Dubai: Dubai Multi Commodities Centre (DMCC) today released a special edition of its ‘Future of Trade 2024: Decoupled and Reconfigured’ thought leadership report focused on the precious metals industry and the key trends shaping the global market for precious metals. As a result of major shifts in the global gold trade, the report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centres.
According to Emirates News Agency, DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over US$129 billion in total trade – a rise of 36 percent on the past year. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented
on the historic shifts in the precious metals market driven by Western sanctions and a rethink by many countries regarding their reliance on the US dollar. He highlighted the formation of a new gold corridor across Asia, with Dubai at its centre, and underscored Dubai’s pivotal role in this transformation.
Feryal Ahmadi, Chief Operating Officer of DMCC, emphasized the significance of the latest Future of Trade report on precious metals as a resource for industry stakeholders. She noted that the report sets the scene for the upcoming 12th edition of the Dubai Precious Metals Conference and that this period presents both opportunities and challenges for the gold industry as it navigates a rapidly evolving landscape. The report, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets.
The report outlines the UAE’s emergence as a key player in the global precious metals market, leveraging its strategic location, robust regulatory f
ramework, and advanced infrastructure to bridge East and West and reshape the gold trade. It also explores the growing importance of technological innovation within the precious metals market, highlighting AI-driven exploration, autonomous mining techniques, blockchain-based tracking systems, and digital gold investment products as crucial elements reshaping how gold is sourced, traded, and invested in.
The Future of Trade report outlined several recommendations for governments and businesses to drive the evolution of the industry and shape its next phase of growth. These include enhancing transparency and regulation, facilitating trade liberalisation, supporting formalising artisanal and small-scale gold mining (ASGM), investing in AI and technology, boosting digital innovation and access for emerging markets, and establishing global standards for digital and blockchain solutions.
The report sets the stage for the upcoming Dubai Precious Metals Conference (DPMC), one of the most significant events in the g
lobal gold and precious metals industry. The conference will bring together influential business leaders, government representatives, industry experts, and other main stakeholders to discuss the future of the precious metals landscape. This special edition of DMCC’s Future of Trade report follows the September release of another special edition focused on diamonds and precious stones, both of which build on the insights of DMCC’s comprehensive biennial flagship report launched in May, outlining the primary drivers shaping global trade over the coming decade.
