UAE precious metals trade reaches USD $ 3.97 billion in H1-2009

The latest export bulletin issued by the UAE Ministry of Foreign Trade has indicated that the share of precious metals in the countrys non-oil trade amounted to USD $ 57.0 billion or 26.5 percent of the total non-oil foreign trade in 2008, with a growth rate of 63.3 percent in comparison to the previous year. The bulletin noted that Abu Dhabi had become a world capital for natural pearls while Dubai had become a centre for the pearl trade. The Northern Emirate of Ras Al Khaimah had become a producer of cultured pearls for the first time. Early data of foreign trade in the first half of 2009 has shown that value of exports of precious metals, natural and cultured pearls and precious stones stood at USD $ 3.97 billion.