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L-R: Jeffery Rhodes, CEO, International Commodities DMCC; Harendra Kailath, Director - Gold, DMCC; Ahmed bin Sulayem, Executive Chairman, DMCC; Anan Fakhreddin, MD, World Gold Council for Middle East Region; and Walter de Wet, Head of Commodities Research, Standard Bank Plc. at the DMCC Gold Convention 2009 |
"Dubai's gold industry has become a market for all seasons," according to international and regional gold experts and traders, who gathered on April 27, 2009 at the inaugural "DMCC Gold Convention: 2009 - Year of the Bull or Bear?" held at Atlantis, The Palm. Experts at the event highlighted that growth opportunities for the gold trade still exist despite challenging conditions globally. The forum brought together bankers, traders, investment professionals, jewelers, miners, refiners and other stakeholders to discuss and gain insights into price trends, demand-and-supply dynamics and other issues that affect the gold industry.
Ahmed bin Sulayem, Executive Chairman, DMCC, said, "When compared to mainstream financial instruments and the performance of other commodities, gold's importance as an alternative store of wealth continues to excel and to maintain its leading position ahead of other valuable commodities. With very low interest rates and governments injecting liquidity into the economy, gold's safe-haven appeal will endure due to the fact that investor confidence is still at an all time low, if not completely dead."
According to figures from Dubai World Statistics department, Dubai imported 140 tonnes of gold during the first quarter of 2009, up by 15% compared to 122 tonnes during the same period in 2008. In the first quarter of 2009, 116 tonnes of gold were exported from Dubai. In the same period, the value of gold trade in Dubai grew to 7.4 billion, up slightly from 7.06 billion in the corresponding period in 2008.
