Page 13 - Bullion World Volume 4 Issue 7 January 2024
P. 13

Bullion World | Volume 4 | Issue 7 | July 2024


                                                              Mr Sudheesh Nambiath, Manager - Precious Metals,
                                                              DMCC – In the last 20 years, the precious metals trade
                                                              from the UAE has grown from $5billion to almost $100
                                                              billion within a given year. UAE can now be considered
                                                              as a focal point between the mining and the consuming
                                                              countries. In the year 2023, the export from the UAE
                                                              market has increased to various countries like China
                                                              and Switzerland. The change in the compliance and
                                                              government structure and implementation of new rules
                                                              has facilitated the growth. The emphasis on AML and
                                                              trust that is created amongst the value chain participants
                                                              shows the growth of UAE in these past few years.

                                                              DMCC is a market facilitator, most of the precious metals
                                                              trade is done through the members of DMCC. Due to
                                                              the easy access of metal from various sources, Coming
                                                              to the traceability of the metals, there are various
                                                              invoices and certificates which can be traced back to
                                                              the importer which makes it open and honest trade.
                                                              The governance and compliance at UAE is becoming
                        Mr Sudheesh Nambiath
                                                              stringent as we speak and this will reflect in the future.



           Mr Mohammad Ayyob, General Manager, SAM
           Precious Metals - In the recent years, we have seen
           enormous developments. As of July 2021, new rules
           and stringent regulations are set in place for the market
           participants to ensure responsible sourcing, money
           laundering and other regulations. As of now, there is
           ethical business all around the UAE, which is a step in
           the right direction and this is just the beginning for the
           UAE market to grow even further in the times to come.


           As we are a UAE good delivery refiner, we have acted
           upon all the guidelines set to make us compete and trade
           in the overseas market. These guidelines are set in place
           for the benefit of the whole value chain which is making it
           a point to include traceability and responsible sourcing.





                                                                            Mr Mohammad Ayyob


           Mr Amar Singh – What are your thought on a         This can be a route that should be beneficial for both
           partnership between DMCC and the SBMA?             UAE and Singapore.


           Mr Sudheesh Nambiath – There are a lot of          Mr Amar Singh – Can SBMA members be brought
           commonalities between the markets of UAE and       into the IIBX channel?
           Singapore being a hub to all its surrounding countries.
           There is a shortage of free stock in the UAE which can   Mr Ashok Gautam - Yes, SBMA members can be a
           be fulfilled by the jewellery scrap or mined gold coming   qualified seller in the exchange and be a part of it. This
           from the south East Asian countries and in turn can be   would help them expand their business to the Indian
           exported to large consuming markets through the UAE.   Territory and open up new trade facilities.


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