The Dubai Precious Metals Conference (DPMC), organised by DMCC, has successfully concluded its 11th edition in partnership with the UAE Ministry of Economy.
The conference, themed “The Future of Precious Metals: Global governance to trade trends,” aimed to uncover opportunities and address risks in the ever-evolving precious metals landscape. Industry experts delved into crucial topics such as “Governance and Responsible Sourcing,” “Global Trade and the Geopolitical Landscape of Gold,” “Market Trends,” and “Climate Change.”
Discussions highlighted the global push for responsible sourcing practices, with the UAE Ministry of Economy’s UAE Good Delivery Standard playing a pivotal role in enhancing such practices in the UAE, a major hub for physical gold trade. The talks underscored the ongoing shift towards the tokenisation of precious metals, seen as a means to democratise them and enhance transparency and traceability.
During his special address, His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The precious metals sector is one of the most important parts of the UAE’s non-oil economy, with gold representing 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 critical link to every gold market across the world. This reflects our collaborations with DMCC at home and abroad, which are ensuring the UAE remains a key focal point for the global precious metals trade.”
The conference brought together hundreds of delegates from the entire precious metals supply chain, engaging with key figures from industry bodies, traders, exchanges, refineries, tech companies, and regulators. Notable participants included the World Gold Council, the UAE Ministry of Economy, London Bullion Market Association (LBMA), Organisation for Economic Co-operation and Development (OECD), the UN Group of Experts, CME Group, Botim, Sam Precious Refinery, and Istanbul Gold Refinery.
The keynote speech by Jim Rickards, a New York Times bestselling author and expert on trade and precious metals, explored the expansion of BRICS and its impact on the global economy and precious metals markets. Rickards highlighted the BRICS 11 as a significant group, both macroeconomically and in commodities trade, predicting a de-dollarisation trend through the introduction of a gold-backed BRICS currency.
The first panel centred on new responsible sourcing and mining frameworks, touching on the role of technology in mining and investments in social development in activating these frameworks.
The second discussion delved into the shifting trade landscape for precious metals, with trade flows shifting east through the expansion of BRICS and a suite of bilateral trade agreements including the UAE’s CEPAs with key markets such as India. The conversation then moved on to how the physical trade of precious metals may shift towards settlements in other commodities or non-dollar currencies.
On the sidelines, DMCC and the World Gold Council announced a strategic initiative to strengthen and standardise international regulations and procedures around hand-carried gold, aiming to eliminate this element of the illicit gold trade.