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From rickety souk to global powerhouse: How Dubai became the City of Gold
By Ashleigh Stewart
CNN, Atlanta
Tuesday, February 2, 2021
As a child, Mihir Vaya helped his father run his fledgling jewelry business in Dubai.
He remembers riding with him across Dubai Creek in an abra boat as he went to sell his pieces. He remembers when the Gold Souk, today home to hundreds of retailers, was just a few rickety stalls stuck like barnacles to the river banks. But most of all, he remembers helping his father in his workshop.
... Dispatch continues below ...
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He and his sister would hold gold wires so they could be wound into intricate pieces of jewelry.
"It was probably nothing, those small jobs. But you felt so important," Vaya says. "Ever since then I've been inclined to work there."
Ashwin Vaya, Mihir's father, is one of thousands of Indian gold traders, jewelers, artisans, and business people who flocked to Dubai in the later years of the 20th century to make their fortunes in the burgeoning gold trade. Alongside enterprising Emiratis and other immigrants from around the region, these are the people who are responsible for Dubai's emergence as an international center for gold.
Pre-pandemic, the gold and jewelery market made up 20% of the UAE's total non-oil exports -- the majority of that coming from Dubai. An estimated 20% to 40% of the world's gold stocks pass through Dubai every year. ...
... For the remainder of the report:
https://www.cnn.com/travel/article/dubai-gold-industry/index.html
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
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Buyers can compose their case by choosing as many as four varietals from the list here:
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GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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