DMCC Joins Forces With World Gold Council To Elevate UAE Gold Industry

Dubai Multi Commodities Centre (DMCC) has recently entered into a strategic partnership with the World Gold Council (WGC) Middle East through a Memorandum of Understanding (MoU). This collaboration is set to enhance the gold industry in the UAE and the broader Middle East region. The MoU encompasses a detailed joint work programme, focusing on several critical initiatives aimed at improving the gold market.

These initiatives include addressing the issue of hand-carried gold in illicit trade, implementing an annual training plan for the industry, engaging with bullion banks, establishing principles for retail gold investment, and conducting consumer research in the gold market. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized Dubai's significant role as one of the world's largest gold hubs and its commitment to advancing the global gold industry while adhering to the UAE Government’s responsible sourcing frameworks.

The partnership highlights a mutual dedication between DMCC and WGC Middle East to drive positive change across the entire gold value chain. This includes exchanging knowledge and expertise to foster innovation, research, and development within the regional gold industry. David Tait, CEO of World Gold Council, expressed enthusiasm about the joint programme with DMCC as part of their strategic Gold247 initiative aimed at enhancing integrity and trust in the global gold market.

Andrew Naylor, Head of Middle East and Public Policy at World Gold Council, highlighted the UAE's crucial role as a major hub for trade, investment, and innovation in the gold industry. He underscored the collaborative efforts with DMCC as a step towards improving the market's integrity, transparency, and efficiency. This partnership marks the beginning of a long-term commitment to enhancing the regional gold market's integrity and performance.

The announcement coincides with the opening of WGC’s new office in Dubai, located in DMCC — described as the world’s fastest-growing and most interconnected free zone. This expansion underlines WGC's commitment to broadening its global presence and engaging with one of the leading global trading centres for gold.

This collaboration between DMCC and WGC Middle East is poised to set new standards of excellence in the gold industry, facilitating greater accessibility and trust for market participants globally. It represents a significant step forward in ensuring a more accessible and trusted gold market for all stakeholders in the region and beyond.

With inputs from WAM