Home Page - Gulf in the Media
HomePoliticsEconomy                               Set Gulfinthemedia.com as home page
Economy
 Print  Send This Page
Save Listen to this Article
Tons of gold imports turn to dust on arrival   

Emirates 24/7 - 15 August, 2010

Several tons of gold imported into the UAE by traders and investors turned out to be fake on closer inspection, resulting in millions of dirhams in losses and high levels of stress to the victims.

Speaking to Emirates 24|7, Mohamad Shakarchi,, Managing Director of Emirates Gold, said: "A lot of people in the UAE who tried to import gold at lower prices or through dubious overseas companies have been cheated.

We have inspected many consignments from African countries, especially Ghana, and found that there is not an ounce of gold in them.

For importing pure dust or other metals with yellow colour, these traders have paid several million dirhams.”

Dubai Customs sources confirmed the incidence of fake gold imports, but did not reply to a questionnaire sent by Emirates 24|7 ten days ago.

“The concerned official is on leave,” said a spokesman.

Emirates Gold has stopped examining gold imported from Africa. "We send specialists to examine a gold consignment only if it is routed through a local company.

We don’t have time to waste because most of these so called gold imports are fake. The traders got greedy. They thought they were getting gold at a discounted rate.”

Mohammed said that at least five tonnes of fake yellow metal is lying with Dubai Customs.

A tonne of gold will cost approximately $ 40 million. Merchants estimated that the minimum loss of fake gold imported by local traders is nothing less than $ 200 million.

He said many clients and Dubai Customs have requested the use of company’s expertise to verify the purity of gold. “The fake gold issue has affected many people. Some of the traders got heart attack, after our inspectors said there is no gold in the tonnes of imports brought from Africa,” Mohammed said.

Recent media reports suggested that several million dollars worth of gold with the Ethiopian Central Bank turned out to be fake. These bars of gold turned out to be gold plated steel bars

African gold merchants claim to be in possession of large quantities of gold dust or gold bars, which they offer to sell at below market prices.

The would-be buyer is made to send money for travel of the seller, for insurance, for shipping and for refinery assays before they would receive anything of any value. Investors are shown samples, which may be original gold.

But when the consignment reaches the port, it will be only mud or sand. Once Dubai Customs tightened controls, fake gold imports started reaching the UAE through other ports.

The seller can walk away at any point with virtually no risk of being caught as all contacts are via anonymous free webmail accounts accessed from Internet cafes and via prepaid mobile phones.

After the real estate and stock market investments became dull, many local investors have turned to commodity, especially gold investment, said the Chief Executive Officer of JRG Commodities, Sajith Kumar PK.
 
Kuwait keen on protecting youth from deviant ideologies sparked by conflicts - cabinet
Source : Kuwait News Agency  
Date : 2015-03-03
The government of Kuwait is exerting efforts to protect youth from deviant ideologies, which are falsely linked to Islam, sparked by regional conflicts, and underlined that jihad should be placed...
Handing over: I have control...
Source : Gulf Daily News  
Date : 2015-03-03
Like one of your discerning readers, I too was bemused by the 'euphoria' which greeted the announcement that last year, Gulf Air had slashed annual losses 'down to BD63 million.'...
There's no reason for not lifting sanctions: Rouhani
Source : Tehran Times  
Date : 2015-03-03
Iranian President Hassan Rouhani has said that there is no reason that why sanctions against Iran should not be lifted....
MP proposes paying subsidies to farmer around Lake Urmia to stop farming
Source : Tehran Times  
Date : 2015-03-03
Deputy Parliament Speaker Mohammad Reza Bahonr suggests paying subsidies to farmers around Lake Urmia to encourage them stop planting crops in order to revive the dying lake....
Qatar Reiterates Ambitious Programs in Peaceful Use of Nuclear Power
Source : The Peninsula  
Date : 2015-03-03
Qatar has ambitious programs for the peaceful use of nuclear power and prioritizes nuclear safety issues in its future projects, HE Ali Khalfan Al Mansouri, Doha's ambassador to Austria and...
Tourism major contributor to growth of economy
Source : Oman Daily Observer  
Date : 2015-03-03
We have spoken last week about the growing interest by many countries including Gulf ones in promoting various kinds of tourism with MICE at its foremost....
Kuwait is not 'Makboos'
Source : Kuwait Times  
Date : 2015-03-03
Kuwait celebrated its National and Liberation days last week and our celebrations were beautiful and varied. Communications companies and banks were creative in projecting the Kuwaiti personality in an innovative...
Khaled Al-Faisal returns!
Source : Saudi Gazette  
Date : 2015-03-03
It was summer 2007, when a royal decree appointed Prince Khaled Al-Faisal, Amir of Asir, as the new Amir of Makkah. I was then deputy editor of Alwatan Daily, based...
Doha Bank introduces first Tablet banking
Source : The Peninsula  
Date : 2015-03-03
Doha Bank announced yesterday another innovation in the banking industry to enhance customers’ experience with a digitised account opening solution, another proud first for Qatar....
People urged to eat healthy and avoid chronic diseases
Source : Saudi Gazette  
Date : 2015-03-03
Batterjee Medical College (BMC) for Science and Technology is working with Jeddah Health Affairs and the Jeddah Chamber of Commerce and Industry (JCCI) to raise public awareness of the importance...
Saudi travel, tourism firms roll out attractive summer packages
Source : Saudi Gazette  
Date : 2015-03-03
In preparation for the coming summer vacation season, tourism and travel companies in the Kingdom of Saudi Arabia (KSA) have already started to roll out their latest line of attractive...
Qatar committed to supporting sustainable water resources: Minister
Source : The Peninsula  
Date : 2015-03-03
Under the wise leadership of the Emir H H Sheikh Tamim bin Hamad Al Thani, Qatar is committed to supporting sustainable water sources, its conservation in consistent with the...
Dh1 billion worth of boats on display at Dubai show
Source : Khaleej Times  
Date : 2015-03-03
The 23rd edition of the Dubai International Boat Show opens today, with Dh1 billion worth of boats on display and a wide range of activities including thrilling water sports, exciting...
Regulator probes Mobily violations
Source : Gulf Daily News  
Date : 2015-03-03
Saudi Arabia's market regulator is investigating possible insider trading in shares of telecommunications operator Mobily relating to its shock earnings restatement, the watchdog said on its website....
Shoura seeks geared up drive to meet demand for housing
Source : Arab News  
Date : 2015-03-03
The Shoura Council urged the Housing Ministry on Monday to gear up to meet the growing demand for more housing units in the Kingdom....
The Arab industry dream
Source : Khaleej Times  
Date : 2015-03-03
Increasing bilateral trade between Arab countries cannot be translated into reality unless they take serious steps...
BD70m bills big success
Source : Gulf Daily News  
Date : 2015-03-03
The latest weekly issue of Government Treasury Bills floated to raise BD70 million has received subscription to the tune of 118.5 per cent, the Central Bank of Bahrain (CBB) announced...
Fund cuts US investment in Europe push
Source : Gulf Daily News  
Date : 2015-03-03
The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that position for...
Experts to speak at eGovernment forum
Source : Gulf Daily News  
Date : 2015-03-03
The Bahrain International eGovernment Forum 2015 organising committee has announced the names of internationally renowned keynote speakers who will take part in this year's forum....
Firm upbeat over OIC potential
Source : Gulf Daily News  
Date : 2015-03-03
The growing financial markets of the Organisation of Islamic Co-operation (OIC) represent unprecedented investment opportunities, according to EY....
Total 1895 Results in 95 Pages
1 
For more news, views and reports about this topic, please subscribe
to GRC website: www.grc.net
Tue Mar 3, 2015| 12-جماد أول-1436هـ
Opposition vows massive protest as Barrak jailed
Low oil prices to weigh on banking sector
Major offensive under way to retake Iraq's Tikrit: Army
Iran-Brazil Joint Chamber of Commerce to open Tehran office
Kerry cautions Israel over Iran talks
Kuwait, South Korea ink visa, health and transport deals
Saudi Arabia, Turkey enter 'a new era of cooperation'
Saudi Aramco finds eight new oil and gas fields
UN nuclear watchdog: Iran withholding key information
Tourism major contributor to growth of economy
MERS death toll in Saudi Arabia hits 400
Doha Bank introduces first Tablet banking
Netanyahu takes fight against Obama's Iran plan to Congress
FDI in Qatar touches QR111.8bn
Bahrain king holds out high hopes for summit
Saudi cabinet draws on success of anti-terrorism conference
Three British nationals detained for planes potting in UAE
    Newspaper Editorials
An election game
Murder most foul
More>>  
    Opinions
Iran's hunger for regional hegemony
Widening scope of war on terror
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    Reports
Iranian Nuclear Program Negotiations : What Next?
More>>  
    Bank Reports
Saudi Arabia Banking Sector
GCC Equity Monitor - Global
More>>  
    GRC Analysis
Saudi Arabia and the ASEAN Periphery: Cambodia, Myanmar, and Brunei
NATO and the Future of Gulf Security.
Saudi-Vietnam Relations
    GRC Commentary
Price of not heeding Kingdom's advice
On Relations between Rulers and Citizens: The Need for a New Social/Political Contract in the GCC States
Key Issue Facing the Saudi Ruling House.
    GRC Book Review
Beyond Regionalism? Regional Cooperation, Regionalism and Regionalization in the Middle East
India, GCC and the Global Energy Regime: Exploring Interdependence and Outlook for Collaboration.
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
Evaluating Financial Literacy Training for Migrant Workers in the Gulf
The Socio-Political Background and Stakes of ‘Saudizing’ the Workforce in Saudi Arabia: the Nitaqat Policy
Current Progress in the Nationalisation Programmes in Saudi Arabia
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
Go
      
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:5  |   16-- 21 Middle Page :0  --   | Right : 20 - 20--en--sess-enreq-en-coming