Wednesday, 10th November 2004 (2441 views)

Dubai and India are to work together to form a Dubai Gold and Commodity Exchange, which it is hoped will be in operation by the second half of 2005.

Dubai has already tried to get a name for itself as the 'City of Gold' and India is known as the largest consumer of the precious metal in the world.

Colin Griffith, executive director for gold and precious metals sector, at the Dubai Metals and Commodities Centre (DMCC), told Gulf Daily News: "Appropriately for the 'City of Gold,' the first contract listed on the exchange will be gold, but that will be quickly followed by other contracts.

"I believe the initiative we're undertaking will increase the total size of Dubai's gold trade."

Although the exchange is still subject to approval and regulatory needs, DMCC, Multi Commodity Exchange of India (MCX) and Financial Technologies (India) have all signed an understanding to create the exchange.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.