Gold trading is one of the most lucrative businesses in the United Arab Emirates. Meanwhile, Dubai is rightfully maintaining the title of the “city of gold” in the world. Ambitious companies and investors can start a gold trading business in Dubai to tap into the booming jewelry potential.
The gold industry adds around 20% to the total GDP of the UAE. Whereas, Dubai contributes the lion’s share, with Abu Dhabi and Sharjah following closely. The bustling gold sector incorporates more than 4,000 businesses, and countless professionals are directly engaging in multiple trades.
Several other companies are indirectly taking part in the trading of the precious gold metal. Also, there are hundreds of both local and expatriate investors in the gold and diamond industry of the UAE. Many business executives, and white and blue-collared workers are in this business as well.
Key takeaways of the UAE gold trade sector
These are the notable insights from the gold trading sector of Dubai, UAE.
- The gold industry contributes about 20% to the UAE’s GDP, with Dubai leading and over 4,000 businesses actively involved across the sector.
- Gold is traded in various forms like coins, bars, bullion, and jewelry, with purity levels including 24K, 22K, 21K, and 18K.
- In 2023, UAE imported gold worth $24.2 billion and exported over $18 billion.
- Gold demand in the UAE is projected to grow 5–7% annually through 2027.
- Gold Souk Extension, part of the Deira Enrichment Project, spans 1.18 million sq. ft. and features 295 jewelry outlets, including top brands like Malabar Gold, Al Kanz, Kalyan, and Jawhara.
- The cost of starting a gold trading business in a Dubai Free Zone starts from AED 15,000–AED 40,000 (approx. $4,000–$11,000), depending on location and activity.
- Trump duties on exports to USA are turning international gold ornament makers like Indians to move manufacturing to the UAE.
Process to register a gold business in Dubai
Booming economy of the UAE turns out the gold trading business in Dubai a lucrative idea. The prosperous Emirati population, foreign expatriates, and tourists take special interest in buying the jewelry. Thorough planning, well-thought strategy, and professional guidance streamlines this step-by-step procedure.
- Choose business name and trade name
- Pick right gold business activities
- Decide suitable business jurisdiction
- Get initial approval with NOC
- Make comprehensive business plan
- Select right business model
- Create business bank account
- Prepare legal documents for Dubai gold trading
- Acquire general trade license
- Pay applicable regulatory fee
- Run business operations after approval
Now, we briefly look upon the procedure of opening a gold business in Dubai.
Choose business name and trade name
The company name of your gold trading business in Dubai must adhere to the UAE’s corporate naming policies. Ensure to exclude offensive language or indecent references to Allah or Islam. Come up with a trade name that perfectly aligns with your brand and Emirati core business values.
Pick right gold business activities
Gold trading companies in Dubai must choose their business activities for their license application, to legally operate in the UAE. Regulatory authorities like DED allow them to carry out several business activities in the gold and jewelry sector. However, they can only conduct the gold business activities for which they get the approval.
Decide appropriate business jurisdiction
Starting a gold trading business in Dubai requires choosing from two major jurisdictions — Dubai mainland or free zones. Each area has mandatory procedure and essential legal documentation for establishing a gold trading company in Dubai. Free trade zones of Dubai provide taxation exemption and extra perks.
Get initial approval with NOC
Take an initial approval for your UAE gold firm in the form of a no-objection certificate (NOC). You can get the NOC in Dubai from DED (Department of Economic Development). Afterwards, you can go ahead to fulfill other steps of the process.
Make comprehensive business plan
Creating business plan is essential for outlining goals, strategies, target market, revenue forecasts, and anticipating expenses in the UAE. It lets a gold trading business to list its objectives, operational mechanism, and income generation details. A comprehensive business plan ensures the right direction for your new gold venture in Dubai.
Select right business model
This is crucial to choose the right business model while launching a gold enterprise in the UAE. Trading in the gold market offers the opportunity to buy and sell gold physically or through financial exchanges. Gold retail involves directly selling jewelry to consumers, whereas gold wholesale involves bulk gold-bar transactions.
Establishing a gold refinery is a more complex and capital-intensive endeavor. It focuses on transforming the impure gold ore into market-ready products. Dubai offers various business structures to suit different needs and preferences of the gold sector.
Create business bank account
You need a corporate bank account in the UAE to conduct the transactions. Accordingly, you can effectively run the operational activities of the gold trading business in Dubai. It involves the funding of procurement and other supply chain operations.
Prepare legal documents for Dubai gold trading
Draft and submit these documents to meet the legal requirements for gold trade license in Dubai. ay the fee for the general trade license to the DED. Fetch the other permits (if essential) and clear all the dues.
- A valid passport
- Copy of the UAE visa
- NOC from DED or the free zone authority
- A clear business plan
- MoA and AoA
- UAE ID number (if applicable)
- Lease/Ejari certificate
- Other regulatory permits (if applicable)
- Complete license application
- Fee receipt
Acquire general trade license
Obtaining a license is crucial for beginning a gold setup in the United Arab Emirates. You have to take a general trade license from the Department of Economic Development (DED). Because, it enables gold firms in the UAE to carry out most of the permissible business activities.
Run business operations after approval
DED issues the general trade license if all requirements are met. Subsequently, your gold trading business in Dubai can start the company operations. In case, you get rejection, rectify the discrepancies, and appeal again to get the approval.
Kinds of licenses suitable for gold business in the UAE
These licenses are appropriate for gold businesses in Dubai, UAE.
- Trading License: To carry out any and all trading activities
- Retail License: For retailing the gold merchandise in the UAE mainland or a free zone
- Manufacturing License: For making gold ornaments and other relative products
- Service License: For providing any professional services
- E-commerce License: For selling gold items and precious commodities online through websites
Types of the gold businesses in Dubai
Globally, people consider gold as an essential asset, irrespective of their country of origin and culture. Similarly, companies tend to invest heavily in it, deeming that money conversion into gold is safe and secure. Entrepreneurs and foreign investors can start a gold business to reward from this luxury metal.
Gold is available in many forms, such as coins, bars, blocks, bullion, and jewelry. The various qualities of gold in purity are available for trade — 24K, 22K, 21K, and 18K. Moreover, the weight of the precious gemstones in carats is important as well.
You need to consider a variety of different things at the time of selling and purchasing gold. For example, weight of gold, charge of craftsmanship, quality control, wastage costs wherever relevant, VAT tax, etc. You can try your hand in the following different kinds of gold businesses in Dubai.
Let’s discuss these classifications of gold businesses in Dubai.
Sourcing and trading gold ore
Surprisingly, the United Arab Emirates and Dubai do not have any gold mines of their own. The UAE was the 4th largest gold importer globally in 2021, with imports worth of $46 billion. Gold was number 1 among the goods shipments into the UAE in the same year.
UAE imports most of the gold from the African, Asian, European, and Latin American countries. Mali ($7.32B), Zimbabwe ($3.5B), Sudan ($2.82B), Niger ($2.68B), and United Kingdom ($2.46B) are the biggest gold sellers to the UAE. Companies participating in the gold mining abroad have begun the practice of “responsible sourcing”.
They restrict sourcing the metal from battle-ridden and politically unstable areas to avoid any likely financing illicit activities. Corporations and SMEs readily embrace the policy of ethical sourcing of precious metals on their freewill without the government enforcement. Gold companies are voluntarily signing up for certification that authenticates the bullion sourcing is ethical and responsible.
The UAE was the 2nd biggest exporter of gold, with exports worth of $32.8 billion in 2021. Gold exports were the 3rd largest among the goods delivery from the UAE. Switzerland ($7.47B), India ($7.03B), Hong Kong ($6.55B), Saudi Arabia ($2.96B), and Turkey ($1.52B) are the largest gold buyers for the UAE.
Refining gold for jewelry production
There are many investment and business opportunities available in the gold refining and gold-bar manufacturing business. Likewise, multiple companies are working in the jewelry crafting process. They include both local and international firms, whether they source the gold themselves or from different traders operating in Dubai.
The companies deploy all the newest and latest technologies to heighten their capabilities and increase the process efficiencies. After the refining process, pure gold advances through the supply chain. It includes many suppliers, distributors, whole-sellers, and gold retailers.
Making elegant gold ornaments
Gold is one of the notable means of the investment across the globe. Although, most of the gold is sold in its natural form. There are still numerous opportunities to invest in the gold and ornaments industry by applying fail-safe means.
Dubai Multi Commodities Centre (DMCC) free trade zone provides market infrastructure for global goods and precious products. Its subsidiary Dubai Gold & Commodities Exchange (DGCX) is empowering the community of 267 gold businesses and jewelers. Gold Standard DMCC, another organizations under DMCC maintains Dubai Good Delivery Standard (DGD) for Gold. It offers amenities and financial support to local, small, and foreign corporate investors.
Considerations while opening a gold trading firm in Dubai
These are the deliberations to think upon when beginning a gold trading setup in Dubai.
- License costs: If you’re thinking about selling gold in Dubai, then, you need a license. The price of this license changes depending on where and how your gold business in Dubai is set up. Also, the location of your gold shop in Dubai mainland or a free zone impacts this cost.
- Starting capital: There is no exact rule for how much money you need for operating a gold trading company in Dubai. However, you must have enough financial capital to buy gold, and run your shop in the UAE. Also, having adequate funds helps you to handle increases in the gold prices as well.
- Regulations to follow: Ensure you understand and are ready to follow rules before starting sales, as gold trade in Dubai is strictly overseen.
- Safety first: Gold is much valuable, so you need strong safety systems. Therefore, protect your gold products and the buyers from theft in your premises. Also, keep your customer details secure from data leaks too.
- Changing gold prices: The price of gold products goes up and down a lot in Dubai. It is due to the fluctuations in the international market. Make a plan for how to handle the gold cost rise and fall, so your business does not lose money.
Suitable areas for the gold trade in Dubai
Companies who want to start a gold business in Dubai can choose a free zone if they trade globally. Or they can select mainland business setup in Dubai, if they have to trade onshore. These are the areas that you can consider for this purpose.
Next, we take a brief look on these appropriate areas to trade gold in Dubai.
Gold and Diamond Park
Dubai’s Gold and Diamond Park (GDP) is a prime location for creation and retailing for gold items and precious stones. Since its establishment by Emaar properties in 2011, Gold & Diamond Park has 118 gold manufacturing units. Also, it is home to around 100 gold retailer shops/brands and 350 offices.
DMCC
From its founding in 2002, Dubai Multi Commodities Center (DMCC) offers 100% business ownership and well-built infrastructure. Features of owning freehold property and a 50-year tax holiday an ideal spot for trading gold in Dubai. Also, DMCC provides gold warehousing facilities and office spaces for gold brands.
Dubai Mainland
Setting up a gold trading business in Dubai on the mainland offers several perks. For instance, more retail space, 0% VAT and personal income tax, no minimum capital requirement, etc. A 9% corporate tax rate applies on gold companies in Dubai mainland, but the greater customer-base offsets it.
JAFZA
Jebel Ali Free Zone (JAFZA) is a great place to start your gold trading business in Dubai. Its closeness to Jebel Ali Port and Al Maktoum International Airport makes easy to bring in and send out gold. You do not have to pay much taxes, and you can take almost all your profits home.
The customs mechanism is simple, so your gold ore imports and gold ornaments exports can move quickly. Because, it is near big transport centers, it is perfect for gold import, export, or selling gold in large amounts. JAFZA offers warehouses, office space, and strong support for shipping and storage. It helps you run your gold trade business in the UAE smoothly and grow easily.
Gold Souks of Dubai
The glittering gold souks (traditional markets) are ideal to begin a gold business in Dubai onshore. They constitute a well-known import and export area for the international gold trade. Consider these gold souks for buying and selling gold in the mainland.
- Deira Gold Souk
- Mall of the Emirates Gold Souk
- Dubai Mall Gold Souk
- Al Fahidi Street Gold Souk
- Dubai Marina Mall Gold Souk
- Gold Souk Extension
Let us briefly highlight some of these gold souks of Dubai.
Deira Gold Souk
The famous Deira Gold Souk is one of the world’s largest and most iconic gold markets. Nestling in the historic Al Dhagaya and Al Ras communities of Deira, it’s labyrinth of narrow, winding, but glittering alleys. More than 300 gold retailers here are providing exquisite jewelry to local Emiratis, expatriates, and travelers alike.
As a magnet for tourists and traders, the Deira gold souk benefits from the constant foot traffic. Its real-time gold price displays and a strong wholesale network are ideal for both the retail and import/export operations. Khaleej Times highlights its deep roots in Dubai’s heritage, with proximity to Dubai Creek, enabling gold trade since mid-19th century.
Start a gold business in Dubai for retail in the Deira Gold Souk. After-all, the Deira Gold Souk is one of the original gold markets of the UAE. Furthermore, it is better choice for wholesale trade of gold ornaments as well.
Mall of the Emirates Gold Souk
The Mall of the Emirates Gold Souk offers a modern twist on Dubai’s traditional gold trading scene. Nestled within one of Dubai’s premier shopping destinations, this souk provides a curated experience for shoppers looking for luxury gold jewelry, precious stones, and high-end ornaments. The alleys here may be more open and contemporary than traditional markets, but the quality and variety of gold on display rival the classic souks.
Its strategic location within a major retail hub ensures consistent foot traffic from both tourists and local buyers. With real-time gold pricing and partnerships with trusted brands, it’s ideal for those looking to start a gold business catering to retail clients. The Mall of the Emirates Gold Souk also benefits from Dubai’s zero customs duties on gold imports and favorable tax policies, making it attractive for wholesale and investment-grade gold trading.
Dubai Mall Gold Souk
It is located within the world’s largest shopping mall, offering a luxurious and convenient setting for gold trading. Dubai Mall Gold Souk features a wide array of retailers showcasing fine gold jewelry, diamond-studded pieces, and contemporary designs suitable for both tourists and residents. Its vibrant environment, complemented by Dubai Mall’s attractions, guarantees a steady stream of potential customers.
Dubai Mall Gold Souk’s integration into a high-profile retail destination allows business owners to benefit from Dubai’s global gold trade reputation. Traders can access wholesale networks, real-time pricing, and tax-efficient import policies. The Dubai Mall Gold Souk is also well-suited for those looking to combine traditional gold trading with modern marketing, social media promotion, and luxury branding.
Al Fahidi Street Gold Souk
Not just perfect for buyers, Al Fahidi Gold Market is also a smart option for trading gold. Dubai handles 20–30% of the world’s physical gold trade, while offering zero customs duties on gold imports. With no VAT on investment-grade bars and coins, only 5% VAT is applicable on jewelry. It means gold traders can keep more of their profits from the sales of ornaments in Dubai. Whereas, buyers are also winners, as they can often reclaim the VAT.
Dubai Marina Mall Gold Souk
It presents a boutique-style gold trading experience in one of Dubai’s most scenic waterfront areas. With a selection of over 50 renowned retailers, Dubai Marina Mall Gold Souk caters to residents, tourists, and high-net-worth individuals seeking fine gold and custom jewelry designs. Its relaxed, upscale setting differentiates it from the bustling traditional souks, providing a premium shopping environment.
Being in the Marina area means excellent exposure to a wealthy and international clientele. Dubai Marina Mall Gold Souk also benefits from Dubai’s zero customs duties on gold, low VAT on jewelry, and strong connections to the city’s wholesale and import/export networks. These factors make it an ideal location for starting a gold business focused on high-end retail, bespoke designs, and investment-grade products.
Gold Souk Extension
The Gold Souk Extension (SGE) spans 1.18 million square feet (approximately 109,720 m²). It was inaugurated in April 2022 under the Deira Enrichment Project. This vibrant commercial hub is home to 295 retail outlets specializing in the trade of gold, diamonds, and jewelry.
It features over 50 leading brands including Malabar Gold, Al Kanz, Kalyan, and Jawhara. With retail, the development offers 255,000 square feet of office space, and 468 residential units. Its extensive parking facilities accommodate between 1,700 to 3,800 vehicles across basement and multi-story floors. Along-with more than 8,000 free parking spots, it provides excellent connectivity through nearby Metro and bus stations.
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Regulators overseeing the gold trade in Dubai
The UAE is a top place for gold trading and purchasing. Its largest city Dubai is popular internationally for the selling and buying gold. These regulatory bodies supervise the gold trade in Dubai.
- Department of Economic Development (DED)
- The DED gives business licenses to companies in Dubai, including gold traders.
- If you want to sell or trade gold, you must get a license from the DED.
- The DED checks your business follows local laws, fair trading, and consumer safety practices.
- Dubai Gold & Commodities Exchange (DGCX)
- The DGCX is for businesses that want to trade gold in large amounts, like futures or options.
- It’s a regulated exchange, meaning it has strict rules to protect traders.
- To join the DGCX, a business needs to: become a member of the exchange, follow all trading and reporting rules, and show clear financial records and stay honest in their deals.
- Securities and Commodities Authority (SCA)
- The SCA is a federal organization that looks after gold trading rules across the UAE.
- If you trade gold like a commodity (not jewelry), you must follow SCA rules.
- They make sure trading is honest, clear, and fair.
- The SCA watches markets closely to stop cheating or price manipulation.
- Dubai Gold & Jewellery Group (DGJG)
- The DGJG speaks for gold traders and jewelers in Dubai.
- They work with the government to keep gold trading safe and professional.
- DGJG also promotes best business practices in the gold market.
- They help Dubai stay one of the top gold trading places in the world.
- Ministry of Economy & Tourism (MoET)
- The MoE regulates the UAE’s gold industry at the federal level.
- It supervises the Designated Non-Financial Business & Professions (DNFBPs) in the UAE.
- These DNFBPs include the Dealers in Precious Metals and Stones (DPMS) sector.
Advantages of investing in a gold business in Dubai
A variety of government and market benefits support businesses that are investing in the gold industry of Dubai.
Here, we briefly elaborate the rewards of investment in a gold business in Dubai.
Tap into tourism
Tourists from all around the planet flock to Dubai to spend their vacations in style. The UAE presents countless fabulous happenings and adventures for tourists, both local and foreign. Dubai is known as the shopper’s paradise due to the abundance of shopping selections on offer in 40+ gold malls.
The Dubai Gold Souk is a famous tourist destination with glorious displays of gold ornaments honoring the artistic skills of Dubai’s goldsmiths. In the last few years, there is a surge in tourists visiting from the Asian continent who have been very enthusiastic about shopping for gold jewelry. The immense number of gold retailers, a diversity of craftworks in gold jewelry, and the minimal taxation and other advantages have made Dubai a hotbed for gold shopping.
VAT on gold trading
Dubai is one of the famous and reliable markets for gold investments. Tourists, visitors, entrepreneurs, immigrants, and local residents never let go of an excuse to get the precious yellow metal. Gold adornments and jewelry are available at relatively lower prices in Dubai.
There is a VAT exchange mechanism in place throughout the UAE. Listed/registered dealers do not charge any VAT in the event of selling the gold to another certified dealer. As long as the latter plans to resell or manufacture those products. Nevertheless, the retail customers are still charged VAT at a low rate of 5% of the total estimated value of the purchased gold.
Other perks
The advantages differ between the free zones where the market is going. DMCC and Gold & Diamond Park free zone give a plethora of perks to the gold sector. They include the following.
- Tax exemption on imports and exports
- No corporate and personal income taxes
- 100% repatriation of invested funds and profits earned
- Providing security
- Hallmarking and
- Shuttle transports for consumers.
Businesses working from the mainland, such as Dubai Gold Souk, which is a traditional gold exchange offer other compensations.
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Challenges in setting up gold trading shops in Dubai
You may face these hiccups while incorporating a gold trading center in Dubai.
- Locality, licensing, and scope: Decide between mainland or a free zone, to start trading gold in Dubai. It determines the scope of your prospective gold sales operations in the UAE. Just in case, you plan to export gold products, then you need to follow more strict regulations.
- Responsible sourcing troubles: Today’s buyers care about whether gold mining was done fairly. Banks and investors often ask for proof that the gold ore was not from the conflict areas. If gold traders can not provide the evidence, they face trouble with regulators, and may lose customers.
- Evolving tax rules: Keeping in mind the applicable taxes is another concern for gold ornaments traders in Dubai. Application of 5% VAT rate on gold items is a challenge for traders. Buyers paying the VAT saves traders from burden, but traders have to learn rules to draft paperwork for tax reporting.
- Regulatory and reporting compliance: Gold traders in Dubai must watch closely so that nobody can hide money in deals. It means gold businesses must check who they work with and keep very clear records. They must comply with anti-money laundering (AML) and know your customer (KYC) regulations. Failing to follow these rules can lead to heavy fines or even the cancellation of your license. It makes regulatory compliance crucial part of running a successful gold trading business in Dubai.
- Uncertain export market: Dubai is popular with foreign tourists for purchasing gold products. However, about 85% of Dubai’s gold is sold outside the UAE. So, uncertainty in the international market can impact the export of the gold products internationally from Dubai.
Future potential of the gold trade sector in the UAE
Dubai Precious Metals Conference (DPMC) has released a special edition of its Future of Trade thought leadership report. Predicting an “Asian Century” for gold, the report focuses on the
development of new gold economic corridor among BRICS nations. Including the UAE, the BRICS countries provide an alternative to traditional global gold trade centers.
The UAE is forecast to become one of the most important hubs for the international gold trade. By leapfrogging the United Kingdom, the UAE is set to become the second-largest gold trade hub worldwide. Also, over USD 129 billion in total gold trade denotes the progress of the industry in the UAE.
Another report “Trade, Technology and Markets in Transition” provides insights into the current state of global gold and silver markets. The geopolitical challenges, including sanctions against Russia, are shaking the global financial economy. These factors can affect the European supply chain, and can boost the Asian gold economy.
The UAE delivers benefits like foreign expat employment, 100% ownership, low corporate taxes, and a hallmarking facility from Dubai Municipality. Recently, it has began providing premium commercial leasing to entrepreneurs taking an interest in the gold trade. Therefore, the UAE is turning into a popular choice for the foreign gold trading companies.
KWS Middle East helps Dubai gold traders in the UAE
Popular for its expertise in company formation, KWS Middle East makes starting a gold trading business in Dubai fully compliant. From selecting the right business license to meeting the regulatory standards of Dubai’s gold market, our team provides complete end-to-end assistance. We deliver tailored solutions that cover every stage, from company registration and visa processing to securing prime office locations and establishing a trusted market presence.
Professional consultants at KWS ME put a strong emphasis on helping foreign investors tap into Dubai’s growing gold trade ecosystem. With our deep market knowledge and strategic guidance, launching your gold trading venture becomes a cost-effective process. Dubai’s reputation as a global hub for precious metals gives you a powerful platform to scale your business internationally. Call us at +97180059763, email us at info@kwsme.com, or WhatsApp us at +971509664705 now.
Conclusion
Dubai World Expo 2020 exhibition grew the revenues and earnings of all the sectors of the UAE economy. Many UAE based businesses are extending their operations after the mega event. In its subsequent aftermath, and continuing tourism to the UAE, gold businesses are thriving and jewelry trade is booming.
Professional business advisors can assist the entrepreneurs with setting up a business in the gold industry. These expert business setup consultants have years of experience in the field. They loyally help the clients by providing them with all the necessary legal information and necessary market insights.
In case of any queries, get in touch with KWS Middle East. Our specialists are more than happy to resolve your questions. They assist you in making decisions that are best for your business in the long run.
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FAQs about starting a gold trading business in Dubai
These are the answers to the frequently asked questions on establishing a gold trading business in Dubai.
How can I open a gold trade business in Dubai?
Do the following to start a gold trading business in Dubai.
– Choose your company name and structure
– Select the appropriate business activities
– Decide your jurisdiction (mainland or free zone)
– Create a business plan
– Get initial approval with NOC
– Prepare legal documents
– Get a trade license
– Open corporate banking account
– Apply for UAE visa
What is the cost of the gold trade license in Dubai?
The cost of the general trade license for a gold business in Dubai begins from AED 15,000. However, the overall licensing expenditure greatly vary depending on the legal jurisdiction, business type, and operational activities. Overall, the gold trade license price can increase to AED 50,000 due to the higher scope of the business.
Why is DMCC suitable for gold businesses in Dubai?
The well-known Dubai Multi Commodities Centre (DMCC) is a leading free zone offering infrastructure like gold vaults. It hosts the trade platforms like Dubai Gold & Commodities Exchange (DGCX). DMCC provides legal support to the gold trading and refining businesses.
How much do I need to start Forex trading in gold?
Forex trading in gold starts with a small capital of $100. Gold futures needing margin requirements ranges from several thousand to tens of thousands of dollars. Forex trading in gold requires varying capital and depends on the contract size.
Is the trade of gold in Dubai challenging?
Yes, the trading of the gold is quite challenging in Dubai due to these factors.
– Understanding and complying with strict regulations
– Navigating VAT and tax laws
– Meeting AML and KYC standards
– Gold price volatility
– Securing responsible sourcing
How does gold come to the Dubai market?
UAE government’s mints purchase raw gold from miners, recyclers, or refiners. They make gold coins, gold bars, pure gold tiles, and gold ash. Jewelers create the gold ornaments to sell themselves, or send the gold products to the precious metal and gemstone wholesalers.
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