DMCC has concluded the 11th edition of the Dubai Precious Metals Conference (DPMC) which was held in partnership with the UAE Ministry of Economy. Held under the theme of “The Future of Precious Metals: Global governance to trade trends”, the event sought to identify the opportunities and mitigate any risks and challenges in the dynamic precious metals landscape.
Hundreds of delegates from across the precious metals supply chain met with senior figures from industry bodies, traders, exchanges, refineries, tech companies, and regulators, including the World Gold Council, the UAE Ministry of Economy, London Bullion Market Association (LBMA), Organisation for Economic Co-operation and Development (OECD), the UN Group of Experts, and others.
DMCC and the World Gold Council announced a strategic initiative on the sidelines of DPMC. The collaboration will seek to strengthen and standardise international regulations and procedures around hand-carried gold, with the aim of eliminating this element of the illicit gold trade.
During his special address, His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The precious metals sector is one of the most important parts of the UAE’s non-oil economy, with gold representing a quarter of the UAE’s AED 1.24 trillion ($337.6 billion) non-oil trade in the first half of the year. The UAE has established itself as a critical link to every gold market across the world. This reflects our collaborations with DMCC at home and abroad, which are ensuring the UAE remains a key focal point for the global precious metals trade.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “This year’s Dubai Precious Metals Conference comes as stakeholders across the value chain are navigating an increasingly complex economic landscape. We are seeing the highest pace of buying in decades and can expect another colossal year in 2024 with central banks continuing to stock up record gold reserves amid ongoing volatility, inflation and de-dollarisation. DMCC has yet again provided one of the best platforms for the world’s precious metals experts to explore the most significant issues affecting the markets. It is imperative that we use the DPMC and the momentum achieved this week to advance multiple avenues, especially responsible sourcing, governance and technological adoption, and chart a path towards collective growth for industry.”
The panel discussions centred around new responsible sourcing and mining frameworks, and delved into the shifting trade landscape for precious metals, with trade flows shifting east through the expansion of BRICS and a suite of bilateral trade agreements. DPMC 2023’s final panel focused on market trends and help unlock wealth in mining countries across Africa.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
