$70 Billion Worth of Gold Traded Through Dubai in 2012

Ahmed Bin Sulayem

(IDEX Online News) – Some $70 billion worth of gold was traded through Dubai in 2012. Dubai Multi Commodities Centre (DMCC) executive chairman Ahmed Bin Sulayem disclosed the figure on the second day of the Dubai Precious Metals Conference 2013 (‘DPMC 2013’).

In his address, Sulayem also said that more than 20 percent of the world’s physical gold imported and exported through the Emirate. “By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion centre and a global gateway for commodities trade.”

The conference was based around “Enhancing the Global Precious Metals Supply Chain.”

Keynote speaker included Juan Ignacio Basco, Central Bank of Argentina; Isabelle Strauss-Kahn, World Bank; Ruth Crowell, LBMA; Peter L Smith, J P Morgan; Matthew Keen, Deutsche Bank; Christoph Eibl, Tiberius Group; Pankaj Parekh, GJEPC and David Bouffard, Signet Jewellers.

The third Dubai Precious Metals Conference will be held April 6-7, 2014.