DGCX and the IBPC hold presentation to discuss the commodities market

More than 150 delegates from the Gold and commodities industry gathered for the presentation to network and discuss the DGCX and its impact on the UAE market. The presentation took place at the Hotel Shangri- La on Sheikh Zayed road in Dubai on Wednesday the 9th of November.

Gold imports to Dubai reached approximately $10 billion last year. This strong position in the physical trading market will now be complemented by the creation of an options and derivatives exchange to serve both the hedging requirements of the local gold sector as well as global traders.

With its extensive portfolio of listed commodities including Gold, Silver, Freight, Cotton, Steel and Marine Fuel Oil, DGCX is set to offer an efficient electronic platform for the trading, clearing and settlement of a diverse range of commercially important derivative products. The seminar highlighted the importance of the exchange in a rapidly developing market like Dubai.

David Rutledge, Chairman of DGCX and CEO of the Dubai Metals and Commodities Centre (DMCC) and Jignesh Shah, Vice chairman of the DGCX and Managing Director of the Multi Commodities Exchange of India (MCX) were the esteemed key note speakers for the event. Mr. David Rutledge has had more than 35 years of international experience in senior positions at New York and Sydney commodities exchanges.

Jignesh Shah started his career with the Bombay Stock Exchange (BSE) in 1990. The NYSE, NASDAQ, Tokyo, London and Sydney are some of the stock exchanges to which he has been exposed to and has made in-depth study of their trading and surveillance systems. He started his own software Product Company, Financial Technologies (India) Ltd. in 1995 and is also the Managing Director of the Multi Commodities Exchange in India(MCX).

Mr. Firoz Merchant, Chairman of Pure Gold Jewellers, talked about the impact and effect that the DGCX will have on the UAE market. With a sales growth of 65% in 2004, an aim to have more than 50 stores open across the Middle East by the end of 2006 and a recent AED 150 million investment expansion, Pure Gold has become the fastest growing jewellery house in the UAE.
The DGCX will commence trading on November 22, 2005 with a 1 kilogram gold futures contract, to be followed by silver futures, gold and silver options and a range of other commodities contracts.

Indian Business and Professional Council (IBPC), Dubai is the only recognized representative organization of Indian Business and Business Professionals in Dubai.