Tuesday, 22nd February 2005 (3208 views)

The Dubai Gold and Commodity Exchange (DGCX) is set to become one of the world's top exchanges within five years, according to officials.

First launched 15 months ago, the Dubai-India venture is set to come into operation later this year and was set up by the Dubai Metals and Commodities Centre (DMCC), Multi Commodity Exchange of India (MCX) and the Financial Technologies India (FTIL).

Jignesh Shah, managing director of MCX, said: "Within three to five years, the DGCX can become among the first five exchanges in the world."

"MCX was launched 15 months back and has become the third largest exchange in the world in bullion," Mr Shah, told delegates at the third Dubai City of Gold conference.

An agreement to create the exchange was signed last year, since Dubai is seen a key player in the international market and India is a key consumer, with 700 tonnes of gold consumed each year.

According to Mr Shah, the DGCX is "well on track" and contract specifications and membership models have already been finalised.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.