DMCC releases GFMS Gold Survey 2009 in Arabic

The current edition is the 7th edition of the Gold Survey, which is produced by London-based GFMS Limited and provides a wealth of statistics on the main gold trading, producing and consuming countries, in addition to in-depth analyses of market trends and developments.

DMCC's initiative aims to make the GFMS Gold Survey available as widely as possible across the Arab Gulf and the greater Middle East, which represent some of the key gold-consuming regions of the world.

Ahmed Bin Sulayem, Executive Chairman of DMCC, said:

"Over the decades, gold trade has occupied an important historical position in the Gulf region, where Dubai spearheaded and reinforced the growth. Dubai remains the main gateway to a vast region, including the GCC, Middle East, the Indian Subcontinent and East Asia. It is only natural that DMCC took the initiative to publish the Arabic version of the GFMS Gold Survey 2009. We are confident that the report will provide added value to traders and specialists in this field across the Arab world."

Harendra Kailath, Director, Gold, DMCC, said: "We believe that information contained in GFMS Gold Survey 2009 is invaluable for all stakeholders and decision makers in the gold trade. It is a vital tool to understand market trends and stay up to date with analyses in light of fluctuating economic conditions, and to implement business strategies accordingly. Building upon Dubai's reputation as the 'City of Gold,' DMCC has adopted the task of making this report readily available to all investors in the yellow metal trade."

GFMS Gold Survey 2009 shows that amidst the global economic turmoil that began last year the yellow metal held its reputation high as a dependable destination for investors. It found that bar hoarding worldwide grew by an impressive 62% to 384 tonnes during 2008, driven largely by strong demand in the Middle East and East Asia.

While central banks have been holding on to their gold reserves, causing sales to be low, net buying by countries outside the Central Bank Gold Agreement group had increased.

According to GFMS Gold Survey 2009, while mine production in 2008 was the lowest since 1996, supply levels in the markets were partially offset by a surge in scrap gold to well over 1,200 tonnes, with most of the recycling concentrated in the Middle East and East Asia.

There was also a 40% increase in official coin minting, hitting a 20-year high as a result of stellar demand in North America and Europe, says the Gold Survey.

As a trade publication, GFMS Gold Survey has proved extremely popular among bullion dealers, gold and jewellery traders, assayers and refineries, as well as government institutions, industry associations and institutional investors.