DMCC establishes Gold Advisory Committee to drive strategic initiatives for regional gold & precious metals sector

Chaired by the newly appointed DMCC Executive Director for Gold, Colin Griffith, this organisation will provide the region's key industry representatives with a forum at which to interact and discuss areas of potential for the gold industry in Dubai and the UAE. As a leading member of the international gold and precious metals community with over 30 years experience, Colin Griffith drives regional market and product development for DMCC.

Speaking on the creation of the committee Tawfique Abdullah, Chief Executive Officer, DMCC said: " Today's inaugural meeting was a great success. All our members see the formation of the Gold Advisory Committee as a positive step for the gold and precious metals industry. We have brought together representatives of the industry today, and our hope is to strategically develop quality growth for this segment. We have a number of objectives, one of which is to set new standards and to exploit all viable industry opportunities to the benefit of the sector over the months and years ahead.

"The regional gold trade has grown from strength to strength in recent past. There is, however, a real need to guide this development in order to achieve our ultimate goal - to make the Middle East a world centre for refining, production and the trading segments of the gold industry, with Dubai as its regional hub. The industry will be encouraged to adopt the highest global standards in product and service development, while simultaneously implementing greater transparency to the benefit of all," he concluded.

The key members attending the meeting at DMCC's offices included representatives from local jewellery companies, international banks that are both located in Dubai and active in the gold industry, the local representative of the World Gold Council and one of Dubai's leading gold refiners.

DMCC Executive Director for Gold & Precious Metals, Colin Griffith said, "We are excited about the formation of the group, and we anticipate a busy year ahead. The Gold Advisory Committee offers members a unique opportunity to interact with our industry peers. As a group we will communally identify areas that require attention, work with regional bodies to encourage change and growth, and also working together to put in place the industry-specific market infrastructure we require to enable the industry to reach its full potential,"

"Having visited and worked in many major gold markets globally, the formation of groups such as the Gold Advisory Committee are a vital component in the successful growth of any gold market. This group will enable us to develop a successful model for growth and we greatly look forward to announcing a number of significant regional initiatives over the coming months."

The Dubai Metals and Commodities Centre ('DMCC') was created in 2002 as a strategic goal of the Dubai Government to establish a commodity market. DMCC is committed in its role as innovator and regulator, to serve the needs of participants in the gold, diamonds and commodities markets. It provides the market infrastructure that brings together a wide range of commodities activities and resident companies of DMCC are offered highly attractive benefits under a free zone status. Alongside a 50 year guaranteed tax holiday, 100 per cent business ownership and a secure regulated environment, DMCC is currently the only UAE centre to offer full ownership of business premises.