Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

DGCX Waives Fees for Its Shari’ah Compliant Spot Gold Contract

23 august 2023

The Dubai Gold & Commodities Exchange (DGCX), the largest and most diversified derivatives exchange in the Middle East, is waiving fees for its Shari’ah Compliant Spot Gold Contract symbol (DGSG), as per a press release from DGCX.

Having now received regulatory approval from the UAE Securities and Commodities Authority (SCA), the fee waiver for DGSG will run from 21 August 2023 until 31 December 2023. During this period, DGCX will waive all DGCX and Dubai Commodities Clearing Corporation (DCCC) fees, including those associated with trading, clearing and delivery. This fee waiver excludes the SCA fee of USD 0.03.

DGCX is also seeking approval from SCA to waive fees for its Gold Futures contract and will update the market accordingly.

Against a backdrop of global inflationary pressure and economic uncertainty, the demand for gold has remained robust as investors seek safe-haven assets. In the first half of 2023, the price of gold increased by 5.4%, closing at USD 1,912.25/oz at the end of the period. Excluding developed market stocks, gold has outperformed nearly all other major assets this year, demonstrating its role as a reliable store of value.

Louis Hems, Commercial Director of DGCX, said: “Having seen significant growth in the DGCX Shari’ah Compliant Spot Gold Contract since its launch in 2018, we expect the waiving of fees to attract greater volumes and act as a catalyst for the contract over the long-term by bringing in new investors from across the region and around the world. At the same time, the increasing demand for gold in the current economic environment, alongside the steady growth of the Islamic finance industry, is adding further support to volumes and liquidity. DGCX is committed to working closely with its members to create a market that is as efficient and fair as possible.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished