UAE Gold & Silver Bullion Trading Company: DMCC + DED Guide 2026

Updated August 2026. The UAE processes over AED 170 billion (approximately USD 46 billion) in precious metals annually, cementing Dubai’s position as one of the world’s top three gold trading hubs alongside London and New York. Setting up a gold or silver bullion trading company in the UAE in 2026 requires navigating a well-defined regulatory framework spanning the DMCC free zone authority, Dubai Economy and Tourism (DED), and the UAE Central Bank’s AML/CFT directives. This comprehensive guide covers every stage from jurisdiction selection and license application to banking, vault infrastructure, VAT treatment, and ongoing AML compliance obligations.

1. UAE Precious Metals Regulatory Framework: DMCC, DED and the UAE Central Bank

Gold and silver bullion trading in the UAE falls under a layered, multi-authority regulatory structure. The Dubai Multi Commodities Centre (DMCC) Authority, established under Dubai Law No. 22 of 2002, governs free zone entities domiciled in Jumeirah Lakes Towers (JLT). The Dubai Economy and Tourism (DED) issues Commercial Licenses to mainland companies under Activity Code 5169 (Wholesale of Other Non-Ferrous Metals and Their Products) or Code 5248 (Retail Sale of Precious Metals and Stones).

At the federal level, the UAE Central Bank and the Financial Intelligence Unit (FIU), operating under the Ministry of Economy, oversee AML/CFT compliance for all Dealers in Precious Metals and Stones (DPMS). Federal Law No. 20 of 2018 on AML and Cabinet Decision No. 10 of 2019 impose mandatory goAML registration on every DPMS entity within 30 days of obtaining a trade license, regardless of annual turnover. The DMCC’s Precious Metals and Stones Rulebook (PMSR) Revision 7 (2024) further mandates that DMCC members trading gold bars of 100g or more must source from Dubai Good Delivery (DGD) certified refineries or LBMA Good Delivery listed producers exclusively.

Since January 2024, the UAE has implemented FATF Recommendation 24 on beneficial ownership transparency, requiring all precious metals companies to disclose Ultimate Beneficial Owners (UBOs) holding 25% or more into the Centralized Beneficial Ownership Registry maintained by the Ministry of Economy. Non-compliance carries fines of AED 50,000 to AED 5 million under Cabinet Resolution No. 109 of 2023.

2. DMCC Gold Member License: Requirements, Costs and Approval Timeline

The DMCC Gold Member license is the gold standard for bullion trading operations in Dubai’s free zone ecosystem. Membership grants access to the Dubai Gold and Commodities Exchange (DGCX), DMCC-approved vault facilities at ALMAS Tower (JLT), the DMCC Tradeflow platform for commodity title transfer, and streamlined LBMA Good Delivery referral procedures for bar certification.

Core requirements for DMCC Gold Membership (2026):

• Minimum paid-up capital: AED 50,000 for standard activity; AED 500,000 recommended for annual trading above AED 10 million
• Registered office: Minimum 200 sq ft Flexi-desk or dedicated office in a DMCC-approved JLT building (AED 60,000–120,000/year)
• Designated Compliance Officer: CAMS, ACFE, or ACAMS-certified officer responsible for AML/CFT program management
• UAE bank account: Emirates NBD, FAB, ADCB, Mashreq, or any UAE Central Bank-licensed institution
• Source of funds: Three years of audited financials or a comprehensive business plan and investor declaration for new ventures
• UBO declaration: Full disclosure of all beneficial owners via DMCC portal and Ministry of Economy registry submission
• Lease agreement: Signed and attested tenancy contract for the DMCC registered address

License cost breakdown (2026): DMCC company incorporation AED 10,000–15,000; annual DMCC license renewal AED 20,000–50,000 depending on activity tier; Precious Metals and Stones endorsement AED 5,000 per year; registered agent fee (optional) AED 5,000–15,000. Total first-year cost typically ranges from AED 75,000 to AED 150,000 inclusive of office lease, government fees, and professional setup charges. Renewals from year two average AED 40,000–70,000 per annum.

For broader context on business setup across UAE jurisdictions including free zone versus mainland tradeoffs, see our guide on UAE company formation requirements.

3. DED Mainland Precious Metals License: Activity Codes and Compliance Requirements

For bullion traders who need to serve UAE end consumers directly, operate from non-JLT premises, or supply to government entities under local procurement frameworks, a DED mainland commercial license is the preferred or complementary option. The DED issues licenses under Code 5169 (Wholesale of Non-Ferrous Metals) and Code 5248 (Retail of Precious Metals and Stones), with some traders holding both activities on a single license.

Key DED requirements for mainland precious metals dealers in 2026:

• Physical premises: Proper shop or office registered with DED — not a virtual office; minimum 200 sq ft for wholesale, 60 sq ft for retail operations
• External auditor: Appointment of a UAE Ministry of Economy-registered audit firm for annual financial audit
• DPMS certificate: Registration with Dubai Police Economic Security Department and issuance of a DPMS compliance certificate
• Annual AML training: Certificate of completion required for all staff members who handle transactions exceeding AED 55,000 (approximately USD 15,000), aligning with the cash transaction reporting threshold under CBUAE Notice No. 2895/2023
• Trade name approval: DED Arabic and English trade name reservation with a fee of AED 620
• Ejari registration: Dubai Land Department tenancy contract registration for premises

Equivalent frameworks apply across other Emirates: Abu Dhabi Department of Economic Development (ADDED) via the TAMM digital platform, Sharjah Economic Development Department (SEDD), and Ras Al Khaimah Economic Zone (RAKEZ) which offers competitive packages from AED 12,000 annually. For a full side-by-side comparison of UAE business setup options across free zones and mainland jurisdictions, visit our UAE free zone comparison guide.

4. Dubai Good Delivery Standard and LBMA Membership in 2026

The Dubai Good Delivery (DGD) standard, administered by the DMCC since 2005, is the MENA region’s equivalent of the globally recognized LBMA Good Delivery specification for gold bars. DGD accreditation — either of bars being traded or of refining partners — is essential for market credibility, vault access, and acceptance by international counterparties across the Middle East, Africa, and South Asia.

DGD technical specifications for gold bars (2026 edition):

• Minimum purity: 995 fine (99.5% Au) for standard bars; 999 fine for small bars under 100g
• Standard weight denominations: 1 kg, 500g, 250g, 100g, 10g (±0.01% tolerance)
• Hallmarking: DGD-approved refinery stamp, assay value, bar serial number, year of manufacture, and DMCC hologram
• Chain of custody: Unbroken from DGD-certified or LBMA-listed refinery to DMCC-approved vault operator
• Annual re-accreditation: DGD-listed refineries undergo DMCC audit each calendar year

As of August 2026, active DGD-listed refineries in the UAE include Emirates Gold DMCC, Al Etihad Gold DMCC, Reza International (formerly Kaloti Precious Metals), Metalor Dubai, and the UAE operation of Rand Refinery. The LBMA Good Delivery List — which includes additional international producers — is fully accepted by DMCC-approved vaults for imported bullion, enabling seamless settlement for bars sourced from Switzerland, South Africa, or Australia.

LBMA Associate Membership (available to UAE trading companies from approximately AED 25,000 per year in dues) provides access to LBMA market data, the LBMA Responsible Gold Guidance (RGG) audit framework, and preferential rates for the LBMA Gold Price AM/PM benchmark licensing. For a comprehensive overview of the DMCC ecosystem and its services for commodity traders, see our UAE DMCC free zone guide.

5. Annual Trading Volumes and Banking Access: AED 500K to AED 500M

UAE gold and silver bullion trading companies operate across a broad spectrum of annual transaction volumes. Understanding where your business fits determines the appropriate license tier, banking partner strategy, and regulatory reporting obligations.

Trader Profile	Annual Volume (AED)	Annual Volume (USD)	License Type	Recommended Banking Partners
Boutique / Startup	AED 500K – 5M	USD 136K – 1.4M	DMCC Standard Gold Member	Emirates NBD, Mashreq Neo
Mid-Tier Dealer	AED 5M – 50M	USD 1.4M – 13.6M	DMCC Enhanced Gold Member	FAB Corporate, ADCB, RAKBANK
Large Wholesale Trader	AED 50M – 200M	USD 13.6M – 54.5M	DMCC + DED Dual License	HSBC UAE, Standard Chartered Dubai
Major Refiner or Institutional	AED 200M – 500M	USD 54.5M – 136M	DMCC Full + LBMA Associate	FAB Private Banking, Citi UAE

Banking access is consistently cited as the biggest operational hurdle for new UAE precious metals entities. Emirates NBD operates a dedicated Precious Metals Desk that has processed DMCC Gold Member onboarding since 2023, with KYC turnaround averaging 6 weeks for well-documented applications. Mashreq Bank’s Neo Corporate platform offers streamlined digital KYC for standard DMCC entities, typically completing within 3–6 weeks. For annual volumes above AED 50 million, HSBC UAE and Standard Chartered provide the correspondent banking networks essential for international LBMA settlement in USD, EUR, and GBP. All banks apply enhanced due diligence under CBUAE Circular No. 2/2023 for DPMS category customers, requiring annual account review regardless of transaction history.

6. VAT, Customs Duty and Regulatory Reporting for UAE Bullion Traders

The UAE’s tax and customs framework for precious metals trading is among the most favorable in the world. Federal Decree-Law No. 8 of 2017 (UAE VAT Law) and Cabinet Decision No. 52 of 2017 establish a zero-rate VAT treatment for investment precious metals, defined as gold, silver, and platinum in bar, ingot, or wafer form with purity of 99% (999 fine) or above, when supplied in the course of business.

Complete tax and regulatory reference for UAE bullion traders in 2026:

• Import Customs Duty: 0% for investment gold (GCC Common Customs Tariff heading 7108.12.00) and silver bars (7106.92.00); no import license required for DMCC members
• VAT on DGD Bar Sales: 0% VAT (zero-rated supply) for qualifying investment precious metal bars to any customer, including retail
• VAT on Jewelry and Fabricated Items: 5% standard VAT rate applies regardless of metal purity or carat grade
• UAE Corporate Tax: DMCC entities earning qualifying income qualify as Qualifying Free Zone Persons (QFZP) at 0% corporate tax rate under Federal Decree-Law No. 47 of 2022
• Central Bank Transaction Reporting: Monthly submissions required for DPMS dealers exceeding AED 1M per month in precious metals transactions, via CBUAE goAML portal
• STR Submission Deadline: Suspicious Transaction Reports must be filed within 35 working days of detection; failure carries AED 100,000–AED 1,000,000 administrative penalty
• Sanctions Screening: All counterparties must be checked against OFAC, EU, UN, and UAE Cabinet Decision No. 83 of 2023 (UAE Local Terrorist Designations) lists before each transaction

The QFZP corporate tax exemption for DMCC entities is covered in detail in our UAE corporate tax free zone guide, including how to maintain qualifying status when trading with mainland UAE customers.

Frequently Asked Questions

What is the minimum capital required to start a gold bullion trading company in the UAE?

The minimum paid-up capital for a standard DMCC Gold Member license is AED 50,000 (approximately USD 13,600). However, for active bullion trading operations exceeding AED 10 million annually, DMCC recommends demonstrating paid-up capital of AED 500,000 or more to satisfy the financial standing requirements of UAE banking partners during account opening. DED mainland precious metals trading licenses require a minimum paid-up capital of AED 300,000 as of 2026. Actual working capital requirements will be considerably higher depending on inventory positions, trading cycles, and vault storage costs.

Can a non-UAE national own 100% of a UAE bullion trading company?

Yes, 100% foreign ownership is fully permitted for gold and silver bullion trading companies. DMCC free zone entities have always allowed 100% foreign ownership without any Emirati sponsor or local service agent requirement. Following the amendment to the Federal Commercial Companies Law (Federal Law No. 32 of 2021), most DED mainland commercial activities — including precious metals wholesale under Code 5169 and retail under Code 5248 — also permit 100% foreign ownership. Foreign investors should confirm any residual activity-specific ownership rules with a UAE-registered legal advisor before incorporation, particularly if the business plan includes activities beyond straightforward bullion trading.

Is VAT charged on gold bars and silver bars sold in the UAE?

Investment precious metals — gold and silver bars, ingots, and wafers of 99% purity (999 fine) or above — are zero-rated for UAE VAT under Article 45 of the UAE VAT Decree-Law and Cabinet Decision No. 52 of 2017. Zero-rating means you charge 0% VAT on qualifying sales while retaining the right to recover input VAT on your business expenses. Gold jewelry, coins not designated as legal tender, and fabricated gold items are subject to the standard 5% UAE VAT rate. The FTA’s VAT Guide for the Precious Metals Sector (VATGPME1) provides the definitive classification reference for borderline items such as granules, powder, and semi-fabricated forms.

What is the Dubai Good Delivery standard and who must comply with it?

The Dubai Good Delivery (DGD) standard is the DMCC’s technical specification for gold bars traded within the UAE precious metals market and across the MENA region. It requires minimum purity of 995 fine (99.5% gold), defined weight denominations, hallmarking from DGD-approved or LBMA-listed refineries, and unbroken chain of custody from refinery to approved vault. DMCC Gold Members trading in gold bars weighing 100g or more must ensure their product meets DGD or LBMA Good Delivery specifications under the PMSR Revision 7. Small-format gold traders dealing in sub-100g bars, granules, or jeweler-grade gold are not subject to DGD bar compliance but remain subject to all AML/DPMS registration and reporting requirements.

How long does it take to fully set up a UAE bullion trading company in 2026?

Total setup time realistically ranges from 3 to 6 months. The DMCC trade license is issued within 2–4 weeks of complete and accurate document submission. Bank account opening for precious metals entities takes an additional 4–12 weeks due to the enhanced AML due diligence applied to the DPMS category under CBUAE guidelines. goAML DPMS registration requires a further 2–4 weeks after license issuance. Vault operator agreements with Brinks Dubai, Malca-Amit, or the DMCC-operated vault at ALMAS Tower require 2–4 weeks to formalize. Planning for a 6-month runway before conducting the first commercial transaction is strongly advisable, particularly for first-time entrants to the UAE precious metals market.