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.
Yemen receives IFAD Gender Award
Source : Yemen News Agency  
Date : 2014-11-27
Yemen has received the Gender Award from the International Fund for Agricultural Development (IFAD)....
New technology 'vital'
Source : Gulf Daily News  
Date : 2014-11-27
Global energy systems that adapt to our changing world need increased investment in leading technology, Finance Minister and Minister in Charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed...
A world Leader!
Source : Gulf Daily News  
Date : 2014-11-27
Bahrain's lead-ing world role in the aluminium industry was hailed yesterday. Thanks to the Premier's vision, the country is now home to one of the largest smelters on earth, and...
Bahrain-Turkey relations hailed
Source : Gulf Daily News  
Date : 2014-11-27
Industry and Commerce Minister Dr Hassan Fakhro praised strong ties binding Bahrain and Turkey....
ADCB bags Hawkamah award
Source : Khaleej Times  
Date : 2014-11-27
Abu Dhabi Commercial Bank (ADCB) has announced it was declared the winner of the Hawkamah Bank Corporate Governance Award for 2014. The award, launched in 2007 by Hawkamah, the Institute...
Propertyfinder launches mobile app
Source : Khaleej Times  
Date : 2014-11-27
Propertyfinder.ae, the UAE’s leading property site, has announced the launch of their real estate app for iPhone and Android-powered smartphones and tablets....
International Automobile Show opens in Sharjah
Source : Khaleej Times  
Date : 2014-11-27
The 12th edition of the International Automobile Show kicked off in Sharjah on Wednesday with new launches, new brands, amazing prize and on-site activities....
AMA plans selling 1,800 all new Nissan X-Trail
Source : Khaleej Times  
Date : 2014-11-27
Abu Dhabi’s Al Masaood Automotives, or AMA, is targeting to sell 1,800 all new Nissan X-Trail....
Tubli Bay 'will be a swamp by 2020'
Source : Gulf Daily News  
Date : 2014-11-27
Tubli Bay will become little more than a fetid swamp within the next five years if illegal land reclamation continues unabated....
Abu Dhabi targets 3.5m hotel guests in 2015
Source : Khaleej Times  
Date : 2014-11-27
Sultan bin Saeed Al Mansouri, UAE Minister of Economy and the Chairman of the Committee to Assess the Condition of some Public Shareholding Companies of the UAE, announced the successful...
Du, Microsoft offer Office 365 applications
Source : Khaleej Times  
Date : 2014-11-27
Du and Microsoft have announced a new partnership, under which du will become the first telecom service provider in the UAE to offer Office 365 cloud-based productivity applications and services...
Dubai team gives robust annual Expo report in Paris
Source : Khaleej Times  
Date : 2014-11-27
As the UAE prepares to mark the one-year anniversary of the country winning the right to host the World Expo in Dubai in 2020, Shaikh Ahmed bin Saeed Al Maktoum,...
Rationalization not to target low-income citizens - minister
Source : Kuwait News Agency  
Date : 2014-11-27
Minister of State for Cabinet Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah affirmed Wednesday that the squandering rationalization program for some of the budget's sections does not include low-income citizens....
Kuwaiti hosts labor conference
Source : Kuwait News Agency  
Date : 2014-11-27
Minister of Social Affairs and Labor Hind Al-Sabeeh announced on Thursday Kuwait would chair the third session of the "Abu Dhabi Dialogue," succeeding the Philippines. The minister speaking to journalists on...
Sustainable energy unit for Bahrain to be set up
Source : Gulf Daily News  
Date : 2014-11-27
The Electricity and Water Authority and the United Nations Development Programme (UNDP) have come together to establish the Bahrain Unit for Sustainable Energy....
44th National Day festivities organised in Ibri, Tiwi, Yanqul
Source : Oman Daily Observer  
Date : 2014-11-27
A celebration was held in Al Einein village in the Wilayat of Ibri on the occasion of the Royal appearance of His Majesty Sultan Qaboos and to mark the 44th...
Tourism meeting to highlight opportunities for investment
Source : Oman Tribune  
Date : 2014-11-27
The Oman Tourism Summit taking place alongside a two-day International Tourism and Hospitality Show ITHS 2014 from December 14 will see professionals look at the investment and development opportunities in...
Call for activating Arab tourism made at Cairo meeting
Source : Oman Daily Observer  
Date : 2014-11-27
The 15th session of Executive Bureau of the Arab Ministerial Council on Tourism was convened to prepare for the 17th session of the Arab Ministerial Council for Tourism due to...
Youth awareness, government panel sought to keep social media safe
Source : Khaleej Times  
Date : 2014-11-27
Emirati Media Forum panellists call for government panel to track rumours on social media.Awareness, especially among the youth, is the main need in society to counter the negative influence of...
RasGas honours employees
Source : Gulf Times  
Date : 2014-11-27
“Today, RasGas is one of the most successful energy suppliers in the world. Apart from the seven liquefied natural gas (LNG) trains, we oversee and manage two sales gas production...
Total 2099 Results in 105 Pages
For more news, views and reports about this topic, please subscribe
to GRC website: www.grc.net
Thu Nov 27, 2014| 04-صفر-1436هـ
Qatar-Egypt detente urged
Saudi budget based on $ 45 oil price 'ideal'
Houthis and Sunnis clash in Yemen's capital: 5 dead
UAE banking system outlook stable: Moody's
UN nuclear watchdog needs more funds for monitoring Iran
GCC petrochem industry urged to leverage boon period amid challenges
Al-Ghanim meets Pope Francis, stresses Islam is religion of peace
Iraq budget based on $ 70/barrel
Syrian no-fly zone not being considered: Nato general
Kuwait-Egypt trade volume hit USD 3.2 bln: Ambassador
Qatar condemns storming of Al Aqsa mosque compound
Qatar hospitality sector upbeat as hotel room yields jump
Bahrain jails 12 for jailbreak
SR198m housing loans of deceased are written off
Call for Federal National Council polls after Ramadan
Qatar's trade surplus fall in Oct mainly on weak oil prices
    Newspaper Editorials
An anti-democratic bill
Juncker investment plan seen as first step to fixing EU economy
What is Iran's Future Regional Role?
Syria's humanitarian crisis
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
The US Shale Revolution and the Arab Gulf States
    Bank Reports
GCC Markets Performance – May 2014
Saudi Arabia: Baseline Macroeconomic Forecast 2014-16
    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
Environmental Cost and Face of Agriculture in the Gulf Cooperation Council Countries
State-Society Relations in the Arab Gulf States
Regional Security in the Framework of ASEAN: Potential Lessons for the GCC
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:1  |   53-- 54 Middle Page :0  --   | Right : 53 - 53--en--sess-enreq-en-coming