Dubai leading global hub for bullion trade with $75bn in 2013
Dubai’s position as leading global bullion centre confirmed with almost 40% share of global gold trade volumes; a trade volume increase of 73% in comparison with 2012.
The Dubai Precious Metals Conference 2014 (‘DPMC 2014’), hosted by DMCC was officially opened in the presence of H.E. Maryam Buti Al Suwaidi, Deputy CEO, Securities & Commodities Authority, with DMCC Executive Chairman, Ahmed Bin Sulayem announcing that US$ 75 billion of gold was traded through Dubai in 2013, further cementing the Emirate’s global position as the global bullion hub.
During his keynote address, Ahmed Bin Sulayem, Executive Chairman, DMCC, said: Dubai has quickly emerged as the leading global hub for the precious metals trade. As a result of DMCC’s continuous efforts to realise the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the Emirate has risen as the destination for global precious metals trading. In 2013 almost 40 per cent of the world’s physical gold trade came through Dubai and the value of total gold traded through Dubai grew to US $75 billion, compared to US $6 billion in 2003.
Dubai also saw an annual trade volume increase of 73% 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%, 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 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.
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 apart of such an important event.”
Tomorrow (Monday 7 April) delegates will no doubt be looking forward to the opening panel sessions – ‘Engaging with Africa’ the core conference theme and ‘Consumption demand moving east’. For further details about the conference programme and updates visit www.dpmc.ae or search the hashtag #DPMC2013 on Twitter.