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Ahmed Bin Sulayem

Dubai sees $75bn gold trading in 2013

Dubai, April 6, 2014

The Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, announced that $75 billion of gold was traded through the emirate in 2013, marking a nearly 40 per cent share of global gold trade volumes.

This was revealed by Ahmed Bin Sulayem, DMCC Executive Chairman, at the Dubai Precious Metals Conference 2014 (DPMC 2014), hosted by DMCC, in association with Foretell and title sponsor Standard Bank, which opened today (April 6).

“Dubai has quickly emerged as the leading global hub for the precious metals trade,” said Bin Sulayem in his keynote address, adding that the trade volume increased 73 per cent over 2012, accounting for 2,250 tonnes of gold.

“This market has proven to be resilient under all conditions; even on a year where total global demand fell by 15 per cent, Dubai gained from near-record consumption demand growth. These figures represent a significant shift in the balance of global demand flows with Dubai positioned as one of the global market leaders.”

The theme for this year’s DPMC ‘Engaging with Africa, was central to keynotes on day one as expected, where key topics were discussed through a series of presentations and panel debates from renowned local, regional and international industry experts.

Other topics included ‘Compliance with economic sanctions and money laundering rules for precious metals trading’, ‘Role of exchange marketplace in creating regional ‘Loco’, markets‘ and a panel discussion about ‘Responsible supply chain: Jewellery is as important as mine supply’.

During the two-day conference, speakers reiterated that Dubai is a progressive environment to do business, with strong physical and financial infrastructure and a legal framework to protect the interests of investors to ensure people can trade with confidence.

The latest trading figures disclosed by the DMCC also highlighted Dubai’s growing reputation as the global bullion centre, ideally located between the producing and consuming nations.

The third edition of the DPMC brought together over 475 delegates, an increase of 44 percent compared with 2012, and 19 exhibitors from 31 countries including conference title sponsor for the third consecutive year Standard Bank.

Alison Burns, head of Precious Metals (Mena) Standard Bank, said: “The DPMC is now firmly established as the annual global conference for the precious metals industry, clearly demonstrated by the number of delegates here that regard this as a key annual conference to attend for the industry. This is the third year Standard Bank is sponsoring the DPMC and we are proud to be a part of such an important event.”

Tomorrow’s opening panel sessions include ‘Engaging with Africa’ the core conference theme, and ‘Consumption demand moving east’. – TradeArabia News Service




Tags: DMCC | Gold Trading | Dubai Precious Metals Conference |

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