The 11th edition of the Dubai Precious Metals Conference (DPMC) has completed at DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise. The event was co-hosted by the UAE Ministry of Economy.
The seminar, themed “The Future of Precious Metals: Global Governance to Trade Trends,” aimed to discover opportunities while mitigating risks and obstacles in the volatile precious metals ecosystem. A variety of industry professionals addressed crucial industry issues such as “Governance and Responsible Sourcing,” “Global Trade and the Geopolitical Landscape of Gold,” “Market Trends,” and “Climate Change” at the event.
Conversations focused on promoting responsible sourcing methods globally, with the UAE Good Delivery Standard from the Ministry of Economy playing a vital role in increasing this across the UAE – one of the world’s largest physical gold trade hubs. Discussions decided that the continuing tokenization of precious metals will democratize them while also increasing transparency and traceability.
During his special address, UAE Minister of State for Foreign Trade His Excellency Dr Thani bin Ahmed Al Zeyoudi stated, “The precious metals sector is one of the most important parts of the UAE’s non-oil economy, with gold accounting for a quarter of the UAE’s AED 1.24 trillion non-oil trade in the first half of the year.” The UAE has established itself as a vital link to every global gold market. This highlights our domestic and international relationships with DMCC, which ensure the UAE remains a vital focal point for the global precious metals trade.”
Hundreds of delegates from the precious metals supply chain met with senior representatives from industry bodies, traders, exchanges, refineries, technology companies, and regulators, including the World Gold Council, the UAE Ministry of Economy, the London Bullion Market Association (LBMA), the Organisation for Economic Co-operation and Development (OECD), the UN Group of Experts, CME Group, Botim, Sam Precious Refinery, and Istanbul Gold Refinery.
“This year’s Dubai Precious Metals Conference comes at a time when stakeholders across the value chain are navigating an increasingly complex economic landscape,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. We are witnessing the fastest pace of buying in decades, with central banks continuing to stockpile record gold holdings in the face of persistent volatility, inflation, and de-dollarisation. DMCC has once again given one of the premier platforms for the world’s precious metals specialists to discuss the most pressing market concerns. It is critical that we leverage the DPMC and the momentum gained this week to advance numerous avenues, particularly responsible sourcing, governance, and technological adoption, and map a course for industry collective progress.”
The keynote speech was delivered by the New York Times bestselling author and expert on trade and precious metals Jim Rickards, covering the expansion of BRICS and its impact on the global economy and precious metals markets. He said: “The BRICS 11 is an important group from both a macroeconomic perspective and for commodities trade as well. They represent six of the 12 largest oil producers, creating a new group to rival OPEC, and they also account for 15% of the world’s gold reserves and a significant amount of gold held by central banks. De-dollarisation is underway through the introduction of a gold-backed BRICS currency, which will allow its members to trade freely without the dollar. In doing so, the BRICS 11 are betting the US dollar will not hold its value in gold.”
The first panel focused on discussions about new responsible sourcing and mining frameworks, including the role of technology in mining and social development investments in activating these frameworks.
The second panel discussed the changing trade scenario for precious metals, with trade flows migrating east due to the rise of BRICS and a suite of bilateral trade agreements, including the UAE’s CEPAs with major markets like India. The discussion then turned to how the actual trade of precious metals might transition to settlements in other commodities or non-dollar currencies.
The final panel of DPMC 2023 focused on market developments, including financing problems and possibilities, as well as how precious metal tokenization could democratize trade and help unlock riches in mining countries across Africa. The question of whether these tokens should be maintained and certified by trusted third parties or if existing governments should lead efforts in this field was raised.
On the margins of DPMC, DMCC and the World Gold Council unveiled a strategic partnership to facilitate industry progress in the field of responsible sourcing. The collaboration will work to tighten and standardize international legislation and procedures governing hand-carried gold in order to eliminate this component of the illicit gold traffic.
The DPMC is one of DMCC‘s signature yearly events, bringing together public and private sector professionals from across the precious metals value chain to address the most relevant developments in the global business. DPMC has now successfully held 11 editions and has established itself as one of the pinnacles of the worldwide precious metals events calendar.
The event was supported by a range of key industry players, including Sam Precious Metals, Gold Standard, World Gold Council, Czech Mint, Ahlatci Metal Refinery, Fujairah Gold, StoneX, Astra Tech, Al Etihad Gold, Blaze Metals, Ashoka Global, CME Group, National Bank of Fujairah, Transguard, Emirates Minting, Malabar Gold & Diamonds, Emirates NBD, Brinks, AKW Consultants, Namoh, Gemcorp, Bullion 247, GoldExchange, Comtech Gold, Metals Focus, and The New Jeweller.