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India-Dubai golden love story
DUBAI: India continues to impress the world with its love for gold. India has now become the biggest trading partner of Dubai in gold.
According to figures from the Dubai Multi Comm odities Centre (DMCC), India’s gold trading through Dubai has reached $5.23 billion in the third quarter of 2007, a 55 per cent hike from last year's $3.37 billion.
In the third quarter of 2007, a total of 174 tonnes of gold was imported into Dubai, 47 per cent higher than 118 tonnes in the same period in 2006, the highest third quarter imports recorded in the last seven years.
Dubai's other leading gold trading partners include Switzerland, Malaysia, Australia, the United States and the GCC States.
David Rutledge, Chief Executive Officer at DMCC said that the sharp rise in gold prices around the world has had a strong bearing on global gold trade.
”Despite consistently rising prices, the value of gold imported and exported through Dubai in this quarter has increased by 55 per cent,” he said.
Dubai has emerged as the third largest re-export centre in the world. The strategic location of Dubai, the open and liberalized policies of the Dubai Government , state of the art infrastructure and easy access to large and rapidly growing regional markets are just a few of the many factors which have ignited Dubai’s growth
Dubai has developed the concept of on-shore special economic zones with the creation of Free Zones for financial services, media, technology and commodities, amongst others. These special zones provide industry-specific world-class infrastructure with 100% business ownership, no barrier on capital and profits repatriation, no foreign exchange control together with an extended tax holiday.
A pro business environment with outstanding record of political stability coupled with one of the fastest growing economies (at an impressive rate of more than 5 percent per annum), investor incentives and protection have made Dubai an extremely attractive proposition for global businesses. Access to a vast population of 1.8 billion people with an economy of USD 1.5 trillion in terms of GDP for the Middle East Asia, Indian sub-continent and Africa, with close proximity to the developed European markets, Dubai has become a regional base for most of the Fortune 500 companies (with all top 10 having a sizeable presence).
With a mature spot trading market in place for gold and other commodities, commodities derivatives are a logical next step in the development of Dubai market infrastructure.
Dubai has an impressive history and established trade in the precious metals industries. DGCX will launch its trading operations with a gold futures contract to be followed by a gold options contract. The contract specifications have been developed in consultation with the precious metals trade. The gold contract unit will be for 1 kilogram of gold (0.995 fineness) deliverable at DGCX approved vaults in the United Arab Emirates (UAE).
DUBAI: India continues to impress the world with its love for gold. India has now become the biggest trading partner of Dubai in gold.
According to figures from the Dubai Multi Comm odities Centre (DMCC), India’s gold trading through Dubai has reached $5.23 billion in the third quarter of 2007, a 55 per cent hike from last year's $3.37 billion.
In the third quarter of 2007, a total of 174 tonnes of gold was imported into Dubai, 47 per cent higher than 118 tonnes in the same period in 2006, the highest third quarter imports recorded in the last seven years.
Dubai's other leading gold trading partners include Switzerland, Malaysia, Australia, the United States and the GCC States.
David Rutledge, Chief Executive Officer at DMCC said that the sharp rise in gold prices around the world has had a strong bearing on global gold trade.
”Despite consistently rising prices, the value of gold imported and exported through Dubai in this quarter has increased by 55 per cent,” he said.
Dubai has emerged as the third largest re-export centre in the world. The strategic location of Dubai, the open and liberalized policies of the Dubai Government , state of the art infrastructure and easy access to large and rapidly growing regional markets are just a few of the many factors which have ignited Dubai’s growth
Dubai has developed the concept of on-shore special economic zones with the creation of Free Zones for financial services, media, technology and commodities, amongst others. These special zones provide industry-specific world-class infrastructure with 100% business ownership, no barrier on capital and profits repatriation, no foreign exchange control together with an extended tax holiday.
A pro business environment with outstanding record of political stability coupled with one of the fastest growing economies (at an impressive rate of more than 5 percent per annum), investor incentives and protection have made Dubai an extremely attractive proposition for global businesses. Access to a vast population of 1.8 billion people with an economy of USD 1.5 trillion in terms of GDP for the Middle East Asia, Indian sub-continent and Africa, with close proximity to the developed European markets, Dubai has become a regional base for most of the Fortune 500 companies (with all top 10 having a sizeable presence).
With a mature spot trading market in place for gold and other commodities, commodities derivatives are a logical next step in the development of Dubai market infrastructure.
Dubai has an impressive history and established trade in the precious metals industries. DGCX will launch its trading operations with a gold futures contract to be followed by a gold options contract. The contract specifications have been developed in consultation with the precious metals trade. The gold contract unit will be for 1 kilogram of gold (0.995 fineness) deliverable at DGCX approved vaults in the United Arab Emirates (UAE).