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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Insurance premiums are rising sharply every year, incurring additional costs for vehicle owners. The reason for the very high rate of increase in auto insurance premium is because the auto insurance claim is increasing every year. The high number of vehicles on the road without insurance is also a factor contributing to the increase in premiums.

It is estimated that two-thirds of two-wheelers in India run on the road without insurance. Two-wheelers leave showrooms with compulsory insurance. But by the second year, most vehicles no longer have insurance coverage.

This is because many car owners forget or deliberately refuse to renew their insurance. If all vehicles have insurance, the premium is likely to go down. Increasing premium income will help reduce the loss of claims insurance companies.

For example, suppose that out of 10,000 vehicles on the road, 50 vehicles are involved in accidents and the loss due to this is Rs.50,000. If all the vehicles are insured, the average risk premium per vehicle can be assumed to be Rs. 50,000/10,000 = Rs.5. On the other hand, if only 5,000 vehicles are insured, the risk premium will increase to Rs. 50,000/5,000= Rs.10 It is clear from this example that the number of insured vehicles must increase in order for the premium to decrease.

As the number of violators of compulsory auto insurance renewals increases, the government needs to take strong measures to prevent violations. However, apart from roadside inspections by the police, the authorities are not taking any other significant steps to trace the owners of uninsured vehicles.

If the necessary steps are taken in this regard, the law abiding vehicle owners will benefit from it. Measures such as showing a copy of the insurance requirement to refuel at petrol pumps can be very effective.

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There is a common misconception that smokers would not get coverage under health insurance. Contrary to this misconception, many health insurance companies offer policies for smokers. But smokers may have to pay a higher premium to get policy coverage. Premiums are higher because smokers are more likely to develop lifestyle diseases than non-smokers.

Insurance companies classify a person who uses tobacco in any way as a ‘smoker’. Insurance companies conduct a medical examination to determine the extent of tobacco use and, based on this, determine the premium for coverage. Parts of tobacco can be found in blood, saliva, urine or hair. The duration of exposure to tobacco in the body depends on how long a person smokes, age and general health.

When filling out an application for a health insurance policy, you will need to answer questions such as “Do you smoke?”, “Have you smoked for six months?” If the answer is yes, the number of cigarettes smoked and the details of any health problems caused by smoking should be disclosed. You must also undergo a medical examination as requested by the insurance company.

Premium is determined by factors such as age and coverage amount. Disclosures by future smokers can be avoided by disclosing it and undergoing a medical examination. If the number of cigarettes smoked after taking out the policy increases or the health condition worsens due to smoking, the insurance company should be informed.

The insurance company decides whether to grant the policy based on the health condition. If lifestyle diseases such as diabetes and high blood pressure are present, the premium may go up. The policy may be denied if the smoker has Type 2 diabetes.

If there are currently no other diseases, those who smoke only a few cigarettes a day will have no difficulty in getting the policy. At the same time, it will not be easy to get a policy for someone who smokes more than 20 cigarettes a day.

The same plan goes for smokers and non-smokers; only that there will be a difference in the premium. Those who smoke more than 10 cigarettes a day are likely to have higher premiums. If you quit smoking in the future, you can get a discount on the premium. This consideration is given only after at least two years of stopping to smoke. At the same time, some insurance companies do not charge extra premiums for those who have no health problems and only smoke moderately.

Smokers should not avoid a health insurance because the premium is high. Coverage should definitely be ensured as smokers are at higher risk of developing lifestyle diseases.

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Awareness of the need for health insurance coverage has led to an increase in the number of people taking out such policies. It is also common for some people to have coverage of multiple policies. Those who have taken out policies of multiple health insurance companies and those who have group insurance coverage in addition to the policy taken individually need to understand how to make a claim.

If there is a difference in the nature of the coverage when taking out policies of multiple insurance companies, it may be beneficial to make a claim. When taking out a second policy, be sure to inform the insurance company that you have another policy.

Holders of multiple policies need only approach one of the insurance companies to make a claim. It is not mandatory to approach all policyholder companies for a claim. A few years ago, when claiming a total hospital bill, insurance companies were required to share if there was more than one policy. There is no need for it now. The policyholder can approach any insurance company for a full claim.

If the sum assured of the first policy is exceeded, a claim for the remaining amount can be made to the second insurance company. If the first insurance company does not allow a claim for the full amount and denies the claim for certain bills, the second company can be approached. The second policy can be used to make such a claim for the balance even if the sum assured in the first policy is not exceeded.

Holders of multiple policies may have doubts as to which policy to claim. It is better to use group insurance policy for those who have group insurance coverage in addition to the individual policy. This is because no benefits such as no-claim bonus are available under the Group Insurance policy. When a claim is made on a group insurance policy, the individual will also receive a no-claim bonus on the policy taken out. More extensive coverage is available on group insurance policies. The waiting period for existing illnesses is also less in a group insurance policy. At the same time, if the sum assured of the group insurance policy is not sufficient to receive the full claim amount, the individual policy will have to be utilised.

Original hospital bills and discharge summary are required to be submitted at the time of claim application. When approaching multiple insurance companies for a claim, there may be confusion as to how the bills and documents should be submitted. When approaching the second insurance company for a claim, self-attested copies of the documents and the letter of claim settlement from the first insurance company should be submitted.

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Due to the financial difficulties of the COVID-19 period, it may not be possible for many to pay large sums of money as one-time insurance premium. Such persons have the opportunity to pay the premium of the health insurance policy every month. It is also possible to pay the premium on a quarterly, half-yearly or annual basis. Until recently, the premium for a health insurance policy could only be paid on an annual basis.

Paying premiums together during the year can be a financial burden for many. Many people do not remember that they have to find and set aside money every month for expenses such as insurance or premium paid once a year. As such, it may feel like a financial burden when paying the premium, among other expenses. Those who want to avoid this now have the opportunity to pay a monthly premium.

There is no increase in the base premium when the monthly premium is paid but there may be a slight increase in the total premium when paid on an annual basis. The insurance company is allowed to make a slight increase in the total premium when the premium is paid on quarterly, half yearly and annual basis. Depending on the type of increase plans may vary.

Existing health insurance policyholders also have the option to switch to a premium payment on a monthly, quarterly or half-yearly basis. This can be done at the time of policy renewal. A special form has to be filled up at the time of renewal of the policy.

Paying the monthly premium will also help to increase the coverage. For example, for a policy with coverage of Rs.5 lakh, the premium would be Rs.12,000 per annum. If a person who pays this together feels a financial burden, he has two options. He/she can either reduce the amount of coverage or adopt monthly premium payment method. Adequate coverage of health insurance needs to be ensured. Therefore, instead of reducing the coverage, the policy can be taken out with the required coverage if the monthly premium method is adopted.

Policyholders may have doubts as to whether coverage will be available if the claim is made less than one year after taking out the policy in the monthly premium plan. In such cases, the insurance company may ask you to pay the remaining premium.

For example, suppose the claim is filed six months after the premium is paid. The insurance company may ask you to pay the remaining six months’ premium or charge six months’ premium from the claim amount. At the same time, the IRDA rules that if any disease is diagnosed within three months of taking out the policy, it will be treated as a pre-existing disease. It also applies to those who pay monthly premium. Therefore, if a diagnosis is made within three months after taking out the policy, no claim will be allowed.

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Pre-existing illnesses are not covered for a specified period after taking out a health insurance policy. The Insurance Regulatory and Development Authority (IRDA) has made some amendments to the existing definition of pre-existing diseases. Illnesses or injuries at the time of taking out a health insurance policy are considered pre-existing illnesses. Usually such diseases are not covered till four years after taking the policy.

The IRDA guidelines state that any illness or injury that the policyholder has been diagnosed with or treated for during the first 48 months prior to taking out the policy will be treated as pre-existing. The IRDA’s new amendment states that even if a patient is diagnosed with an illness within three months of taking out the policy, it will still be considered a pre-existing condition.

For example, if you experience vision problems six months before taking out a policy and is diagnosed with cataracts within three months of taking the policy, you will be considered a pre-existing condition and will not be covered for a fixed period of time (up to a maximum of four years). At the same time, if the disease is diagnosed six months after taking out the policy, it will be covered. If a disease is to be classified as pre-existing after three months, there must be authentic evidence that it was diagnosed earlier. If not diagnosed, it cannot be considered a pre-existing disease.

In the case of claims made within a few months of taking out the policy, the insurance company often raises doubts and disputes as to whether the disease is pre-existing. The new amendment will help to avoid such ambiguities. According to the amendment, the claim will be denied if the patient seeks treatment for any disease within three months after taking the policy.

Pre-existing illnesses may be denied coverage for such illnesses throughout the term of the policy unless disclosed at the time of taking out the policy. Such coverage may be denied even if the diagnosis is made through a medical examination within three months of taking out the policy. This is done in the name of non-disclosure of mandatory disclosures.

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