Throughout history Dubai has played a significant role in the global gold market and is now a bullion centre of international significance.
Popularly known as the ‘City of Gold’, Dubai is ideally located amidst a large consumer market, and uniquely positioned to channel gold from the international market to its ultimate destination.
The Dubai Multi Commodities Centre has integrated the refining, manufacturing and trading of gold and plans to introduce the trading of other precious metals such as platinum, palladium and silver.
DMCC has facilitated the development and expansion of the local and regional precious metals market. The Centre is contentiously working with partners both regionally and internationally to promote the highest global standards in product and service development, while simultaneously encouraging greater transparency to the benefit of all market participants.
DMCC’s future market infrastructure developments will strengthen Dubai’s position as the leading regional centre for precious metals. Facilities will include:
- High tech, secure vault facilities
- Assaying facilities
- Settlement
- Package delivery
- Shipment facilities
- Preferential rates - bullion freight
- A purpose-built Jewellery and Gemplex to facilitate the manufacture of precious metal jewelleryA commercial tower to house wholesale, trading and banking operations
DMCC will create a level playing field for all participants of the gold industry by introducing transparent and fair rules for business conduct. The introduction of a Code of Conduct for the supervision of the bullion enterprises within the Centre will ensure that they abide by the highest international standards.
Dubai already has an impressive history in the gold market, but the future is even more exciting.
Some facts about Gold
- For thousands of years gold has been treasured for its beauty and as a store of value
- Uniquely amongst metals, nearly all of the estimated 145,000 tonnes of gold mined since time began is still in existence.
- Despite this durability, gold - often known as the yellow metal - is soft and malleable and nowadays much of the annual newly-mined production of 2,500 tones goes into the manufacture of jewellery.
- While gold no longer fulfills the central role it historically played as the anchor of the international monetary system, it still constitutes about 10 per cent of global central bank reserves.