Dubai: Major concerns in the global precious metals industry including technological advances, taxation, and macroeconomic and shifting geopolitical issues were high on the agenda of the sixth Dubai Precious Metals Conference (DPMC).
Held from April 9 to 10, the conference was inaugurated by the Dubai Multi Commodities Centre (DMCC), Dubai’s authority on trade, enterprise and commodities.
The event attracted more than 400 delegates across the value chain including miners, investors, engineers, asset managers and professional service representatives.
With the theme “Connecting Markets – the New Era of Global Trade,” the event featured discussions on how shifting geopolitics will impact the trade flows of precious metals, the importance of branding in the global precious metals industry, application of the global Shariah standard in gold, implications of taxation for gold in global hubs, and the dawn of a new era in the global bullion industry.
Ahmed Bin Sulayem, DMCC’s executive chairman, commented, “The continued success of the DPMC is testament to Dubai’s position as a key market maker for the gold and precious metals sector. Driving ambitions to position itself as the global gateway for commodities trade, we continue to leverage our expertise and strategic location between the east and west, north and south to deliver a world-class environment for trade. Looking at the broader industry, it remains now more than ever, a collective responsibility to enhance transparency and efficiency while leveraging technological innovations like Blockchain. With many unprecedented events shaping the global landscape, DPMC provides a great opportunity to exchange knowledge amongst industry stakeholders to ensure a strong future of trade.”
The Dubai Gold and Commodities Exchange (DGCX) officially launched its DGCX Shanghai Gold Futures Contract (DSGC) with the Shanghai Gold Exchange (SGE) during the event. For the first time, global and regional investors will have the opportunity to trade and clear RMB-denominated gold contracts outside of China.
The discussions also highlighted the need for stakeholders across the value chain to consider how pertinent industry issues impact them and their businesses, while ensuring they are operating within a solid financial and physical infrastructure that allows them to trade in confidence.
Gautam Sashittal, DMCC’s CEO, concluded: “Irrespective of fluctuating markets at present, Dubai provides traders, producers and other members of the value chain an all-inclusive environment which has seen the commodity’s trade value through the UAE grow by an average of US$60 billion between 2011 and 2015. Reflective of our efforts to add value to all market participants, we are proud that DGCX will offer investors the first RMB-denominated gold futures outside China in addition to being the first to give international financial markets access to the ‘Shanghai Gold Benchmark Price.’ Looking ahead, we are determined to continue positioning Dubai and DMCC as the global hub for responsible trade in gold and precious metals.”
