Business setup · Finance & holding
How to Start a Gold or Precious Metals Trading Company in the UAE
A gold or precious metals trading company in the UAE is a licensed trading business, commonly set up in DMCC or on the mainland, that counts as a dealer in precious metals and stones (DPMS). It must register for anti-money laundering reporting on the goAML platform and follow customer due diligence rules supervised by the Ministry of Economy and Tourism.
Fact-checked against official sources on · EH Management Consultancy LLC
At a glance
Key facts
- Licence
- Trading in precious metals and stones
- Hub
- DMCC gold, diamond and gemstone platforms
- AML status
- Dealer in precious metals and stones (DPMS)
- Reporting
- goAML registration with the UAE Financial Intelligence Unit
- Supervisor
- Ministry of Economy and Tourism (AML)
What do you need to know first?
Dubai is one of the world’s largest gold trading centres, and DMCC runs dedicated platforms for gold, diamonds and coloured gemstones. Retail jewellery shops serving walk-in customers are usually licensed on the mainland, while wholesale and international trading often uses DMCC.
Dealers in precious metals and stones are designated non-financial businesses under UAE anti-money laundering law. They must register on goAML, appoint a compliance officer, verify customers, keep records and report qualifying cash transactions and suspicious activity. Banks look closely at these controls before opening accounts.
Regulators
Which approvals are needed?
Where to set up
Which jurisdictions suit this activity?
Visas: Trading staff, compliance officers and retail staff need employment visas within your premises allocation.
Process
Step by step
-
01
Choose wholesale or retail
Wholesale and international trade often use DMCC; retail is mainland.
-
02
License the company
Obtain a licence for precious metals and stones.
-
03
Register on goAML
Register with the Financial Intelligence Unit.
-
04
Build AML controls
Compliance officer, due diligence and record-keeping.
-
05
Open banking
Present your AML framework to the bank.
Checklist
What should you prepare before applying?
Settle these before you pay any government fees.
- 01
Decide between wholesale, retail or refining activities.
- 02
Appoint a compliance officer and write AML procedures.
- 03
Register on goAML before you start trading.
- 04
Prepare supplier due diligence and source-of-metal records.
- 05
Choose a bank familiar with precious metals businesses.
Frequently asked
Questions about gold & precious metals in the UAE
Do gold traders in the UAE need to register on goAML?
Yes. Dealers in precious metals and stones must register on the goAML platform and report suspicious activity and qualifying cash transactions.
Is DMCC good for gold trading?
Yes. DMCC runs dedicated platforms for gold, diamonds and coloured gemstones and is widely used for wholesale precious metals trade.
Who supervises gold dealers for AML?
The Ministry of Economy and Tourism supervises dealers in precious metals and stones on the mainland and in commercial free zones for anti-money laundering compliance.
Can I open a jewellery shop with a free zone licence?
Retail shops serving walk-in customers are generally licensed on the mainland.
Do jewellery shops need anti-money laundering controls?
Yes. Retail jewellers are dealers in precious metals and stones, so they must follow AML rules, including customer due diligence and goAML reporting.
Is VAT charged on gold in the UAE?
VAT treatment of gold depends on its purity and the transaction. Investment-grade precious metals have specific rules, so check with a tax adviser before pricing.
Official sources
Verify it yourself
Regulators update their rules. These are the authoritative references behind this guide.
Related
Services and guides
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