The New Jeweller

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Dubai city of gold

The 8th Dubai City of Gold Conference held recently under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum and inaugurated by HE Sami Al Qamzi, Director General, Department of Economic Development, has reaffirmed the growth prospects of Dubais gold and bullion industry. The industry is expected to maintain its current growth rate of around 18 per cent per annum. 450 delegates from the global gold and bullion trade, leading global jewellers, analysts and bankers participated in the conference organized by the Dubai Gold & Jewellery Group (DGJG).

Dubai is geographically and strategically well positioned to serve several markets that has a combined population of 3.5 billion and consumes approximately 2500 tonnes of gold annually. Six of the worlds top gold consuming nations, India, China, the GCC, Turkey, Vietnam and Russia , account for 67 per cent of world gold consumption.

Growing availability of financing and investments from Sovereign Wealth Funds, implementation of the OECDs due diligence guidance on conflict gold and simpler transaction agreements are the new developments that will propel the industry further.

Anan Fakhreddin, Chairman of the Dubai Gold & Jewellery Group, said: "Like many other events organized by the DGJG, this conference has played a pivotal role in facilitating the transfer of knowledge and global best practices in the entire region. While Dubai is known as the City of Gold, it is strategically positioned close to several gold and jewellery markets that are experiencing huge growth rates, such as the GCC and Asian subcontinent regions as well as Russia and China. As such, events like this will enable industry players to draw on world class strategies and tactics to further develop the local and regional gold and jewellery industries."

Sanjay Kothari, Vice Chairman Gem and Jewellery Export Promotion Council who attended the conference said "Consumers across the world are shying away from buying gold and jewellery. There need to be initiatives to promote purchase of gold and other jewellery in the world markets. GJEPC is already conducting many B2B seminars like IIJW, IIJS and offered to conduct B2C conferences on behalf of Dubai Gold & Jewellery Group in Dubai and in smaller cities to give an impetus to sale of gold and other jewellery."

The Gem and Jewellery Export Promotion Council, constituted in 1966 organizes a number of trade shows, conferences and summits all through the year to ensure that there is an equitable platform for all B2B and B2C interactions.

Taking a leaf out the GJEPCs book, the Dubai City of Gold Conference, since its inception in 2003, has featured the worlds leading experts from the entire gamut of the gold and jewellery industry. The conference addresses various topical issues faced by the industry at a global level through panel discussions and thought provoking presentations. The Dubai Gold & Jewellery Group continues to address challenges faced by the industry through this annual conference that further strengthens Dubais status as the City of Gold.