The UAE gold rate for 22K is at Dh295 a gram and should drop further, something that resident shoppers and tourists will find extremely in their favour. But the overnight drop by $60 an ounce also caught many potential shoppers off-guard, as they were hoping to cash in on the Dh301 a gram level from just 48 hours ago. (The all-time peak for 22K UAE gold rate is Dh311.25.)

Gold had been under pressure since it became clear that Donald Trump will be the next US President. The dollar has gained strength and that was always going to be counter-productive for high gold prices.

“The dollar’s near a four-month peak, (thus) weighing on the precious metal,” said Fadi Al Kurdi, founder of FFA Kings. “With the greenback strengthening, gold could remain under pressure.”
Will that pressure translate into the price dropping below $2,600? Shoppers will definitely hope that’s the path gold takes, especially with the holiday buying season coming up and gold jewellery being a favoured choice during this period.
There are two shopper and price factors at work here, says Anil dhanak of Kanz Jewels. “Gold shopping by tourists to the UAE is never related to the actual price on that day,” he said. “The only price that matters to them is the cost difference between, say, what it costs in India and in Dubai. The number two reason tourist shoppers go for is the variety and designs available.

“In short, it’s seasonal business from November all the way to April next.” Which is why any further softening in gold rates will be downright handy for shoppers.

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World’s largest hybrid gold meet at the Armani Hotel, Burj Khalifa attracts 100 plus countries participation.

IBMC International showcased its unique “Industries Integrated International Trade Flow System” for Global Gold Industry Projects and Trades.

DUBAI:

The UAE has emerged as the global hub for sustainable gold and bullion markets, with the 5th Global Gold Convention bringing the global gold industry on a single platform for collaborations, investments, joint ventures, and a novel integrated trade flow system with global best practices.

The 5th edition of the Global Gold Convention 2023, the world’s largest hybrid gold conference, was held in Dubai at Armani Hotel, Burj Khalifa, on December 12, 2023, with the theme “UAE, The Global Hub for Sustainable Gold and Bullion Markets’.

The UNDRR (UN Office for Disaster Risk Reduction) was the Sustainability Partner for the convention.

The Convention, designed as the world’s largest hybrid conference, saw participation by more than 100 countries, ministers, diplomats, regulators, industry leaders, mines, refineries, jewellers, traders, import-export companies, banking, insurance, and logistics companies from across the world, paving the way for collaboration, business promotion, expansion, and diversification.

More than 200 trade delegates and visitors participated physically apart from virtual participation from 100+ countries, in the most sought-after exclusive Global Gold Conference from the region.

Global Gold Convention was organised by IBMC International, UAE-based Economic, Industry & Corporate Advisors and eMarketplace Service Providers which is connected with 100+ countries and integrated with 30+ Sectors.

The event was inaugurated by HE Humaid Ben Salem, Chairman of International Chamber of Commerce & Industry (ICC UAE) and Secretary General, Federation of UAE Chambers of Commerce & Industry (UAE Chambers).

The Convention was held against the backdrop of high volatility in global gold prices and the UAE becoming the most attractive and most preferred global gold trade hub.

The theme Sustainability has been chosen in line with the UAE hosting the COP28 Conference on Sustainability,” said Mr. Sajith Kumar P.K., Group CEO and Managing Director, IBMC International Group.

In his address, Mr. Sajith Kumar said the “UAE is emerging as the Global Hub for Sustainable Gold and Bullion Markets and IBMC’s “Industries Integrated International Trade Flow System” is set to support the entire Gold Industry stake holders from Gold Mining, Exports, Imports, Refineries, Gold Retail Markets, Jewellery Manufacturing Units and Re-exports”.

Mr. Jeffrey Rhodes, industry expert and Founder & Managing Consultants, Rhodes Precious Metals Consultancy DMCC, who delivered the special industry address on Cop28UAE, said : “The Global Gold Convention 2023 was an excellent event that gave participants the opportunity to express a wide range of views and opinions about the bullion market, including the impact of COP28 on the global gold industry. This included the efforts being made by many companies, including Gold Clean Processing Initiatives to turn the ecological tide and help push the artisanal and small scale gold sector in the right carbon neutral direction with new technology to eliminate the use of toxic chemicals such as mercury in the gold recovery process, while dramatically improving gold yields.”

The Convention offered the participants a comprehensive platform to showcase the entire gamut of gold trade and business and explore potential investment and partnership opportunities through networking, interactive sessions and industry-focused panel discussions.

The high-profile Diplomatic Conclave proved a major draw and beneficial to the participants, with the diplomats presenting the opportunities in the mining, refining, trading, and jewellery manufacturing sectors in their respective countries.

Mr. Anoop P. S., Group CBO and ED, delivered the welcome speech. Mr. Venu V. K., Director, IBMC Trade Flow Ventures, and Ms. Monika Agarwal, Partner of IBMC International, were also present at the convention.

The highlight of this year’s Convention was the recently launched, and first of its kind from the UAE, Industries Integrated International Trade Flow System (IBMC Trade-Flow System) by IBMC International which extended its corporate listing due diligence to all the participating companies in the Convention. Each participant company qualified for corporate listing to get international reach as the first step of due diligence activities out of the five steps in the IBMC Trade-Flow System.  Corporate Listing will help each company attract investment partners, technology partners, and trade partners for expanding their projects and trades to 100+ countries that are connected to the IBMC Trade-Flow System.

UAE-based IBMC International Group is a leading Economic, Industry & Corporate Advisory and eMarketplace Service Provider (IBMC Trade-Flow System) which is connected to 100+ countries and integrated with 30+ sectors. It is an internationally recognized private institution pioneering in professional areas of industry innovations, business, and joint venture strategies.

IBMC International is the recipient of the region’s highest recognitions, such as the Sheikh Khalifa Excellence Award (SKEA) in the Professional Sector, instituted by the Abu Dhabi Chamber of Commerce & Industry, the Corporate Social Responsibility (CSR) Label Award from the Dubai Chamber of Commerce and Industry, and a United Nations (UN)-shortlisted company for Sustainable Development Goals.

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Meet to see participation from more than 100 countries

Dubai:       

The fifth edition of the Global Gold Convention 2023, the world’s largest hybrid gold conference, will be held in Dubai at Armani Hotel, Burj Khalifa, on December 12, 2023 with the theme “UAE, The Global Hub for Sustainable Gold and Bullion Markets’.

This year’s Convention has been designed as the world’s largest hybrid conference for participation by more than 100 countries, ministers, diplomats, regulators, industry leaders, mines, refineries, jewellers, traders, import-export companies, banking, insurance and logistics companies from across the world, paving the way for future collaborations, business promotion, expansion and diversification, according to a press release.

More than 200 trade delegates and visitors from countries are expected to participate in the most sought-after gold conference in the region.

Global Gold Convention is organised by IBMC International, the UAE-based financial services consultancy and eMarket Place Trade Flow Service Providers, and co-organised by the International Chamber of Commerce & Industry UAE (ICC-UAE) and the Federation of UAE Chambers of Commerce & Industry (UAE Chambers).

“The Gold Convention is held in the backdrop of the global gold industry witnessing unprecedented volatility and UAE becoming the most attractive Gold Hub for all gold industry stakeholders. The theme, Sustainability, has been chosen in line with the UAE hosting the COP28 Conference on Sustainability,” said Mr. Sajith Kumar PK, Group CEO and Managing Director, IBMC International.  The United Nations Office for Disaster Risk Reduction (UNDRR) is the sustainability partner of the event.

The event will be inaugurated by HE Humaid Ben Salem, Chairman of International Chamber of Commerce & Industry (ICC UAE) and Secretary General, Federation of UAE Chambers of Commerce & Industry (UAE Chambers).

HE AHMED ELMETWALLY MOHAMMED, CEO & General Manager, Office of HH SHEIKH MOHAMED BIN AHMED BIN HAMDAN AL NAHYAN, Abu Dhabi will deliver the special address from UAE.

Mr. Jeffrey Rhodes, industry expert and Founder & Managing Consultants, Rhodes Precious Metals Consultancy DMCC, will deliver the special industry address on Cop28UAE and the major impact on the global gold industry.

The Convention offers the participants a comprehensive platform to showcase the entire gamut of gold trade and business activities and explore potential investment and partnership opportunities through networking, interactive sessions, industry-focused panel discussions and a unique Diplomatic Conclave where ministers, ambassadors, industry leaders and experts will discuss investment opportunities and industry trends.

A highlight of this year’s Convention is the introduction of IBMC’s Industries Integrated International Trade Flow System tailored exclusively for the participating companies. Each participating companies will  qualify for Corporate Listing to get international reach as the first step of due diligence activities.

Corporate Listing will help each companies to attract Investment Partners, Technology Partners and Trade Partners for expanding their projects and trades internationally.

UAE-based IBMC International Group is the Economic, Industry & Corporate Advisors and eMarketplace Service Providers which is connected with 100+ countries and integrated with 30+ Sectors. IBMC International is an internationally recognized private institution pioneers in their professional areas of Industry Innovations, Business and Joint-Venture Strategies.   IBMC International is the recipient of Region’s highest recognitions such as Sheikh Khalifa Excellence Award (SKEA) in Professional Sector from Abu Dhabi Chamber of Commerce and Industry, Corporate Social Responsibility (CSR) Label Award from Dubai Chamber of Commerce and Industry and United Nations (UN) shortlisted company for Sustainable Development Goals.

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The two accused were on the run for the last six days after the Customs Department seized 30 kg of gold from an air cargo consignment in Thiruvananthapuram. They will be brought to Kochi in the early hours of Sunday, said an official. It is, however, not clear how the duo slipped out of Thiruvananthapuram, which is under a triple lockdown with an aim to contain the spread of coronavirus disease, and reached Karnataka.

The NIA had taken up the case on July 10 and filed first information reports against four persons in the case. In the FIRs, Sarith Kumar, a former employee of the consular office, who is now in the custody of the customs, is named first accused; Swapna Suresh is the second; elusive smuggling-kingpin Fazil Pareed is the third; and Suresh’s friend Sandeep Nair is the fourth accused. The FIRs were filed under the Unlawful Activities Prevention Act (UAPA).

It is the first time that the premier agency, which handles cases related to national security and terror, is investigating a gold smuggling case. In the FIRs, NIA said the accused were part of a well-entrenched smuggling racket.

The Kerala Police had set up a special group to arrest Swapna Suresh and Sandeep on July 11. The DGP had entrusted a special investigation team under the leadership of Kochi City Deputy Police Commissioner G. Poonkuzhali with the task of apprehending the accused.

The Customs authorities had requested the Kochi City Police Commissioner all help for the arrest of the suspects in an email by afternoon.
It is then that the NIA team arrested the accused in Bangalore.

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