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The value of the gold trade through Dubai reached USD $ 21.0 billion during the first nine months of 2008, despite the global financial crisis, according to the latest statistics released by the Dubai Multi Commodities Centre (DMCC).
Total imports reached 469.0 tonnes while exports of bullion from Dubai were 275.0 tonnes. Dubai’s gold imports were up 44.0 % while exports were up 51.0 % during the first nine months of 2008, compared to the same period in 2007. The value of the gold trade during Q3-2008 itself reached USD $ 8.0 billion. Compared to the last year’s third quarter, gold imports grew 18.0 % while exports 42.0 %.
DMCC has recently moved to its new headquarters, the 63-storeyed Almas Tower, where a number of Dubai’s bullion traders are located. India remains Dubai’s top gold export destination with 124.0 tonnes, followed by Switzerland importing 67.0 tonnes from Dubai.