Dubai aims to secure half of gold trade

Dubai, once dubbed the “city of gold,” will soon have a metal and commodities centre for trading in the yellow metal, diamonds and other commodities.

The Dubai Metals and Commodities Centre (DMCC) will offer 100% ownership and a 50-year tax holiday to resident companies. The initial goal is to secure half the global gold trade. Dubai currently trades about 10% of the world’s gold, or 2,300 tonnes per year.

The centre will offer trading facilities, storage, hallmarking (a process certifying precious metals), package and delivery facilities, a training facility and a gems lab. The centre will also be regulated in accordance with international standards.

Three gold refineries, operated by local firms, will be housed in the complex.

Dubai, one of seven emirates that make up the federation of the United Arab Emirates, exported 280 tonnes of gold last year, down from a 660-tonne high in 1998.

Dubai’s main markets are India and countries of the Persian Gulf .