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7th Dubai Precious Metals Conference enlightens on Responsible Gold sourcing

UAE's recently introduced Value Added tax takes centre stage

The 7th Dubai Precious Metals Conference [DPMC] concluded with significant outcome relating to responsible Gold sourcing. An important panel discussion comprising of Andrew Bone executive director RJC, Effie Marinos Global Technical Governance Manager – SGS, Manoj Dwivedi, Joint secretary Ministry of Commerce and Industries Govt of India, and representative of OECD [on video] in the panel, moderated by Ajay Mathur Director, Precious Metals DMCC, debated and discussed on the future of responsible gold sourcing and how the industry should react to illegitimate sources working in the supply chain. Education came out as a prime conclusion during the debate as global agencies and NGO's present pledged support to promote and educate the subject of "Responsible Gold Sourcing".

The other important discussion was of the recently introduced Value Added Tax by the UAE government and its impact on the overall Gold business in the emirate. While there can be an exodus of Gold and Gold related businesses shifting out of the emirate in the wake of VAT, deliberations on safeguarding the future of the Gold business in Dubai became the highlight of the conference. Suggestions were made to DMCC by the panel to recommend relooking into the VAT that could work as an advantage to the "City of Gold".

A successful conference with around 300 delegates present who witnessed sensible discussions that could turn around the existent methodologies related to Gold and Gold jewellery concerning sourcing and taxations.