How To Start A Jewelry Business In UAE ?
Dubai is a fantastic alternative if you’re thinking about beginning a jewelry business because of its growing jewelry market and famed gold Souk. The UAE’s jewelry market generates annual sales in the billions of dirhams, with a sizable percentage coming from specialized merchants and businesses situated in Dubai.
The substantial tourist market that Dubai attracts supports the jewelry industry there. Dubai is a popular shopping destination for tourists, with jewelry at the top of most wish lists. Additionally, Dubai has a zero VAT (Value-Added Tax) policy on the selling of gold items, making jewelry more affordable there than in other nations.
Due to its stringent quality control procedures, which guarantee the availability of beautiful jewelry and high-quality, pure gold, Dubai has earned its status as a globally recognized gold market. In order to fulfill and surpass international quality standards, importers of precious metals and jewels go through extensive inspections.
Opening a jewelry store in Dubai has a number of benefits:
- Full company ownership: Recent changes to UAE business legislation now let foreign citizens to own 100% of their companies, doing away with the need that a UAE national partner possess 51% of the company.
- Ingenious Free Zones: Dubai’s Free Zones offer specialized zones for particular industries, offering support centers, top-notch logistics infrastructure, commercial facilities, business facilities, customs code numbers, company licenses, and more. These free zones foster the growth of businesses and facilitate commerce.
- Easy access to highly skilled labor: Dubai offers a sizable pool of highly skilled labor, making it simpler to hire competent personnel to launch and run your jewelry business successfully.
In order to launch a jewelry business in Dubai, one must adhere to inspection standards particular to the sector. This entails fulfilling specifications for offering imported gold jewelry for sale, engaging in precious metal trade, and setting up a reliable supply chain. The UAE’s Gold Office has strict inspection requirements that must be followed, including getting a customs code number.
To obtain a jewelry business license in Dubai, follow these steps:
- Pick an Organizational Structure: Choosing the appropriate organizational structure is crucial. The free zones in Dubai provide particular advantages and assistance catered to different sectors. The Gold and Diamond Park Free Zone might be the best option for a jewelry business.
- Select a Business Channel: Choose from the Dubai Multi Commodities Centre (DMCC) and the Department of Economic Development in Dubai (D-DED). The D-DED license enables you to do business and engage in both domestic and international trade inside the Dubai Souk market. Access to the free zone and participation in the Dubai Diamond Exchange (DDE) are provided by the DMCC license.
- Select and file a business name that complies with UAE naming laws. References to Allah or Islam in an offensive or blasphemous manner are prohibited.
- Notarize Business Documentation: Contact the Department of Economic Development in Dubai (D-DED) to have your company’s Memorandum of Association and Articles of Association notarized.
- Submit the Business License Application: Include the completed application form, the initial business plan, and any supporting documents, such as the MOA and AOA, as well as the requisite ID and address evidence for the directors and shareholders.
- Obtain the Jewelry Business License: complete the required procedures to acquire a residency visa that enables you to remain and carry out employment in the UAE. Additionally, you are able to sponsor dependents for visas.
- Pick a site: After receiving your business license, pick an appropriate site for your jewelry shop.