Overseas business people looking to start a successful venture in Dubai can try out the jewelry sector. Home to a few of the world’s richest people and an international holiday spot, it is the safest and ideal location to setup a jewellery business in Dubai. It is because the government of Dubai has put in place specific rules and enforces strict checks on those who bring gold, and other precious stones or metals that are sold in the very popular gold market of the emirate. If you are interested to launch a jewellery business in this emirate but want to know the process, then here we discuss how to set up a jewellery business in Dubai.
Dubai is popular as the very luxurious city in the country and for the best of reasons. This boasts of an unmatched market for jewellery. This Jewellery range from the cheapest to the most prized possessions that you can locate elsewhere across the globe. Dubai has vast collections of pearls available in rare colors and all sizes. The gold market, in particular, is the most prosperous and flourishing market, considering its affordable costs that are lower than elsewhere, and the designs, and the purchasers of gold, and enthusiasts that you would get here is significant. As for other precious metals and stones, it sources its jewellery from all around the globe and jewellers globally invest here. All this is a no-tax area, and a business-friendly climate makes it a deep and fast-growing market.
The jewellery market contributed nearly 12 billion of revenue the previous year and is expected to develop even more in the coming years. Hence, investing in jewellery corporation in Dubai may not be a wrong idea for any business person from any corner of the globe.
The Steps to Setting up a Jewellery Business in Dubai
This is not simple for jewellery business setup in Dubai or to get profit from it. You have to make a scheme completely and ensure that you are registered. Comply with the following steps –
- First of all, you have to decide how you are going to be involved in the jewellery sector, through the right channels. There are 2 main alternatives for your – DED, and DMCC.
- The lawful process for obtaining a business license in this emirate needs you to have a business name. it is compulsory because it permits the government to see what type of business you are doing.
- If you are licensed to operate in any of the free zones, the location can help you in locating the premises for your venture. Make sure that you get the facilities such as electricity and water.
- In many cases, the DED needs you to appoint a manager prior to you can register. In a jewellery business, you would require a manager, according to the requirements of the Dubai Department of Economic Development. Lastly, starting a jewellery business in Dubai could be a very rewarding endeavor in the long run, and you will definitely be able to expand internationally in no time.
Advantages to Setup a Jewellery Business in Dubai
Quality of Metals – The precious jewels and metals quality is popular at the global level and is in great demand which means this would always thrive without any lack of clients.
Home to HNIs – Dubai is home to a few of the world’s wealthiest and most affluent people or HNIs, ensuring a great demand for precious jewellery.
Safe Place for Jewellery Business – The government has put in place rules and regulations to make sure that where and how other jewellery like gold and diamonds are brought into this emirate, which makes sure that only the very authentic jewellery is sold in the Dubai’s largest gold market.
Business Growth – Aspects that make the jewellery market thrive in this emirate, making it profitable in the long term because it allures global clients could be a sound method to extend your market at the global level.
Benefits of Free zone – There is full ownership in the free zone for jewellery business, so that you can receive the most out of the business.
Tax Benefits – There is no value-added taxation on the gold sale in this emirate, as well as maximum government support and sound rebates on income and corporate tax. You can draw all your benefits without any taxes.
Open 24/7 – This is a 24/7 operation with no time restrictions. You can work with an all-time open business at any time.
Security – The jewellery business in this emirate is given with great quality surveillance, high degree of protection with fire alarms installed in all units.