Page 13 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022

media, I feel like everyone is pretty
much briefed and that doesn’t
necessarily mean we have less to
talk about, it just means that we can
build on it and come up with different
conclusions.

Can you share some insights into
the trade flow of bullion in and out of
DGCX?
DGCX traded 120 thousand
contracts last year and 11.6 billion
dollars of nominal value;
I haven’t looked into the physical
side.
Dubai and UAE in the gold trade So apart from gold, DMCC focuses
and refining business growing on many Indian-based commodities We feel proud that the world is
significantly with the bilateral where many trade opportunities exist? looking to India and the UAE as a
agreements with India recently. Also, We’re one flight away from three or benchmark, given that other markets
India has lowered the import duties four of the central regions of India. I are struggling with either gold
by 1%, which would translate into visited India as a teenager with my manipulation or court cases, and I’m
the business flow. father to see the TATA facilities, I happy to see us moving forward. I’m
was surprised to see TATA watches, very impressed with India standing
How do you see CEPA boosts the and now I hear they’re into jewellery. its ground and pushing forward
bilateral trade between India and UAE I’m excited to revisit them. I feel and building more relationships
in jewellery and bullion trade? like there is a lot to hear from the worldwide, taking advantage of the
We could see a lot of changes going tech side. We recently started a challenges and bringing up solutions.
forward. In the past, LBMA would partnership with Crop data, and From a manufacturing standpoint,
talk about the market in the UAE and wherever we feel there is a gap in they’re a strong partner the world
say that the Indian market trusts the the market, it’s an opportunity to needs, and I think it’s understated
gold from the UAE more than from provide a service. what India brings to the table.
India.
As far as DMCC is concerned, we What is your take on the India Gold
Once a former chief executive of the want to ride the wave along with Conference?
LBMA talked about Indian purchasing India and grow with them. We have I’m excited; I like the setup. I see
gold from the gold souk of Dubai enjoyed the partnership with them some familiar names as sponsors.
because they trusted it. However, so much that when we interact with We’re here for more than the
the business landscape is changing others with similar strengths to India, conference; we’re here to develop a
in India. Tourism has improved a we tell them to use our relationship healthy relationship.
lot between the two countries. Two with India as a benchmark.
countries share lots of connections.
To say my late grandfather lived It has been ten years since you’ve
here for about 20 years. He was a been to India; how have you seen the
journalist; he spoke Hindi, Arabic and Indian bullion market change since
English. What excites me is that apart then?
from gold, we’ve progressed so much I have to be honest with you; I
in our tea business, which has much feel my age a little bit from those
to do with our Indian members. We’re days, and I see a lot more maturity,
also now prominent in the coffee and I think it’s due to the flow
business; we’ve launched the DMCC of information, whether it’s from
coffee centre. Facebook, Instagram or other social

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