India, which has been the largest importer of gold, is now looking at exporting the yellow metal to Dubai. With the global gold market making dynamic developments in the recent past, India is seeking to explore the opportunities of exporting gold to Dubai, the emerging jewellery market of the world.

The gold export from India is mainly as gold coins, following some domestic buyers keeping low on purchase due to the rising prices of the metal. The prices of the metal have increased by 15 percent from Rs.13,000 per 10 gm last year in December to Rs.15,420 per 10 gm in February 2009. India has so far shipped about six tonnes of gold during February and March, with majority of the exports being targeted at Dubai.