Page 33 - Bullion World Issue 7 November 2021

Bullion World | Issue 07 | November 2021

Underpinning this relationship is
gold. It is a major industry for both
countries, to the extent that the
UAE accounts for over 75 percent
of India’s gold jewellery exports.

Looking specifically at the UAE, we
have gone from a desert town with
a small trading port, to become
a leading business, financial,
commercial and tourism hub.
Today, the UAE is the nucleus of
global trade.

Economic diversification has been
a key pillar of our success to date of these various initiatives. The database, and finally, we are
and forms an important part of our Committee is chaired by His working on launching a federal
roadmap to building and developing Excellency Dr. Thani bin Ahmed platform for gold trading and
our dynamic economy. Here, the Al Zeyoudi, Minister of State tracking.
gold sector’s impact has been for Foreign Trade. Committee
crucial. members include representatives The development of this federal
from the Ministry of Foreign Affairs policy and these initiatives are in
The UAE accounts for 11% of the and International Cooperation, line with the UAE’s commitment to
total global gold exports, and the the Securities and Commodities setting and adhering to the highest
gold sector accounts for 29% of the Authority, the Federal Customs international standards. This stems
total non-oil foreign trade exports Authority, the Dubai Multi from our belief that enhanced
of the country. It is no surprise then Commodities Centre and Dubai regulation and governance will
that Dubai is often referred to as the Exports. This Committee meets bring about positive transformation,
City of Gold. regularly to assess the progress increased transparency and
made and to ensure we remain on accountability, and in turn,
The UAE’s strategic location allows track to achieve the objectives and competitiveness.
it to connect producing countries, goals of the federal policy. DMCC’s integral role supporting
major manufacturing centres and the UAE become a major player
the largest consumer markets in the Secondly, we are introducing the within the global gold trade will
world. This is a unique competitive UAE Good Delivery Standard - the continue long into the future as
advantage. benchmark for quality and technical new disruptions and opportunities
specification for the refining and emerge. We will carry on working
But in order to guarantee that the production of gold. It contains a with all stakeholders across the
UAE maintains its position as a set of rules describing the physical gold sector’s value chain because
global trading hub for gold, the characteristics of gold used in we believe that partnership and
country’s government approved settlement in the wholesale. It collaboration are crucial to the
a federal policy to ensure that the will also provide standards for success of any industry.
best governance, sustainability and creditworthiness, operational
innovation practices are in place. competency and appropriate In my view, and the view of the
This policy is supported by four key production procedures, ensuring UAE’s leadership, the UAE-India
initiatives. the manufacturing of high-quality relationship is a special one that
gold. benefits the entire global gold
The Emirates Gold Bullion industry.
Committee has been established The third initiative is the
to oversee the implementation development of a federal gold

33