Dubai’s position as leading global bullion centre confirmed

The second day of the Dubai Precious Metals Conference 2013 (‘DPMC 2013’), hosted by the Dubai Multi Commodities Centre began with keynote speaker Ahmed Bin Sulayem announcing that US $70 billion of gold was traded through Dubai in 2012.Officially opened by H.E. Dr Saeed Mohammed Al Shamsi, UAE Foreign Affairs Minister for International Organisations, Foreign and Humanitarian Aid, Studies & Research, DPMC 2013 explored the theme of ‘Enhancing the Global Precious Metals Supply Chain’ through presentations and panel debates from renowned industry specialists.During his keynote address, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:

“As a result of DMCC’s continuous efforts to realise the vision of HH Sheikh Mohamed Bin Rashid Al Maktoum, Dubai has risen as a major global gold and precious metals trading destination, with over 20 per cent of the world’s physical gold imported and exported through the Emirate. The value of gold traded through Dubai in 2012 was US $70 billion, compared to US $6 billion in 2003.By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion centre and a global gateway for commodities trade.”

During the conference, speakers reiterated that Dubai is a progressive environment to do business, with a strong regulatory and legal framework to protect the interests of investors. Its position as a global bullion centre was also confirmed and officials revealed plans of developing Dubai’s local and regional banks into bullion banks to address the needs of suppliers in Africa and consumers in India.Gautam Sashittal, Chief Operating Officer, DMCC, said:

“The second edition of the Dubai Precious Metals Conference brought together over 350 delegates from 28 countries, a 40% increase from last year’s conference. The resounding success of the conference and calibre of industry participants in attendance is further testament to Dubai’s position as a global trading hub for precious metals. From price outlooks to responsible sourcing, from global economic outlook and inflation to risk management and derivatives, every aspect of the global precious metals supply chain was explored over the two days. We thank our members, key trading partners, and industry participants for their valuable inputs and we look forward to hosting the third Dubai Precious Metals Conference in April next year.”

DPMC 2013 also featured a range of lively debates and panel discussions from topics including, ‘The different faces of gold – central banks; investments; consumption;’ ‘Gold consumption giants; opportunities linking the UAE with China, India and the U.S.’ and a special address by Andy Smith, acclaimed gold specialist, on ‘Gold and the Great Inflations.’Keynote speakers that attended DPMC 2013 included: Juan Ignacio Basco, Central Bank of Argentina; Isabelle Strauss-Kahn, World Bank; Ruth Crowell, LBMA; Peter L Smith, J P Morgan; Matthew Keen, Deutsche Bank; Christoph Eibl, Tiberius Group; Pankaj Parekh, GJEPC; and David Bouffard, Signet Jewellers Ltd.

The third Dubai Precious Metals Conference will be held April 6-7, 2014.