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.
UAE firm sees solid 'green' solar panel tech growth
Source : tradearabia  
Date : 2016-06-25
Emirates Insolaire, a pioneer in the development of new solar technologies and a joint venture of Dubai Investments PJSC and SwissInso Holding, is expecting strong growth for its sustainable, energy-efficient...
US multinational 3m gets Saudi trading licence
Source : tradearabia  
Date : 2016-06-25
US-based multinational company 3M, a leader in developing innovative solutions, has been granted a trading licence by the Saudi Arabian government....
Raytheon wins $523m Kuwait defence contract
Source : tradearabia  
Date : 2016-06-25
Raytheon Company, a US-based technology and innovation leader, has won a $523 million contract from the US Army for the upgradation of Kuwait's Patriot Air and Missile Defence Systems....
Make way for food trucks in the UAE
Source : Khaleej Times  
Date : 2016-06-25
A pleasant evening out with a couple of friends or the whole family might hit a snag when the time comes to decide on what everyone wants to eat....
Mixed reactions from expats
Source : Gulf Today  
Date : 2016-06-25
The United Kingdom on Friday voted to leave the European Union in a historic referendum that has already started to be felt across the global economy, including the strong Middle...
Boost for Saudi-French trade ties
Source : Arab News  
Date : 2016-06-25
Deputy Crown Prince Mohammed bin Salman will meet French President Francois Hollande and several top politicians and businesspeople in France on a visit to the country starting Monday....
Boeing offers details on Iran deal, saying all was done legally
Source : Tehran Times  
Date : 2016-06-25
In a letter to congressional critics of the politically delicate deal, Boeing said Iran Air, the national airline, intended to buy 80 passenger planes in a variety of models worth...
Ease of banking relations would speed up Iran-Netherlands ties
Source : Tehran Times  
Date : 2016-06-25
Referring to the large number of Iranian businessmen active in the Netherlands, the visiting Iranian Foreign Minister Mohammad Javad Zarif in a Thursday meeting with Dutch Economy Minister Henk Kamp,...
Saudi Arabia offering signs oil glut is fading
Source : Times of Oman  
Date : 2016-06-25
Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is...
Why British sterling's fall won't pound UAE
Source : Khaleej Times  
Date : 2016-06-25
The pound sterling crashed to a more-than-30-year low on Friday following the news of Brexit, but it will benefit UAE importers and investors, industry analysts told Khaleej Times....
Vision 2030 unveiled before US business leaders
Source : Saudi Gazette  
Date : 2016-06-25
A number of Saudi ministers unveiled the salient features of the Kingdom's ambitious Vision 2030 in front of the US business leaders during the meeting of the US-Saudi Arabian Business...
Water, electricity projects worth $2.8b to come on stream in Iran by Mar. 2017
Source : Tehran Times  
Date : 2016-06-25
Over 700 projects worth 100 trillion rials (about $2.886 billion) will be implemented in the country's water and electricity sectors by the end of current calendar year (March 20, 2017),...
Anel Mepa wins $66m Doha metro project deal
Source : tradearabia  
Date : 2016-06-25
Turkish-based Anel Mepa has been awarded a 66.5 million building automation and management and heating, ventilation and air conditioning (HVAC) contract for the Red Line of Doha Metro project....
Weaker outlook for pound, euro to impact UAE and GCC as a result of Brexit
Source : Khaleej Times  
Date : 2016-06-25
The UAE and the oil-rich region would be impacted by the sharply weaker outlook for the pound sterling and euro....
Ambitious reforms spread optimisim
Source : Arab News  
Date : 2016-06-25
Saudi Arabia's economy is dominated by oil and has been for many decades. Oil accounts for about 35 percent to 45 percent of the GDP of Saudi Arabia....
Iran permanent membership in SCO to benefit all
Source : Islamic Republic News Agency  
Date : 2016-06-24
Speaking to IRNA Thursday, Taherian said such membership will create proper opportunities for SCO member countries, taking of which will benefit all....
Iran seeking to absorb investments for its energy sectors
Source : Islamic Republic News Agency  
Date : 2016-06-24
Addressing "The Growing Economies Energy Forum" here on Thursday, he said Iran will be offering appropriate conditions to the investors interested in the area....
KSE edges down 1.18 pts to end week on sour note
Source : Arab Times  
Date : 2016-06-24
Kuwait stocks edged down on Thursday to end the week on a sour note. The price index fell 1.18 pts in a slightly volatile trading to close at 5,407.99 pts...
DED, aafaq Islamic finance launch 'Knowledge Development Majalis'
Source : Gulf Today  
Date : 2016-06-24
The Department of Economic Development (DED) in Dubai and its agencies are keen to promote humanitarian endeavours originating in the UAE, disclosed Sami Al Qamzi, Director General of DED....
Dewa's Smart Power Plant System receives LoA at WSIS 2016
Source : Gulf Today  
Date : 2016-06-24
Dubai Electricity and Water Authority (Dewa) received international recognition and was awarded a Letter of Appreciation (LoA) from the United Nations World Summit on the Information Society (WSIS) Prizes 2016,...
Total 862 Results in 44 Pages
For more news, views and reports about this topic, please subscribe
to GRC website: www.grc.net
Sun Jun 26, 2016| 20-رمضان-1437هـ
Bahrain jails 24 for forming Daesh cell
Al-Qaeda back in southern Yemen cities, say residents
Qatar calls for prosecuting perpetrators of crime in Syria
Dubai's most affordable residential areas
US-backed fighters storm key Daesh bastion
World's 2nd-biggest sovereign fund sees oil glut until mid-2017
Young Saudis' thumbs up: Deputy crown prince has done us proud
Yemen govt demands rebel pullout before any transition
Qatar and Turkey launch joint aid campaign in Somalia
Offensive on IS could displace 2.3mn Iraqis
MoH rejects WHO charges of MERS negligence
President: No one able to weaken JCPOA
SaudiGulf Airlines granted license for domestic flights
UN relief coordinator calls for 'unrestricted' humanitarian access in Syria
Overwhelming response to deputy crown prince's visit
A truckload of dead bees makes stinging point about pesticides
Brexit's impact on GCC
Losing ground
GCC Banking Sector Quarterly - 1Q16
GCC Markets Performance - May 2016
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    GRC Analysis
GCC-Russia Relations: Lot of Rhetoric but Little Substance
Renewable Energy in GCC
Paris Climate Deal and Oil-rich Countries
    GRC Commentary
Earth Day 2016: The Promised Day
An Evolving Saudi-US Relationship
Water and Jobs: Hitting Two Birds with One Stone!
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
GCC Relations with Bulgaria and the Czech Republic: Structural Factors and External Relations Practices
The Strategic Position of the GCC Countries: The View from China
Qatar’s Legal Framework of Migration No.2/2016
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
A Note on Syrian Refugees in the Gulf: Attempting to Assess Data and Policies
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:0  |   13-- 13 Middle Page :0  --   | Right : 13 - 13--en--sess-enreq-en-coming