Page 26 - Bullion World Volume 04 Issue 08 August 2023

Bullion World | Volume 3 | Issue 8 | August 2023

Enriching India's Gold legacy:

Dore Suppliers in 2022-23

Mr Abdallah Asmar, CEO, Oro Capital

There are a number of opportunities for Dore exports to India. India is
the world's largest consumer of gold, and its demand for gold is growing.
The Indian government has also taken steps to make it easier for foreign
companies to export gold to India.
However, there are also some challenges to Dore exports to India. One
challenge is the high import duty on gold. The Indian government imposes a
10% import duty on gold Dore. This can make it difficult for foreign companies
to compete with domestic producers.

Since its inception, the Oro Capital Throughout the history of the
brand gradually became an company, till this date, Mr Hussein
established industry leader MENA have been the source of inspiration to
region known for its credibility and all Oro team members as he always a
commitment integrated into its role model for a person who practice
business strategy and throughout what he preaching and used to be Mr Abdallah Asmar
all company’s history. It all started in leading by example demonstrating
1970 when our founder how to integrate the values the
Mr Hussein Mahmoud Asmar Joined mission we stand for in our daily
“AlHumaidi and Asmar company” business practices.
company which was founded by Dore Exports to India: Policies,
his brother Mr Ratib and Mr. Ali Agencies, Opportunities, and
Abdul-Aziz Alhumaidi, his role was Challenges
focusing on gold bullion Trading
and was responsible for importing The UAE is a major exporter of gold warehousing, logistics, and financing.
Gold Bullions from Switzerland and Dore to India. In 2022, the UAE The GDP is a special economic zone
selling it in Kuwait, the exposure and exported over 140 metric tons of gold that is dedicated to the gold and
experience he gained through his Dore to India, accounting for about jewelry industry.
work was the spark to start his own 10% of India's total gold imports.
business. There are a number of opportunities
There are a number of policies that for Dore exports to India. India is the
From then onwards the business govern Dore exports to India. These world's largest consumer of gold, and
started growing its operation policies are designed to ensure that its demand for gold is growing. The
steadily and rapidly by expanding the gold is of high quality and that it Indian government has also taken
into adjacent related sectors is not being used for illegal purposes. steps to make it easier for foreign
including jewelry trading, jewelry The policies also require that the companies to export gold to India.
workshops, jewelry wholesale and gold be exported through authorized
regional wholesale bullion trading, by agencies. Another challenge is the lack of
establishing several new branches transparency in the Indian gold
for the business in Jordan and United The two main agencies that facilitate market. There is a lack of information
Arab Emirates, and nowadays we gold mining and Dore exports in the about the supply and demand for
are serving customers in more than UAE are the Dubai Multi Commodity gold in India. This makes it difficult
13 countries in MENA region and Centre (DMCC) and the Gold and for foreign companies to assess the
beyond, providing rich offering of Diamond Park (GDP). The DMCC is market and make informed decisions
more than six integrated precious a free trade zone that offers a number about their exports.
metal services and tens of products. of services to gold traders, including

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