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Ahmed Bin Sulayem

Executive Chairman, Dubai Multi Commodities Centre (DMCC)

Gautam Sashittal

CEO, Dubai Multi Commodities Centre (DMCC)

The Dubai Multi Commodities Centre (DMCC) is the global gateway for commodities trade and the largest and fastest growing free zone in the UAE. What would you say are the […]

The Dubai Multi Commodities Centre (DMCC) is the global gateway for commodities trade and the largest and fastest growing free zone in the UAE. What would you say are the main drivers behind this success?

AHMED BIN SULAYEM There are three key drivers I would like to highlight. First and foremost, our growth is testament to the strength and leadership and vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. It is His Highness’ vision that has enabled the DMCC to position Dubai as the global hub for commodities trade. Secondly, the DMCC’s determination and passion to succeed to create a dynamic environment for international trade and enterprise for all of our member companies is unrivaled. Thirdly, we are constantly innovating and creating new products and services to enhance the customer experience. I often quote His Highness, who said: “In the race to excellence, there is no finish line.” Here at the DMCC, we embrace change and thrive on strong international competition as this is what makes the organization dynamic, driven, and nimble in an exceedingly fast moving market.

How do you see Dubai’s future growth as a trading center for precious metals and diamonds?

AHMED BIN SULAYEM Everything we do at the DMCC has a longer term strategic view be it precious metals, diamonds, or our free zone in order for the DMCC to stay relevant now and in the future, whether it is enhancing the customer experience, innovation, diversification of our business portfolio or strengthening trading ties internationally. Examples of innovations that have and continue to enhance the flow of gold through Dubai since DMCC was establishment in 2002 include DMCC Tradeflow, the online exchange for physical commodities trade; regional gold options trading; and sharia-compliant hedge funds. We also launched the Dubai Gold and Commodities Exchange (DGCX) in 2005. Today, it is the largest and most successful derivatives exchange in the Middle East that will also soon offer spot trading, with spot gold contracts due to launch by the end of 2014.

GAUTAM SASHITTAL Another goal is to create an all-inclusive gold industry that is responsible and able to provide assurances on the adequacy of its due diligence procedures and supply chain management practices. The Dubai Good Delivery is the international standard for 1 kilogram gold bars of 0.995 purity and is one such initiative. Any gold traded on the DGCX meets this standard.

As for diamonds, Almas Tower has grown to become synonymous with the place to be for the international diamond trade. From buyers to sellers to service providers—everything the industry requires in terms of infrastructure and a marketplace is now available under one roof in a secure environment including: The Dubai Diamond Exchange (DDE), vaulting, boiling, polishing, certification, and transport services, as well as the Kimberley Process Certification Scheme UAE office. Almas Tower is home to over 450 diamond and precious stones companies and even has the region’s largest non-sovereign precious metal vault in the basement. As for the future, if there is a gap in the market and industry participants require the infrastructure or products, we will do everything we can to bring this to market. That is how the DMCC has made such a huge contribution toward trade facilitation of gold and diamonds to date, and we will continue to drive this strong growth trajectory by continuously seeking out those opportunities.

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