4th City of Gold Conference to set the stage for industry growth

The conference, which is being held for the 4th consecutive year, has become a platform for key regional players in the gold and jewellery sector to help address the challenges faced by the industry as a whole.

The Dubai - City of Gold Conference will set the stage for further development of the industry, by addressing vital topics that will pave the way for more unique initiatives to be undertaken together with innovative marketing strategies that will further enhance Dubai's position as the regional hub for the gold and jewellery trade. The key focus areas of the conference will be Marketing, Innovation, Education and Trade Finance which have been carefully chosen to facilitate sustained and increased growth for the industry.

The conference, which is organised by the Dubai Gold and Jewellery Group, is recognized globally as the only one of its kind, providing a base for all players in the industry to provide and exchange insights and testimonials of successful innovative strategies.

The annual, event which is supported by the Dubai Multi Commodities Centre (DMCC), has generated tremendous interest within the local and international gold and diamond jewellery trade, as well as international observers following current global trends in the gold sector. More than 500 delegates are attending the conference.

A line-up of the world's leading experts in finance, research and commodities spoke at the conference on the first day on a variety of topics that impact on the gold and jewellery trade including bullion banking, cargo handling, technology, online diamond trading, brand building and anti-money laundering compliance programs.

Among those who will speak on the second and final day are Mr. Tawhid Abdullah, Chairman of the Dubai Gold and Jewellery Group, Mr. Jonathan Chippindale, Marketing Director, Gulf of Diamond Trading Company, De Beers Group, Mr. Moaz Barakat, Managing Director of World Gold Council, Mr. B. S. Nagesh, Customer Care Associate, Managing Director & CEO, Shopper's Stop Ltd and Ms. Barbara Lipatapanlop, Executive Director, International Coloured Gemstone Association.

Mr. Tawhid Abdullah, Chairman, Dubai Gold and Jewellery Group, who was also among the large gathering of prominent personalities at the inauguration, said:

"With the passage of every Dubai - City of Gold Conference, the outcome has had a significant positive impact on the gold and jewellery trade in the UAE and across the region . As we enter yet another exciting phase in this annual event of the Dubai Gold and Jewellery Group, we are confident that this year's assembly of leading lights in the industry will help further enhance the standards and raise the bar with regard to achieving innovative strategies and business excellence. The continued success of the conference would not have been possible without the support of both the local government and our sponsors, who have enabled us to further strengthen the reputation of Dubai as the international jewellery hub".

The key sponsors of the conference are Standard Bank, HSBC, Transguard and National Bank of Fujairah. The conference is also supported by World Gold Council, DTC and National Bank of Dubai. Mr. Fuad Nonoo, Chairman, Conference Organising Committee, Dubai Gold and Jewellery Group, made the introductory note to welcome the local and international delegates to the event.

In a significant move for the development of the local gold and jewellery industry, two of the speakers focussed on the educational and training aspects. Mr. David Watkins, Head of Gold Smithing, Silver Smithing, Metal Work and Jewellery, Royal College of Art made a presentation on "A Model for the Education of Post-Graduate Jewellery Designers" on the first day of the conference. Also on the same day, Dr. Howard Reed, Director of Dubai Women's College, Higher College of Technology spoke on "Developing National Entrepreneurs for the Jewellery Sector.

In his address, Dr. Howard Reed, talked about the role played by the HCT in furthering the business planning and industry experience.

He said: "The Higher Colleges of Technology wish to support the Dubai Gold and Jewellery Group in establishing Dubai as the jewellery destination of the world. This will occur not only through developing trade and market opportunities, but by training a new generation of entrepreneurs to grow the industry. At Dubai Women's College, a radical new training program has resulted from a partnership between Damas, the HCT, and the Sheikh Mohammed bin Rashid Establishment for Young Business Leaders."

He added: "This partnership is providing industry training, retail experience, development of business planning and management skills, and funding to establish new businesses in the jewellery sector. We believe this Professional Diploma in Jewellery Business Management will develop the skills of a new generation of national entrepreneurs, who will become employers rather than employees and contribute new ideas, passion and commitment to the growth of the industry."

The conference will also showcase industry development in various emerging markets, including China, India, Iran, Europe, Africa, America and the Middle East.

At the outset, Mr. Colin Griffith, Executive Director, Gold and Precious Metals at the Dubai Multi Commodities Centre, which is the title sponsor of the event, provided an outline of DGCX's plans this year.

Commenting on DMCC's key role in the conference, Mr. Griffith, who is also Chairman of DGCX, said: "DMCC is a Dubai Government entity that is fully committed to the gold, diamond and jewellery industry and also most importantly, DMCC delivers on its promises.

He added: "We are still a young organization, but now with 735 registered members and against a backdrop of rising global importance in our core markets, DMCC has the committed staff and solid infrastructure to propel the diamond, gold and commodities business operating in Dubai, to become the leading hub for this time zone alone".

In his presentation titled "Synthetics and Treatments: Has Technology Replicated Nature", Mr. Tom Moses, Senior Vice President, Gemmological Institute of America, shed light on the latest technology in the gem and jewellery industry. He said: "Developing technologies in both diamond treatment and synthesis have created new challenges for the gem and jewellery industry. The distinction between some diamond treatments and their natural counterparts often requires the opinion of an accomplished testing laboratory. The introduction of multiple treatments performed on the same diamond to mimic rarely occurring fancy colors such as pink to red is now being done by a few companies on a regular basis."

He added: "The evolving technology with synthetics diamonds also continues to bring more products to the market. In both instances careful observation of their gemological properties will often provide clues to their identification. In instances where routine gemological testing does not provide an answer, instrumentation such as DiamondSure and DiamondView, along with other spectroscopic techniques identifies them conclusively."

The theme of the conference is to emphasize the need for a multi-pronged approach that would weave innovation and education along with an overview of trade finance and local and regional industry analysis.

Presenting his viewpoints on innovation and technology in diamond trading, Mr. Martin Rapaport, Chairman of Rapaport Group, said: "Information technology and the Internet are revolutionizing the world we live in. Integrated information systems now store and process unlimited amounts of information while the internet provides a highly efficient global communications network enabling the delivery of highly specific information to anyone and everyone."

He added:

"The certification of diamonds and development of electronic diamond trading systems have laid the foundation for the commoditization of important segments of the diamond markets. Furthermore, the use of the Internet to sell diamonds to consumers includes the transfer of product, availability and price information that is democratizing diamond markets. We are witnessing a paradigm power shift from producers and consumers, from sellers and buyers."

Providing an overview of the importance of research in the industry, Mr. Kenneth Gassman, Founder and President, Jewellery Industry Research Institute, said: "Building a business without research is like taking a trip without a roadmap. You may have a general idea of where you're headed, but you won't get there in the most efficient or productive way. Research can help merchants target customers, develop products, and identify new markets. Ultimately, good research will help businesses build revenues, improve gross profits and cut expenses."

Mr. Gassman added: "Using research will help jewellers and luxury goods merchants sell more merchandise. For example, while most merchants say that everyone is a potential customer, some of those customers will be better customers than others. Research can identify which customers have the highest propensity to purchase. Research does not need to be expensive. Merchants who take the time mix a few numbers together with some logic and common sense can begin their own research process."

The overriding objective of the 4th Dubai - 'City Of Gold' conference is to offer the industry an opportunity to align itself, across all sectors, with the global jewellery industry. From mining to marketing, the conference will work towards creating the foundation for the industry to approach today's market with a concerted jewellery marketing effort. The theme of the conference is to emphasize the need for a multi-pronged approach that would weave innovation and education along with an overview of trade finance and local and regional industry analysis.

The "Dubai - City of Gold Conference" since its inception has been identified, as being result oriented. A panel discussion on the final day titled "Contributions to the industry and industry expectations" will debate the strategies previously employed by associations and marketing bodies and their rate of success, and finally will make strong recommendations upon which the industry can further strengthen its position in the world market.