Bullion hub: Dubai’s gold trade exceeds $ 70 billion

The value of gold traded through Dubai reached $ 70 billion in 2012 from just $ 6 billion in 2003 and Dubai has risen as a major global gold and precious metals trading destination, said Ahmed bin Sulayem, executive chairman of Dubai Multi Commodities Center (DMCC).
“About 20 percent of the world’s physical gold imported and exported through Dubai,” he said.
Bin Sulayem was addressing the Dubai Precious Metals Conference 2013 hosted by the DMCC.
“Demand is still strong, whereas most new firms flock in from the emerging markets in Africa, India and China. We expect to host over 10,000 registered firms by 2015,” said Bin Sulayem
The conference explored the theme of ‘Enhancing the Global Precious Metals Supply Chain’ through presentations and panel debates from renowned industry specialists.
“By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion center and a global gateway for commodities trade,” Bin Sulayem added.
Speakers at the conference reiterated that Dubai as 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 center 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.
“The second edition of the Dubai Precious Metals Conference brought together over 350 delegates from 28 countries, a 40 percent increase from last year’s conference.
The resounding success of the conference and caliber of industry participants in attendance is further testament to Dubai’s position as a global trading hub for precious metals, said Gautam Sashittal, chief operating officer, DMCC.