The United Arab Emirates (UAE) has the potential to torpedo Switzerland as the world’s leading gold trading hub, according to a market analyst.
Co-founder of OriginAll Hans Schwab told a panel debate on the transformative potential of technology in precious metals at the just-ended Dubai Precious Metals Conference that the gap between Switzerland and Dubai will shrink as the latter focuses a lot on technology and transparency.
UAE overtook the United Kingdom last year to become the world's second-largest gold trading centre in the world with over $120 billion in total trade.
“I am Swiss and I can say I believe that gap [between the two countries] will shrink very fast because no one else in the world has that focus on technology, transparency and traceability,” he said when asked to talk about how technology will help in stopping illicit products.
He said technology has helped the extractive industry to improve traceability.
“The future has tremendous opportunities …when we truly embrace these technologies in the ways that we said we would but never did and in the ways that we have to embrace now.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished, from Dubai, United Arab Emirates
