Dubai forum to tackle challenges in gold and jewellery sector


The Dubai Multi Commodities Centre (DMCC), the authority on trade, enterprise and commodities in Dubai, will look into pertinent issues in the gold and jewellery sector during the 7th edition of the Dubai Precious Metals Conference.

An in-depth discussion on “The Evolution and Impact of Taxation on Gold” and “Challenges in the Jewellery Sector” will be held on the first day of the conference.

According to DMCC, the government of India imposed a 5 percent customs duty on gold jewellery last year. In the UAE, a 5 percent VAT rate has been levied on gold jewellery since the start of 2018. The discussions will delve on the implications of these taxes and their impact on the gold market.

The first panel will be moderated by business journalist Richard Dean while panelists include Chandu Siroya, vice chairman of the Dubai Gold and Jewellery Group (DGJG); Hakan Aytekin, deputy director of Precious Metals and Diamond Market, Borsa Istanbul; Albert Cheng, CEO of SBMA; and Bhargava Vadiya of BN Vaidya & Associates.

Jewellery experts from across the globe, meanwhile, will be on hand to discuss challenges in the jewellery sector. Gold jewellery represents the largest source of annual demand for gold per sector. Although this has declined over the years, it still accounts for around 50 percent of total demand, according to the World Gold Council. India and China are by far the largest markets in volume terms, together accounting for more than half of global gold demand. The Asian and Middle Eastern markets are dominated by demand for purer, high-quality gold.

“How do policy changes, geopolitical situation, taxation, changing preferences of millennials, finance availability and costs affect the gold jewellery sector? Are changes temporary or permanent? These questions will be addressed by industry players who are dealing with these and other questions on a daily basis,” DMCC said.

The panel will be moderated by Siroya and will include, among others, Tawhid Abdulla, chairman of DGJG, and Sandeep Kulhalli, senior vice-president for Retail & Marketing – Jewellery Division of Titan.

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