DMCC charts path for growth in precious metals industry

DUBAI: As many as 300 industry experts converged to discuss the key factors and opportunities shaping the precious metals market at the annual Dubai Precious Metals Conference, organised by the DMCC, a Free Zone for commodities trade and enterprise, on Thursday.

Held under the theme “unlocking growth in global Precious metals ”, the conference, in its eighth edition, was inaugurated by Gautam Sashital, CEO, DMCC, who said, “Global economic growth is slowing, trade conflicts persist, and recent geopolitical events have generated widespread uncertainty in markets. As an industry, we must rise to the challenge through being innovative, and by exhibiting a willingness to change, adapt and evolve. Ultimately, DPMC is the platform to discover how, collectively, we can move forward, advance the industry and grow the precious metals sector as a whole.”

Jumamohamed al kait, assistant under-secretary, UAE Ministry of Economy, in his keynote speech, said, “The UAE accounts for about 14 per cent of the world’s gold trade, and Dubai, in particular, is rising through the ranks as a purchase and investment destination as it accounts for 20 per cent of world sales of precious metals.”

First on the agenda was a discussion around “Mining and the Return of Hedging’, where experts discussed and gauged the current mindset of mines in terms of whether or not to hedge in the wake of rising nominal dollar interest rates. The session following that focused on “Central Banks Approach to Gold”, during which experts offered their insights on the impact of factors such as currencies and trade tensions on their decision-making processes.