The Dubai Gold and Commodities Exchange (DGCX), a leading derivatives exchange in the Middle East, has welcomed Zee Gold DMCC as a broker member which is a subsidiary of India's first and largest gold refinery.
Zee Gold DMCC, a subsidiary of Shirpur Gold Refinery Limited and part of Essel Group, will play active role in developing Dubai Spot Gold Contract.
"We are pleased to welcome Zee Gold DMCC to the DGCX community. As a key bullion industry participant, we look forward to working closely to build our recently launched Dubai Spot Gold Contract that promotes transparent Loco Dubai price discovery and facilitates physical delivery of 1 kg gold bars on a safe and well regulated, government owned exchange platform," Gaurang Desai, Chief Executive Officer DGCX, said.
"This alliance with DGCX will help create a paradigm shift for the UAE bullion industry and the gold souk participants by providing them access to Loco Dubai gold prices on a federally regulated trading platform," Jeff Rhodes, CEO, Zee Gold DMCC said yesterday.
Dubai Spot Gold Contract, launched in December last year, is the first of its kind in the Middle East. It is aimed at taking the Emirate from being a regional to a more international trading center for the precious metal.
The Shirpur Gold Refinery is India's first and largest gold refinery with an installed refining capacity of 217 Metric Ton per annum of Gold and Silver.
DGCX, established in 2005 and a leading derivatives exchange in the Middle East, is a subsidiary of Dubai Multi Commodities Centre (DMCC), Government of Dubai's initiative to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.
