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THE ECONOMY - GOLD

Dubai gold exchange invites memberships

Posted on 29/06/2005

The Dubai Gold and Commodities Exchange (DGCX), the first electronic multi-commodity derivatives exchange in the Middle East, announced yesterday that the exchange is open for memberships. The DGCX also announced that it would commence trading in November this year in precious metals contracts, and identified its initial clearing banks. DGCX will have two categories of memberships: broker members who will be able to trade on all market segments of DGCX such as precious metals, energy, ...  >>MORE

UAE stands 5th in gold consumption

Posted on 27/06/2005

The UAE gold consumption increased by 15 per cent from the beginning of this year to date compared to the same period of 2004, making the country number five in the world in terms of gold consumption, a senior official from World Gold Council (WGC) said yesterday. According to Moaz Barakat, managing director of WGC, Middle East, Turkey and Pakistan, this trend is likely to continue till the end of this year. Last year the UAE was ranked the sixth in the list of world countries in terms of ...  >>MORE

Dubai gold exchange offers trading from any country

Posted on 19/06/2005

Dubai Gold and Commodities Exchange is the only borderless commodities exchange in the world, according to a board member. "This means the brokers registered on DGCX [Dubai Gold and Commodities Exchange] can trade from anywhere in the world unlike on the other commodities exchanges, which insist that the brokers be resident in that particular country,” said Ahmad Bin Sulayem, the chief operating officer of Dubai Metals and Commodities Centre (DMCC) and board member of the exchange. The ...  >>MORE

Gold sales increase 15 per cent in first quarter

Posted on 04/06/2005

The first quarter of 2005 witnessed an exceptionally strong demand for gold, particularly from the jewellery sector, bars and coins purchases and from investment in gold, according to quarterly figures released by the World Gold Council. The World Gold Council's regional office in Dubai announced that the retail gold sales increased by 15 per cent in the first quarter of 2005 compared to the same period of 2004. Sales in the UAE increase from Dh1.6 billion in the first quarter of 2004 to ...  >>MORE

Dubai gold sales increase

Posted on 24/05/2005

Retail sales of gold in Dubai rose to Dh5.5 billion in 2004, helping cement the emirate's pivotal position in the region, the director-general of the Dubai Chamber of Commerce and Industry said. The total value of Dubai's gold imports and exports also increased, underlying the emirate's position as the Middle East's largest re-export centre for gold, Abdul Rahman Al Mutaiwe'e said at the opening of the New Gold Souk Centre in Al Attar Escala Building on Port Rashid Street in Dubai on Sunday. ...  >>MORE

DMCC launches Dubai Gold Receipt

Posted on 11/05/2005

The Dubai Metals and Commodities Centre (DMCC) yesterday introduced the Dubai Gold Receipt (DGR), its latest innovative tool designed specifically for gold traders. The creation of the state-of-the-art financing product is part of a strategic move to reinforce Dubai's role as a global leader in gold trade through supporting trade-specific initiatives. The DGR, an electronic vault receipt system, offers an efficient and effective means for the gold trade to access additional lines of finance ...  >>MORE

Investment in gold increases

Posted on 11/05/2005

The sale of gold in the UAE is increasing year-on-year despite the high price as gold provides a security against inflation and remains one of the safest investment due to its durability apart from being an excellent risk diversifier asset, according to an industry analyst. Some leading jewellers achieved 100 per cent sales growth during this DSF and the statistics from World Gold Council (WGC) reveals that the annual gold consumption in terms of sales experienced an increase of 25 per cent ...  >>MORE

Glittering future predicted for Dubai gold exchange

Posted on 09/05/2005

The Dubai Gold and Commodities Exchange (DGCX), which is expected to go live this year, will float a fully owned subsidiary to carry out the settlement of trades on the exchange. David Rutledge, chief executive officer of the Dubai Metals and Commodities Centre (DMCC), said the new clearinghouse being established by DGCX will be adequately capitalised. The DGCX, a joint venture between the Dubai Metals and Commodities Centre (DMCC), Multi Commodity Exchange of India Ltd (MCX) and Financial ...  >>MORE

DMCC to implement several new innovative projects

Posted on 03/04/2005

Dubai Metals and Commodities Centre (DMCC) is implementing several new innovative projects like Dubai Gold and Commodities Exchange (DGCX), Dubai Commodity Receipt (DCR), Dubai Tea Trading Centre (DTTC), Dubai Diamond Exchange and Jewellery and Gemplex in order to develop the commodity market infrastructure. DGCX, which is scheduled to be fully operational by the second half of 2005, has already received strong interest from the market, particularly the local gold trade, since the initial ...  >>MORE

Mohammed meets World Gold Council

Posted on 23/03/2005

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence yesterday received members of the board of the World Gold Council who held their 16th meeting in Dubai. Sheikh Mohammed briefed them on the facilities offered by Dubai investors. (The Gulf News) ...  >>MORE

Dubai Good Delivery standard announced

Posted on 22/02/2005

The Dubai Metals and Commodities Centre yesterday announced the new Dubai Good Delivery standard for the gold industry, officials said. "Adopting internationally recognised standards is a step in Dubai Metals and Commodities Centre's [DMCC] continuous work to position Dubai's gold market effectively within the global industry," said Ahmad Bin Sulayem, DMCC chief operating officer. Aimed at improving the tradeability and distribution of small gold bars, the standard fully complements the ...  >>MORE

Dubai gold consumption grows

Posted on 08/02/2005

Gold consumption in Dubai rose 10 per cent to 100 tonnes in 2004 despite the 12 per cent increase in the year-on-year average price. This, according to gold traders, is because consumers still maintain their belief in gold as an effective investment. Official statistics just released by the Dubai Metals and Commodities Centre (DMCC) indicate that Dubai, popularly known as the City of Gold, is strengthening its already solid position as one of the most important global hubs for the gold ...  >>MORE

UAE records increase in Gold consumption

Posted on 01/02/2005

The annual gold consumption in terms of sales experienced an increase of 25 per cent in UAE last year compared to 2003. The retail gold sales increased from Dh4.4 billion in the year 2003 to Dh5.3 billion last year contributing to a 25 per cent increase, according to regional office of the World Gold Council (WGC) in Dubai. In terms of tonnage, the UAE gold consumption increased from 88 tonnes in 2003 to 96 tonnes in 2004. This nine per cent increase in gold consumption places the UAE as one ...  >>MORE

Gulf retail gold sales rise 28% in third quarter

Posted on 24/11/2004

Retail gold sales in the GCC countries increased by 28 per cent in the third quarter of 2004 compared with the same period of 2003. Sales figures in the UAE increased from Dh937 million in the third quarter of 2003 to Dh1.2 billion in the third quarter of 2004, according to the World Gold Council's regional office in Dubai. On the other hand, the UAE gold consumption in terms of tonnage experienced a 5 per cent increase in the same period as gold jewellery consumption increased from 17.6 ...  >>MORE

GCC states' retail gold sales increase

Posted on 18/11/2004

The GCC states' retail gold sales for the second quarter of 2004 rose by 22 per cent from US$1.03 billion to US$1.253 billion vis-à-vis the same corresponding period in 2003, according to the World Gold Council (WGC). Kuwait witnessed the largest growth of 28 per cent, Saudi Arabia - the Gulf's largest market - 23 per cent, the UAE 21 per cent, Bahrain 20 per cent, Oman 18 per cent and Qatar five per cent. In addition, the rising gold sales at regional duty free outlets, Dubai Duty Free - ...  >>MORE

Dubai stands out on gold and jewellery map

Posted on 15/11/2004

The high volatility of gold prices in the last two years has not weakened consumer spirit in the Dubai gold market. It keeps growing here. The chief executive of Damas Jewellery and chairman of the Dubai Gold and Jewellery Group (DGJG), Tawhid Abdullah said that Diwali gold sales in Dubai this year have been 23 per cent higher than last year's. "Whatever the direction of price, gold is still viewed by the ordinary man as the best route for savings. This has been proved over years and is not ...  >>MORE

DMCC partners Indian companies for bourse

Posted on 10/11/2004

The Dubai Gold and Commodity Exchange (DGCX), the region's first international gold and commodities exchange, is being set up by the Dubai Metals and Commodities Centre (DMCC), Multi Commodity Exchange of India Ltd (MCX) and Financial Technologies (India) Ltd (FTIL), officials announced yesterday. The electronic trading platform will be deployed by FTIL, in line with the system introduced for commodity exchange trading in India, which has been in operation since last year. "DGCX, which is ...  >>MORE

First gold refinery starts operations in DMCC

Posted on 07/09/2004

Al Ghurair Giga Gold (GGG) refinery has become the first gold refinery to start operations in Dubai Metals and Commodities Centre (DMCC). A Dh50 million joint venture between the Al Ghurair Group and Haji Muhammad Rafiq, owner of Mazyood Jewellery started test production earlier this summer, according to DMCC officials, the "Khaleej Times” reported. The new enterprise with the annual capacity of 100 tonnes initially, aims to create a new corporate identity in the gold market of the UAE ...  >>MORE

Strong bullion trade adds lustre to Dubai economy

Posted on 06/09/2004

Dubai's gold market continues to experience strong local demand, according to a study by the Dubai Chamber of Commerce and Industry. Local gold demand in the UAE reached more than 90 tonnes last year and sales increased by 14 per cent compared with 2002, amounting to Dh4.9 billion, putting the country among the world's top 10 gold consumers. Dubai imports gold from more than 60 countries and re-exports it to more than 50 destinations. Last year, Dubai imported about 143 tonnes of jewellery ...  >>MORE

UAE gold sales surge in second quarter

Posted on 22/08/2004

Gold sales in the UAE during the second quarter ending June 30 experienced a 21 per cent jump to Dh1.5 billion in value. The World Gold Council's (WGC) regional office in Dubai said retail gold sales increased from Dh1.22 billion to Dh1.47 billion during this period compared with the same period last year. UAE gold consumption in terms of tonnage experienced a 9 per cent increase in the same period from 24.3 tonnes to 26.4 tonnes. The retail investment (bullion coins and bars) consumption ...  >>MORE

UAE gold sales surge 41pc in first quarter

Posted on 02/06/2004

Retail gold sales in the UAE skyrocketed 41 per cent in value terms from Dh1.13 billion to Dh1.6 billion in the first three months of the current year compared with the same period in 2003, according to statistics released by the World Gold Council (WGC) regional office in Dubai. UAE gold consumption in terms of tonnage also witnessed a 21 per cent increase during the same period. Gold jewellery consumption rose over 22 per cent from 22 tonnes in 2003 to 26.9 tonnes in 2004, while retail ...  >>MORE

DMCC clears new gold refining units

Posted on 07/04/2004

Four gold refineries are likely to be set up before the end of the current year to match the local and regional markets' potential demand for the precious metal - gold. By end of 2004, the UAE growing gold manufacturing sector would probably witness boost in refinery capacity with new technology to be introduced to upgrade the operations, under the umbrella of Dubai Metals and Commodities Centre (DMCC). The DMCC recently approved two more new gold refineries to add to the already existing two ...  >>MORE

Dubai gold trade seen flat in April and May

Posted on 03/04/2004

Demand for gold in Dubai is set to remain low in April and May, but jewellery sales may rise in June when the Gulf city launches a shopping festival, traders said on Thursday. "Trading was very quiet in March, and it will probably be the same before the start of the summer vacations and the festival," one trader said. "Sales are also being hit by high prices," the trader added. Dealers said sales were likely to rise in June when Dubai launches a promotional shopping festival, and many ...  >>MORE

Gold price in Dubai crosses Dh50 per gram

Posted on 28/03/2004

The fluctuation in gold prices has not affected gold jewellery sales in Dubai's gold market and sales have remained steady for the last couple of months, according to Tawhid Abdullah, chairman of the Gold and Jewellery Group, the umbrella body for over 400 jewellery traders. Gold touched US$422 per ounce on Friday, translating into a price of Dh50.50 per gram for 24 carat and Dh47.25 per gram for 22-carat jewellery in Dubai. On January 6, the gold price touched US$433 per ounce, which is ...  >>MORE

UAE gold demand set to rise 10pc

Posted on 23/03/2004

The UAE gold consumption is expected to increase by 10 % this year over last year, a senior official from the World Gold Council said. Moaz Barakat, managing director, Middle East, Turkey and Pakistan, WGC, said that the gold consumption in UAE, which dropped to 90.3 tonnes last year from 93.1 tonnes during the previous year, will go up by 10 % by the end of this year. He predicted that gold imports into Dubai, which have been showing a steady decline in the recent years, will also grow by ...  >>MORE

Dubai's gold trade records 28.72pc growth in value

Posted on 08/03/2004

The continued appreciation of the gold price in the international markets coupled with high demand in export, have resulted in an increase in Dubai's gold trade, which last year recorded a 28.72 per cent growth in value, reaching US$5.87 billion from US$4.56 billion in 2002, according to the latest statistics released by the Dubai Metals and Commodities Centre (DMCC). While import of the yellow metal slipped to 373,771 kilobars from the previous year's 375,638, a 91 per cent growth in export ...  >>MORE

DMCC and Kristall tie up to develop diamond industry

Posted on 01/03/2004

The Dubai Metals and Commodities Centre and Kristall Production Corp of Russia, one of the world's leading manufacturers of polished diamonds, is to form an alliance to support the development of the regional diamond sector. DMCC is working with regional and international partners to establish a global centre of excellence for its diamond partners. A senior delegation from Kristall recently visited Dubai to start a dialogue, which is expected to greatly support DMCC in its development of a ...  >>MORE

It's time to know your gold

Posted on 22/02/2004

People will have more confidence in buying gold here after the municipality inaugurates its new gold assay laboratory. The facility has been built in Sharjah Municipality's technical test complex, and is due to start operating shortly, enabling the public to get their gold tested. Many customers said since they do not know much about gold, they have to trust the word of salesmen at gold shops. But they will now have the opportunity to have it tested, especially if they buy jewellery worth ...  >>MORE

Gold sales surge ahead to Dh300m

Posted on 11/02/2004

Dubai's gold market has experienced a staggering Dh300 million in sales so far this year, due to strong shopper interest driven by the Win 47 Kilos of World Family Gold Coin promotion organised by the Gold and Jewellery Group as part of the current Dubai Shopping Festival (DSF). Pre-Eid sales were confirmed at Dh195 million and during the Eid break sales climbed more than 35 per cent to Dh300 million in just seven days. In a concerted effort to encourage even more festival visitors to ...  >>MORE

Gold sales in UAE up 14pc to Dh4.9b last year

Posted on 08/02/2004

Gold consumption in UAE witnessed 14 per cent growth in terms of value, rising from Dh4.3 billion to Dh4.9 billion at the end of 2003. The World Gold Council regional office in Dubai said the total UAE gold consumption for 2003 was over 90 tonnes, making the UAE one of the top ten gold consuming countries in the world. Dubai became the second biggest importer of Italian and Turkish jewellery after the US. "Despite the increase in gold prices during 2003 by around 20 per cent compared with ...  >>MORE

Eid sales boost Abu Dhabi gold trade

Posted on 03/02/2004

Strong pre-Eid sales brought the sheen back into the lacklustre Abu Dhabi gold market but traders were not confident the trend would continue. Another recent development has seen investors selling back gold bars and jewellery to traders, as they have taken advantage of the high gold price to make a quick killing. The Abu Dhabi gold souk was throbbing with activity in the week before Eid - and on the Eid days - with sales going up by 30 to 35 per cent. Gold prices, which hovered around US$431 ...  >>MORE

Gold sales shoot up to Dh195m

Posted on 30/01/2004

The Gold and Jewellery Group announced that sales of gold and jewellery in Dubai have soared to a staggering Dh195 million in the 12 days since the start of the DSF. Following the group's announcement last week that gold and jewellery sales have increased by almost 20 per cent against the same period last year, the group, which represents almost 500 members of the gold and jewellery retail and manufacturing trade, has forecast that this year's DSF is now well on track to becoming one of the ...  >>MORE

Dubai is world leader in gold consumption

Posted on 18/01/2004

Dubai enjoys the world's highest per capita consumption of gold with an average of 36 grams per person. Tawhid Abdullah, the chairman of the Gold and Jewellery Group, told "Gulf News” that it is not the level of consumption alone that makes Dubai a reputed hub for gold, but also the quality of the yellow metal being sold from the City of Gold, attracting thousands of tourists from all over the world every year. Tawhid said the Gold and Jewellery Group, the umbrella body for 500 members, and ...  >>MORE

Gold and Jewellery Group unveils Dubai Initiative

Posted on 13/12/2003

Gold and Jewellery Group of Dubai unveiled the Dubai Initiative, which envisages making Dubai an international trading and manufacturing hub for the precious metal and gemstone business, during the second Dubai City of Gold Conference held here last week. Tawhid Abdullah, chairman of the group, concluded the conference by addressing many of the world's most powerful gold and jewellery representatives on Tuesday. The two-day conference was hailed by participants as a huge success. With ...  >>MORE

10pc of global gold trade passes through Dubai

Posted on 07/12/2003

A sizeable 10 per cent of the world's gold trade passes through Dubai, it was revealed yesterday. Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, said new figures showed that Dubai imported some 300 tonnes of gold last year and has more than 600 retail gold outlets. Dubai Duty Free sold four tonnes of gold, worth US$4.2 million, in 2002. Speaking at the second Dubai City of Gold conference, Kharbash said the UAE sits astride important supply routes to ...  >>MORE

Consumption of gold in UAE up: World Gold Council

Posted on 30/11/2003

Gold consumption in UAE witnessed a 5 per cent increase during the first nine months of the current year compared with the same period last year, according to World Gold Council (WGC). A statement from WGC said while the gold jewellery consumption in the UAE increased by over one per cent, from 66.1 tonnes to 70 tonnes, the retail investment consumption - bullion coins and bars - increased by 80 per cent, from 3.6 tonnes to 6.5 tonnes. The jewellery consumption in the Gulf as a whole, according ...  >>MORE

City that Cares boosts gold trade

Posted on 18/11/2003

The gold trade in Dubai has witnessed a sharp increase because of the raffles organised by the Dubai the City that Cares 2003 event, said a senior official yesterday. Hani Rashid Al Yateem, assistant director-general of Dubai Gold and Jewellery Group, said the business in Dubai is active during events like this one. "We distribute around 30,000 coupons every day during the festival. So far, we have distributed about 700,000 coupons which is around Dh70 million in sales," he said. According ...  >>MORE

Dubai gold expected to ease next month

Posted on 29/10/2003

Dubai gold traders yesterday forecast weaker demand for jewellery and bullion for most of November, which coincides with Ramadan and the end of the Indian festival season. Traders expected this period of weak demand to be short-lived, with jewellery sales picking up towards the end of the month ahead of the Eid Al Fitr feast, which also sees many weddings. "Ramadan will slow things down but we will see a pick up as we go closer to Eid," one trader said. "Demand is also expected to carry on ...  >>MORE

Gold, diamond and commodity exchanges to be set up in Dubai

Posted on 21/09/2003

Dubai Metals and Commodities Centre (DMCC) today announced plans to launch the Dubai Diamond Exchange along with the Gold and C0mmodity Exchanges. The first phase of the Dubai Diamond Exchange will be operational by the first half of 2004. Each exchange will be based in a separate purpose-built tower within DMCC's 300-hectare development on Sheikh Zayed Road. Alongside the exchanges, each building will provide commercial and support facilities for market participants in DMCC's specialized ...  >>MORE

UAE gold offtake surges 11.6pc in second quarter

Posted on 17/08/2003

Driven by a remarkable demand surge in Saudi Arabia, the UAE and Turkey, Middle East gold offtake in the second quarter rose some eight per cent to 98.5 tonnes from 91.2 tonnes year-on-year. While the yellow metal offtake in the UAE in the second quarter (Q203) increased by 11.6 per cent to 26.4 tonnes from 23.7 tonnes in the same 2002 period, Saudi Arabia outpaced the Emirates with a 14.5 per cent growth at 40.5 tonnes from 35.3 tonnes in the same period last year. According to Monisha ...  >>MORE

Gold refinery at DMCC to open in six months

Posted on 17/08/2003

International gold refining standard is coming to Dubai with three high-tech refineries being set up at the Dubai Metals and Commodities Centre (DMCC) poised to boost the City of Gold's refining capacity to a significant level. According to industry sources, the combined refining capacity of the three refineries in the initial phase would be 300 metric tonnes per year which can go up to 500 tonnes at a later stage. The first refinery to go on stream within six months at the DMCC is the 100 ...  >>MORE

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Quick List

Dubai gold exchange invites memberships


UAE stands 5th in gold consumption


Dubai gold exchange offers trading from any country


Gold sales increase 15 per cent in first quarter


Dubai gold sales increase


DMCC launches Dubai Gold Receipt


Investment in gold increases


Glittering future predicted for Dubai gold exchange


DMCC to implement several new innovative projects


Mohammed meets World Gold Council


Dubai Good Delivery standard announced


Dubai gold consumption grows


UAE records increase in Gold consumption


Gulf retail gold sales rise 28% in third quarter


GCC states' retail gold sales increase


Dubai stands out on gold and jewellery map


DMCC partners Indian companies for bourse


First gold refinery starts operations in DMCC


Strong bullion trade adds lustre to Dubai economy


UAE gold sales surge in second quarter


UAE gold sales surge 41pc in first quarter


DMCC clears new gold refining units


Dubai gold trade seen flat in April and May


Gold price in Dubai crosses Dh50 per gram


UAE gold demand set to rise 10pc


Dubai's gold trade records 28.72pc growth in value


DMCC and Kristall tie up to develop diamond industry


It's time to know your gold


Gold sales surge ahead to Dh300m


Gold sales in UAE up 14pc to Dh4.9b last year


Eid sales boost Abu Dhabi gold trade


Gold sales shoot up to Dh195m


Dubai is world leader in gold consumption


Gold and Jewellery Group unveils Dubai Initiative


10pc of global gold trade passes through Dubai


Consumption of gold in UAE up: World Gold Council


City that Cares boosts gold trade


Dubai gold expected to ease next month


Gold, diamond and commodity exchanges to be set up in Dubai


UAE gold offtake surges 11.6pc in second quarter


Gold refinery at DMCC to open in six months