The international forum DMCC Gold Convention was addressed to professionals working in the gold mining and gold trading industry. The event was attended by the World Gold Council, the Shariah investment initiative Dubai Gold Securities, British Standard Bank Plc, McKinsey & Co. and GMFS Ltd and others. Gold continues to attract great attention, both on the international and regional markets, with investment demand growing from year to year. So, in 2008 the demand for capital investments in gold grew by 27% compared to 2007, while the sale of jewelry increased in 2008 by only 17%. However, in the first quarter of 2009 in this sector, due to the negative impact of the global economic crisis, a significant decline was recorded.
The international forum was held under the slogan "Gold Convention of the Dubai Center for Commodity and Raw Materials Trade - 2009: Year of the Bull or Bear?" and was devoted to a discussion of global and regional gold trade against the backdrop of the global crisis and the volatility of market conditions. The summit brought together bankers, businessmen, investors, jewelers, gold miners, refiners and other industry professionals to discuss key factors affecting economic development, trends in price, demand and supply dynamics, and other important issues affecting the mining industry gold.
“Gold, which is classified as fixed assets, continues to be attractive and is one of the most reliable investments in the current economic downturn,” said Ahmed bin Sulayem, Executive Chairman of DMCC. “Sustainable and active gold trading in Dubai, and the development of an increasing number of gold financing and investment opportunities, clearly demonstrate the continued leadership of Dubai in this economic sector.”
The one-day forum program included: a presentation by the British Standard Bank on the relative position of gold in the range of commodities and materials; gold investment attractiveness report prepared by the World Gold Mining Council; GFMS Ltd newsletter on gold prices and global trends in supply and demand; McKinsey & Co's strategic outlook, and a report on innovations regarding gold investments in the Shariah Dubai Gold Reserve investment initiative. After the presentations, a group discussion was held on the development prospects of the world gold trade and gold prices, in which local and international experts took part.
Recall that the Dubai Commodity Trading Center (DMCC) was established in 2002 and is a strategic initiative of the Government of Dubai to create a commodity market in the emirate. The exchange is a market infrastructure that combines a number of different types of activities related to goods and raw materials, it is also designed to provide the necessary services to participants in the gold, diamond and commodity markets.
Resident companies that are part of the exchange receive extremely attractive benefits available in this free economic zone, including guaranteed temporary tax exemption for 50 years, 100% ownership of the enterprise, full ownership of the enterprise building with adjacent buildings and land, a safe environment.
