The emerging role of technology as well as financing issues in the precious metals sector were among the main topics at the eighth edition of the Dubai Precious Metals Conference (DPMC).
Organised by the Dubai Multi Commodities Centre (DMCC), Dubai’s authority on trade, enterprise and commodities, the conference welcomed around 300 industry experts who discussed key factors and opportunities shaping the precious metals market.
With the theme “Unlocking Growth in Global Precious Metals,” the conference was inaugurated by Gautam Sashittal, CEO of DMCC.
In his keynote speech, Juma Mohamed Al Kait, assistant undersecretary at the UAE Ministry of Economy, said the gold, diamond and precious metals sector is expected to witness significant growth as part of the UAE’s diversification objectives.
“The UAE accounts for about 14 percent of the world’s gold trade, and Dubai in particular, is rising through the ranks as a buying and investment destination as it accounts for 20 percent of world precious metal sales,” he noted. “The strategic location on the trade routes of East and West makes the UAE an important gateway that connects producing countries, manufacturers and major global consumers.”
There were also discussions on hedging in the wake of rising interest rates, the impact of currencies and trade wars on companies’ decision-making processes as well as gold’s position as a solid long-term investment tool.
The impact that emerging technology has on the precious metal industry also came into light.
Matthew Keen, managing director at RG Trading DMCC, said, “With technology, the market is being opened up to everybody. You don't even need a bank account; you just need a mobile phone so it is realistic to say that gold is now becoming available to everybody. Gold, ultimately, is the perfect medium if you are in emerging market territory and today the market is wide open to everybody and not just central banks or institutional investors.”