World Gold Council Met Over Dubai Role

There was further confirmation of the importance of Dubai in the global gold trade this week when the World Gold Council (WGC) held its annual board of directors meetings in the Emirate together with the Dubai Metals and Commodities Centre (DMCC).

The meetings on Monday and Tuesday centered on the important part Dubai plays in the development of the world's gold sector.

Before the meetings, WGC members discussed several projects with Sheikh Mohammad bin Rashid al Maktoum, Crown Prince of Dubai and Defense Minister of the United Arab Emirates, aimed at further boosting Dubai's gold sector and maintaining the Emirate's image as the City of Gold.

In addition to strong gold purchasing levels by residents of Dubai, around 95 percent of tourists purchase gold jewelry during visits.

"We are delighted to have held this internal conference in Dubai," enthused Moaz Barakat - World Gold Council Managing Director to the Middle East, Turkey & Pakistan. "The City has successfully established itself as the business centre of the region and we look forward to implementing the discussed strategic growth plans for the coming years, which appear to be extremely promising."

Among the major figures in the global diamond industry attending the meetings were Christopher Thompson, Chairman and Member of the Executive Committee of the World Gold Council; Pierre Lassonde, President of the Newmont Mining Corporation; Rian Raghavjee, Projects Manager of Anglogold Ashanti; Roque Benavides, President and CEO of Buenaventura; Greg Wilkins, Chief Executive of Barrick Gold Corporation; Ian Cockerill, CEO of Gold Fields; and James Burton, CEO of the World Gold Council.