Dubai has emerged as leading global hub for gold trade and USD 75 billion worth of the precious metal was traded through the city in 2013, further cementing its global position, a senior official has said.
"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 USD 75 billion, compared to USD 6 billion in 2003,” Ahmed Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Center (DMCC) said.
Delivering his keynote address at the Dubai Precious Metals Conference 2014 (DPMC 2014), hosted by DMCC, Sulayem said that Dubai also saw an annual trade volume increase of 73 per cent in gold at 2,250 tonnes.
"This market has proven to be resilient under all conditions; even on a year where total global demand fell by 15 percent, Dubai gained from near-record consumption demand growth.
"These figures represent a significant shift in the balance of global demand flows (of gold) with Dubai positioned as one of the global market leaders," he said.
The theme for this year’s DPMC - Engaging with Africa - was central to keynotes from day one as expected, he said.
Discussions were held on key topics 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’.