More than 300 participants along with industry experts, speakers and panellists from the precious metals sector discussed issues and opportunities critical to the future of the worldwide trade at the seventh edition of Dubai Precious Metals Conference (DPMC).

The event was organised by Dubai Multi Commodities Centre (DMCC), a leading free zone for commodities trade and enterprise, last month in Dubai, UAE.

Following the opening speech by DMCC chief executive officer Gautam Sashittal, the conference keynote speech was delivered by Lord Dr Michael Hastings of Scarisbrick CBE, global head of citizenship, KPMG International. Hastings said: “If you want to build a sustainable future, then having values and operating ethically and transparently is critical. You can sign declarations on sustainability but actually creating sustainable development is another step.”

“It is about building a decent and dignified future for the people you serve. The challenge is not about what the metals are worth, but what we give back to the communities, and the freedom and dignity we provide for them,” he said.

Participants immediately moved on to the first panel of the day on ‘The Evolution and Impact of Taxation on Gold’.

Panelist Chandu Siroya, vice chairman, Dubai Gold & Jewellery Group, said: “We are seeing many effects from the impact of 5 per cent VAT after the first three months.”