(IDEX Online) - The Dubai Multi Commodities Centre (DMCC) will hold an in-depth discussion on "The Evolution and Impact of Taxation on Gold" and "Challenges in the Jewellery Sector" on the first day of the 7th edition of the Dubai Precious Metals Conference.
In India, the government imposed a 5% customs duty on gold jewelry last year. And in the UAE, a 5% VAT rate has been imposed on gold jewelry since the start of 2018. The implications of these taxes and how are they impacting the gold market, along with other issues, will be tackled in depth on the first day of the conference.
The first panel will be moderated by presenter and business journalist Richard Dean, and the panelists include Chandu Siroya, Vice Chairman, Dubai Gold and Jewellery Group (DGJG); Hakan Aytekin, Deputy Director - Precious Metals and Diamond Market, Borsa Istanbul; Albert Cheng, CEO, SBMA; and Bhargava Vadiya, of BN Vaidya & Associates.
Meanwhile, jewelry experts from across the world will be on hand to discuss Challenges in the Jewellery Sector. Gold jewelry represents the largest source of annual demand for gold per sector. Although this has declined over recent decades, it still accounts for around 50% of total demand, says the World Gold Council. India and China are by far the largest markets, in volume terms, together accounting for more than half of global gold demand. The Asian and Middle Eastern markets are dominated by demand for purer, high-quality gold.
Questions relating to policy changes, the geopolitical situation, taxation, the changing preferences of millennials, and how financing availability and costs affect the gold jewelry sector will be addressed by industry players who are dealing with these and other questions on a daily basis, the DMCC said.
The panel will be moderated by Chandu Siroya, Vice-Chairman of the Dubai Gold and Jewellery Group, and will include, among others, Tawhid Abdulla, Chairman, DGJG, and Sandeep Kulhalli, Senior Vice-President, Retail & Marketing - Jewellery Division, Titan.
Other sessions will look at Responsible Sourcing - Expectations and Reality, Bullion Banking: The Road Ahead, the Role & Future of Global Exchanges.