When we want to talk about the Dubai Gold Exchange, we cannot cross talking about the Dubai Multi Commodities Centre first. The DMCC the subsidiary of which is the Dubai Gold Exchange is the centrally appointed company or organization the role of which is to handle all sorts of commodity exchange deals and all sorts of trading activities in connection with this in Dubai.
In connection with this, the different commodities with which the DMCC must deal with are segmented and different apartments take care of the different segments. The departments of DMCC deal are respectively the diamond, gold, pearl, tea and cotton. All tasks in connection with gold trading are taken care by the Dubai Gold Exchange (in its full name Dubai Gold and Commodities Exchange) which deals with all Gold related issues. The DMCC in order to simplify the trading operations and their control has worked out a standardisation system, which is called Dubai Good Delivery Standard containing all the rules set in order to control trading in Dubai. This standard system is adopted regarding gold and silver bars coming from or going out of Dubai. Thanks to this standard system, the trading capacity and quality has been improving ever since. The Dubai Gold Exchange is not only there to make business but also to promote overall gold trading in Dubai. The standard is adapted in the whole UAE and in the Middle East as well by now.
In addition, the Dubai Gold Exchange has a strong relation with India though partnerships with the Financial Technologies Limited and the Multi Commodity Exchange of India Limited (MCX) companies. Dubai Gold Exchange is also strongly promoting its partner and membership for foreign traders targeting the manufacturers on the first place but by this not leaving out the chance to join for anyone else. What Dubai Gold Exchange offers is a representative body behind the manufacturer itself who provides help with trading; finding cooperative collaborates for a company with built-in guarantees and risk management provided by another subsidiary of DMCC called Dubai Commodities Clearing Corp. The Dubai Gold Exchange is primarily targeting foreign companies and manufacturers, especially helped by the fact that within the UAE it is impossible to make business without any UAE representative or contracted retailer for foreign companies. The main reason for the promotion is the trading being a tax-free activity together with the employee fees and all additional fees.
Of course, for all this representation and help, there is an annual fee. If the participant wishes to mode in the UAE, then it is all the easier as its manufacturing operations will also get much cheaper and that is what the Dubai Gold and Diamond Park complex uses for promotion. Dubai Gold Exchange also offers credit for its partners together with continuous controlling on all the activities. The Dubai Gold Exchange uses an electronic system in order to prevent operations from more additional costs. This system is called Exchange Central System, which works as any common network for its users.
Dubai Gold Exchange is among the most important subsidiaries of the DMCC Group as gold and gold trading still plays a leading role in the country. By centralising its trading and rules regarding trading, the Dubai Gold Exchange makes a highly successful work, getting several new members every month.
