A gold exchange will soon open in Dubai following the announcement of the first Arab diamond exchange as part of the United Arab Emirate’s “free zone” for gold, metals and commodities.
The new diamond exchange will open in April and, according to the Dubai Metals and Commodities Centre (DMCC), be followed by other exchanges for gold, as well as aluminum, sugar and tea.
The DMCC opened in 2002 and aims to attract half of the global gold trade. It provides a 100% foreign-ownership tax exemption for 50 years.
Under gold dealing, gold options allow holders the right to buy or sell a specific quantity of gold at a previously arranged price by a set date, though holders are not obliged to do so.
Several other exchanges deal in gold, the biggest being the Comex division of the New York Mercantile Exchange; another is the Tokyo Commodity Exchange.
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