Home Page - Gulf in the Media
HomePoliticsEconomy                               Set Gulfinthemedia.com as home page
 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.
Iran ready to implement gas, oil projects in Iraq
Source : Islamic Republic News Agency  
Date : 2017-08-23
'Iran's Ministry of Petroleum is prepared to boost cooperation with Iraq's oil and gas sector,' Bijan Zangeneh told an Iraqi delegation in Tehran....
Rosneft inherits Essar oil's $2.4b debt to Iran
Source : Tehran Times  
Date : 2017-08-23
Russian oil major Rosneft and its partners - global trader Trafigura and Russian fund UCP - sealed a $12.9 billion deal with India's Essar oil on Monday based on which...
Iran sells light crude oil at $51.39 in a week
Source : Tehran Times  
Date : 2017-08-23
The price of Iran's light crude oil stood level at $51.39 during the week ended on August 11, a range similar to the previous week, IRNA reported on Tuesday....
Chinese group eyes GCC crude for Oman refinery
Source : TradeArabia  
Date : 2017-08-23
A Chinese group, which is planning to build a second major refinery in Duqm, Oman is trying to secure crude oil from GCC countries for the project, a report said....
Marginal gain for QSE' main index
Source : The Peninsula  
Date : 2017-08-23
Qatar Stock Exchange's (QSE) main index almost remained stable registering a marginal gain of 0.16 points when the bourse closed trading at 9,065.34 points yesterday....
QIB & JEC ink QR1.6bn deal to finance food facility project
Source : The Peninsula  
Date : 2017-08-23
Qatar Islamic Bank (QIB), country's leading Shariah-compliant banking and financial services provider, yesterday announced to have signed a QR1.6bn (about $440m) financing deal with Al Jaber Engineering (JEC) to develop...
Kuwait market continues uptrend; volume retreats
Source : Arab Times  
Date : 2017-08-23
Kuwait stocks headed north on Tuesday as it continued its gaining spree to fifth consecutive session The bourse rose 18.65 pts in volatile session to 6,932.01 points led by some...
Bahrain's Bapco to meet consortium for talks on refinery expansion
Source : Times of Oman  
Date : 2017-08-23
State-run Bahrain Petroleum Co (Bapco) will meet a consortium led by France's Technip for further talks over the planned expansion of Bahrain's only oil refinery, sources close to the matter...
RTA to host first Emirati-French Business Engagement Summit
Source : Gulf Today  
Date : 2017-08-23
The Roads and Transport Authority (RTA) in collaboration with the French Business Council in Dubai and Northern Emirates, will host the first Emirati-French Business Engagement Summit on Sept.25, as part...
ITPCDXB gearing up for Indonesia exhibition
Source : Gulf Today  
Date : 2017-08-23
The Indonesia Trade Promotion Centre-Dubai (ITPCDXB) is gearing up for the 32nd year of Jakarta’s largest international business-to-business trade exhibition to be held in Banten Province, West Java on Oct.11...
VOD Dubai, DMCC partner to facilitate trade
Source : Gulf Today  
Date : 2017-08-23
VOD Dubai International Jewellery Show has announced that it has strengthened its commercial proposition for more than 500 local, regional and international exhibitors by partnering with Dubai Multi Commodities Centre...
Dafza issues guide to improve Islamic economic climate
Source : Gulf Today  
Date : 2017-08-23
The Dubai Airport Freezone Authority (Dafza) has released a detailed halal industries lead as part of its campaigns to contribute to Dubai's vision of coming to be the resources of...
Azizi begins first international sale of Dhs12b project
Source : Gulf Today  
Date : 2017-08-23
Azizi Developments, a leading real estate developer operating in the UAE for over a decade, has announced that it has commenced international sales of its recently launched Dhs12 billion Azizi...
EGA plays pivotal role in UAE economy
Source : Gulf Today  
Date : 2017-08-23
A delegation from Abu Dhabi's Department of Economic Development (DED) has visited Emirates Global Aluminium (EGA) at Khalifa Industrial Zone (Kizad) and were briefed on the company's contributions to Abu...
Expo 2020 Dubai, EIPA to protect creativity
Source : Gulf Today  
Date : 2017-08-23
Expo 2020 Dubai Bureau announced on Tuesday that it has signed a Memorandum of Understanding (MoU) with the Emirates Intellectual Property Association, EIPA, to raise awareness about the importance of...
Dubai International passenger traffic tops 8 million
Source : Gulf Today  
Date : 2017-08-23
Passenger traffic at Dubai International, DXB, has recorded its busiest month on record in July with over 8 million passengers, according to the monthly traffic report issued by operator Dubai...
UAE-US non-oil trade is Dhs111.1b
Source : Gulf Today  
Date : 2017-08-23
Non-oil trade between the UAE and the USA hit more than Dhs111.1 billion - $30.3 billion- by the end of 2016, including free zone trade, against $27.8 billion in 2015,...
UAE bank credit increases in July
Source : Khaleej Times  
Date : 2017-08-23
Gross credit by the UAE banks grew in July, reflecting increase business activity in the country while deposit by non-residents increased last month....
DXB sees record traffic surge in July
Source : Khaleej Times  
Date : 2017-08-23
Dubai International Airport, or DXB, the world's busiest for international traffic, set a new record in monthly traffic in July on the back of the city's growing appeal as a...
Centrepoint among top retailers in Saudi
Source : Khaleej Times  
Date : 2017-08-23
Centrepoint has been ranked among the top retailers in the Kingdom of Saudi Arabia, according to the YouGov BrandIndex Study 2017....
Total 642 Results in 33 Pages
For more news, views and reports about this topic, please subscribe
to GRC website: www.grc.net
Thu Aug 24, 2017| 01-ذو الحجة-1438هـ
Syria expands anti-Daesh operations
Riyadh celebrates first Saudi Women's Day
UAE summons Iran's diplomat
Trump turns up the heat on Iran, but no clear game plan yet
Qatar tops world in BMI index for investment attractiveness
Qaeda kills Yemen police, targeted in US raid
Iran targets $8.6bn of refinery deals with Asia firms
UN chief: Syria dialogue must focus on transition for success
US President Trump strongly supports Iraq - envoy
DGCX traded 1.37m contracts valued at $33b in January
Iran rejects 'baseless' warning from US on missile test
GCC consumers spend $9.3 billion on beauty, personal care products
HM King hails parliament's role
Saudi sentenced 7 years in prison for entering Syria, joining Al-Nusra
AD CP, Emir of Qatar discuss ties

Araa Mobile App





NBK Report on oil markets
GCC Banking Sector Quarterly - 2Q16
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    GRC Analysis
World Environment Day: Time to Reconnect with Nature in GCC
The Benefits of NATO-GCC Strategic Ties
    GRC Commentary
The Trump Visit to Saudi Arabia: Time for a Course Correction
Environmental Education Must for GCC Countries
Climate COP 22 in Marrakech Important for the Region
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
Skillfull Survivals
The GCC and the Global Oil Market in 2016
GCC and Regional Issues
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
GRC Publication
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:0  |   53-- 53 Middle Page :0  --   | Right : 53 - 53--en--sess-enreq-en-coming