DMCC clarifies media reports about China centre

The Dubai Multi Commodities Centre (DMCC) has issued a statement ruling out that it had asked gold traders in the emirate to establish businesses in China or any other region.

"With reference to the recent media reports on DMCC's activities in gold trade, the Centre wishes to clarify it has never asked Dubai-based gold traders to set up businesses in China or any other region instead of their current regional operations. DMCC has encouraged partnership between gold traders in Dubai and their Chinese counterparts, as the Centre recognises the opportunities presented by China's growing gold trade," the statement said.

"The cooperation between gold traders in Dubai, which has the largest per capita gold sales, and China, the second largest-consumer of gold, will facilitate greater trade opportunities between both markets. DMCC strongly believes that Dubai will continue to reinforce its status as the 'City of Gold' through its fundamentally strong gold market place."