good business setup, and connections with many countries. Africa: The main source of Dubai's gold
Most of the gold that comes to Dubai is from Africa. In 2023, countries like Mali, Ghana, Guinea, Sudan, and South Africa were the top gold suppliers to the UAE. These countries have rich gold mines, and gold is a key part of their economy.
Mali and Ghana, in particular, have growing mining industries. Dubai has built good trade relationships with these nations, making it easier and cheaper to bring in gold.
After the gold reaches Dubai, a lot of it is sent to countries like India and China, where people buy a lot of gold.
In short, Africa is very important to Dubai's gold business because it has a lot of gold, better mining facilities now, and strong trade deals with the UAE. Dubai acts like a middleman taking gold from Africa and sending it to buyers in Asia. Turkey and Switzerland: Important Links in Dubai's Gold Trade
Turkey and Switzerland are both very important to how gold moves into and through Dubai but not because they mine a lot of gold.
Turkey does not produce much gold itself, but it plays a big role in refining and moving gold from other countries, especially from Central Asia and Africa. In 2023, Turkey was a major exporter of gold to Dubai. This is because of two main reasons: It has good refining facilities, which help clean and purify the gold.
It's in a great location, between Europe, Asia, and the Middle East which makes it a natural gateway for trade. Switzerland: The gold refining giant
Switzerland doesn't mine gold either, but it is famous for refining it. In fact, some of the world's top gold refineries are based there. Gold from many countries is sent to Switzerland to be turned into pure, high-quality bars and coins.
After it's refined, a lot of this Swiss gold is sent to Dubai. This gold is used for: Jewelry
Investment bars
Electronics and industry
Because it is so pure and well-refined, Swiss gold is highly valued in Dubai's luxury and commercial markets. Russia: Finding a new gold market in Dubai
In recent years, Russia has started sending a lot more gold to Dubai. This change mainly happened after Western countries placed sanctions on Russia because of the war in Ukraine.
Because of the sanctions, Russia could no longer sell gold easily to places like Europe or North America. So, it began looking for new markets and the UAE, especially Dubai, became an important trading partner.
Dubai doesn't take sides in global political issues the same way Western countries do, which makes it easier for Russia to trade there. What does this mean? Russia is now using Dubai as a major gold trade route.
Dubai benefits by handling more gold and building stronger trade links with countries outside the West.
This shows how global politics can change trade routes and how quickly Dubai can adjust to those changes.
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Business Standard
6 hours ago
- Business Standard
Zelenskyy warns rising oil prices may fund Russia's war against Ukraine
A sharp rise in global oil prices following Israeli strikes on Iran will benefit Russia and bolster its military capabilities in the war in Ukraine, Ukrainian President Volodymyr Zelenskyy said Friday in comments that were under embargo until Saturday afternoon. Speaking to journalists in Kyiv, Zelenskyy said the surge in oil prices threatens Ukraine's position on the battlefield, especially because Western allies have not enforced effective price caps on Russian oil exports. The strikes led to a sharp increase in the price of oil, which is negative for us, Zelenskyy said. The Russians are getting stronger due to greater income from oil exports. Global oil prices rose as much as 7 per cent after Israel and Iran exchanged attacks over the past 48 hours, raising concerns that further escalation in the region could disrupt oil exports from the Middle East. Zelenskyy to address concerns with the US Zelenskyy said he planned to raise the issue in an upcoming conversation with US President Donald Trump. In the near future, I will be in contact with the American side, I think with the president, and we will raise this issue, he said. Zelenskyy also expressed concern that US military aid could be diverted away from Ukraine toward Israel during renewed tensions in the Middle East. We would like aid to Ukraine not to decrease because of this, he said. Last time, this was a factor that slowed down aid to Ukraine. Ukraine's military needs have been sidelined by the United States in favour of supporting Israel, Zelenskyy said, citing a shipment of 20,000 interceptor missiles, designed to counter Iran-made Shahed drones, that had been intended for Ukraine but were redirected to Israel. And for us it was a blow, he said. When you face 300 to 400 drones a day, most are shot down or go off course, but some get through. We were counting on those missiles. An air defence system, Barak-8, promised to Ukraine by Israeli President Benjamin Netanyahu was sent to the US for repairs but never delivered to Ukraine, Zelenskyy said. The Ukrainian president conceded that momentum for the Coalition of the Willing, a group of 31 countries which have pledged to strengthen support for Ukraine against Russian aggression, has slowed because of US ambivalence over providing a backstop. This situation has shown that Europe has not yet decided for itself that it will be with Ukraine completely if America is not there, he said. Coalition of the Willing offer under consideration The offer of a foreign troop reassurance force pledged by the Coalition of the Willing was still on the table but they need a backstop, as they say, from America, Zelenskyy said. This means that suddenly, if something happens, America will be with them and with Ukraine. The Ukrainian president also said the presence of foreign contingents in Ukraine would act as a security guarantee and allow Kyiv to make territorial compromises, which is the first time he has articulated a link between the reassurance force and concessions Kyiv is willing to make in negotiations with Russia. It is simply that their presence gives us the opportunity to compromise, when we can say that today our state does not have the strength to take our territories within the borders of 1991, he said. But Europe and Ukraine are still waiting on strong signals from Trump. Without crushing US sanctions against Russia, I will tell you frankly, it will be very difficult for us, Zelenskyy said, adding that it would then fall on Europe to step up military aid to Ukraine. Body and prisoner returns follow Istanbul talks In other developments, Russia repatriated more bodies of fallen soldiers in line with an agreement reached during peace talks in Istanbul between Russian and Ukrainian delegations, Russian officials said Saturday, cited by Russian state media. The officials said Ukraine did not return any bodies to Russia on Saturday. Ukraine's Coordination Headquarters for the Treatment of Prisoners of War confirmed in a statement that Russia returned 1,200 bodies. The first round of the staggered exchanges took place Monday. The agreement to exchange prisoners of war and the bodies of fallen soldiers was the only tangible outcome of the talks in Istanbul on June 2. Russia says push continues Continuing a renewed battlefield push along eastern and northeastern parts of the more than 1,000-kilometre front line, the Russian Defence Ministry claimed Saturday that its troops captured another village in the Donetsk region, Zelenyi Kut. The Ukrainian military had no immediate comment on the Russian claim. Russia launched 58 drones and decoys at Ukraine overnight into Saturday, according to the Ukrainian air force, which said its air defences destroyed 23 drones while another 20 were jammed. Russia's defence ministry said it shot down 66 Ukrainian drones overnight. Attacks have continued despite discussions of a potential ceasefire in the war. During the June 2 talks in Istanbul, Russian and Ukrainian negotiators traded memorandums containing sharply divergent conditions that both sides see as nonstarters, making a quick deal unlikely.
&w=3840&q=100)
First Post
6 hours ago
- First Post
Zelenskyy warns oil price surge from Israel-Iran conflict could aid Russia's war chest
A sharp rise in global oil prices following Israeli strikes on Iran will benefit Russia and bolster its military capabilities in the war in Ukraine, Ukrainian President Volodymyr Zelenskyy said Friday in comments that were under embargo until Saturday afternoon. read more Zelensky also hoped the escalation between Israel and Iran would not result in a drop in military aid to Kyiv, according to remarks published on Saturday. "We would like to see aid to Ukraine not decrease because of this," he said. "Last time, this was a factor that slowed down aid to Ukraine." Israel unleashed large-scale attacks on Iran Friday, targeting nuclear and military facilities as well as high-ranking generals and atomic scientists, sparking international calls to restraint as fears of broader conflict grow. Image- AFP Ukrainian President Volodymyr Zelenskyy has warned that the recent spike in global oil prices, triggered by Israeli strikes on Iran, stands to benefit Russia and strengthen its military operations in Ukraine. Addressing the media in Kyiv, Zelenskyy said that the increase in oil prices poses a serious risk to Ukraine's defense capabilities, particularly as Western nations have failed to implement robust price caps on Russian oil exports. His statements were made on Friday but released under embargo until Saturday afternoon. STORY CONTINUES BELOW THIS AD 'The strikes led to a sharp increase in the price of oil, which is negative for us,' Zelenskyy said. 'The Russians are getting stronger due to greater income from oil exports.' Global oil prices rose as much as 7% after Israel and Iran exchanged attacks over the past 48 hours, raising concerns that further escalation in the region could disrupt oil exports from the Middle East. Zelenskyy said he planned to raise the issue in an upcoming conversation with US President Donald Trump and also expressed concern that US military aid could be diverted away from Ukraine toward Israel during renewed tensions in the West Asia. 'In the near future, I will be in contact with the American side, I think with the president, and we will raise this issue,' he said. 'We would like aid to Ukraine not to decrease because of this,' he said. 'Last time, this was a factor that slowed down aid to Ukraine.' Zelensky also hoped the escalation between Israel and Iran would not result in a drop in military aid to Kyiv, according to remarks published on Saturday. STORY CONTINUES BELOW THIS AD 'We would like to see aid to Ukraine not decrease because of this,' he said. 'Last time, this was a factor that slowed down aid to Ukraine.' Israel unleashed large-scale attacks on Iran Friday, targeting nuclear and military facilities as well as high-ranking generals and atomic scientists, sparking international calls to restraint as fears of broader conflict grow. Ukraine's military needs have been sidelined by the United States in favor of supporting Israel, Zelenskyy said, citing a shipment of 20,000 interceptor missiles, designed to counter Iran-made Shahed drones, that had been intended for Ukraine but were redirected to Israel. 'And for us it was a blow,' he said. 'When you face 300 to 400 drones a day, most are shot down or go off course, but some get through. We were counting on those missiles.' An air defense system, Barak-8, promised to Ukraine by Israeli President Benjamin Netanyahu was sent to the U.S. for repairs but never delivered to Ukraine, Zelenskyy said. STORY CONTINUES BELOW THIS AD The Ukrainian president conceded that momentum for the Coalition of the Willing, a group of 31 countries which have pledged to strengthen support for Ukraine against Russian aggression, has slowed because of U.S. ambivalence over providing a backstop. 'This situation has shown that Europe has not yet decided for itself that it will be with Ukraine completely if America is not there,' he said. The offer of a foreign troop 'reassurance force' pledged by the Coalition of the Willing was still on the table 'but they need a backstop, as they say, from America,' Zelenskyy said. 'This means that suddenly, if something happens, America will be with them and with Ukraine.' The Ukrainian president also said the presence of foreign contingents in Ukraine would act as a security guarantee and allow Kyiv to make territorial compromises, which is the first time he has articulated a link between the reassurance force and concessions Kyiv is willing to make in negotiations with Russia. STORY CONTINUES BELOW THIS AD 'It is simply that their presence gives us the opportunity to compromise, when we can say that today our state does not have the strength to take our territories within the borders of 1991,' he said. But Europe and Ukraine are still waiting on strong signals from Trump. Without crushing US sanctions against Russia, 'I will tell you frankly, it will be very difficult for us,' Zelenskyy said, adding that it would then fall on Europe to step up military aid to Ukraine. With inputs from agencies
India.com
15 hours ago
- India.com
World's second-largest gold hub is in Dubai, does not produce any gold itself but..., most of the gold comes from...
World's second-largest gold hub is in Dubai, does not produce any gold itself but..., most of the gold comes from... Dubai is famous for its shiny gold shops, especially in the Gold Souk. But behind the sparkle, there's a big and busy gold trade that connects many countries around the world. Dubai itself does not produce any gold. Still, it has become the second-biggest gold trading center in the world. This is possible because of its strong transport system, good business setup, and connections with many countries. Africa: The main source of Dubai's gold Most of the gold that comes to Dubai is from Africa. In 2023, countries like Mali, Ghana, Guinea, Sudan, and South Africa were the top gold suppliers to the UAE. These countries have rich gold mines, and gold is a key part of their economy. Mali and Ghana, in particular, have growing mining industries. Dubai has built good trade relationships with these nations, making it easier and cheaper to bring in gold. After the gold reaches Dubai, a lot of it is sent to countries like India and China, where people buy a lot of gold. In short, Africa is very important to Dubai's gold business because it has a lot of gold, better mining facilities now, and strong trade deals with the UAE. Dubai acts like a middleman taking gold from Africa and sending it to buyers in Asia. Turkey and Switzerland: Important Links in Dubai's Gold Trade Turkey and Switzerland are both very important to how gold moves into and through Dubai but not because they mine a lot of gold. Turkey does not produce much gold itself, but it plays a big role in refining and moving gold from other countries, especially from Central Asia and Africa. In 2023, Turkey was a major exporter of gold to Dubai. This is because of two main reasons: It has good refining facilities, which help clean and purify the gold. It's in a great location, between Europe, Asia, and the Middle East which makes it a natural gateway for trade. Switzerland: The gold refining giant Switzerland doesn't mine gold either, but it is famous for refining it. In fact, some of the world's top gold refineries are based there. Gold from many countries is sent to Switzerland to be turned into pure, high-quality bars and coins. After it's refined, a lot of this Swiss gold is sent to Dubai. This gold is used for: Jewelry Investment bars Electronics and industry Because it is so pure and well-refined, Swiss gold is highly valued in Dubai's luxury and commercial markets. Russia: Finding a new gold market in Dubai In recent years, Russia has started sending a lot more gold to Dubai. This change mainly happened after Western countries placed sanctions on Russia because of the war in Ukraine. Because of the sanctions, Russia could no longer sell gold easily to places like Europe or North America. So, it began looking for new markets and the UAE, especially Dubai, became an important trading partner. Dubai doesn't take sides in global political issues the same way Western countries do, which makes it easier for Russia to trade there. What does this mean? Russia is now using Dubai as a major gold trade route. Dubai benefits by handling more gold and building stronger trade links with countries outside the West. This shows how global politics can change trade routes and how quickly Dubai can adjust to those changes.
