The Dubai Multi Commodities Centre (DMCC) has announed the launch of Dubai’s first souvenir gold coin, a series of valuable collectible coins representing the emirate. The first coin in the “Visions of Dubai” series will feature the image of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The Burj Al Arab, Dubai’s iconic landmark will be engraved on the other side of the Visions of Dubai coin.
The name of the coin has been selected to reflect the visionary leadership of Dubai, and the innovative projects that the emirate has unveiled. Other coins in the series will feature images of Dubai reflecting the spirit and identity of the emirate. The first coins will be available in the market by September 2007.
The announcement was made on the first day of the “Dubai City of Gold” conference by Colin Griffith, Executive Director for Gold and Precious Metals, DMCC, and Chairman, Dubai Gold and Commodities Exchange. Griffith said that the series of souvenir coins representing Dubai will be produced in the emirate according to specifications set by the DMCC, and will be sold exclusively by DMCC-licensed agents.
Addressing the attending delegates during his presentation, Griffith said: “Gold is increasingly seen as a sound investment tool and as a hedge against inflation. It is only appropriate then, that Dubai should launch its own official gold coin, which will be truly representative of its leading role in the economy of the region. Equally, considering the emirate’s growing international prominence, we feel that this is an ideal opportunity to launch a series of well-designed and marketed gold coins to the millions of travelers who visit Dubai every year."
DMCC also announced that within the next few months it will appoint multiple licensed agents with exclusive rights to sell these coins. The coin will be marketed through various channels, including banks, dealers, brokerage houses and coin dealers. It will also be sold through retail outlets such as souvenir shops, airport boutiques, and jewellery stores within major shopping centres and markets, such as the Gold Souk.
Made of 22-carat gold and to be produced at a local gold refinery mandated by DMCC, the coins will be produced in four different units: 1oz (34 g), ½ oz (17 g), ¼ oz (8.5 g) and 1/10 oz (3.4 g). The coins will be priced very competitively against the gold price, in keeping with global industry standards.
Ahmed bin Sulayem, Chief Operating Officer, DMCC, said: “We are extremely grateful to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for his leadership of this unique initiative. Typically, it is gold-producing countries that produce and market gold coins to enhance their incomes from standard bar sales. Dubai's position in this regard is exceptional, as it is not a producer. However, it is well on its way to becoming a significant manufacturing and refining centre for the region. The launch of the Visions of Dubai coin is a truly signal event in the history of the emirate.”
He added: “As a government-supported initiative, DMCC is in an ideal position to oversee the production and marketing of the Visions of Dubai coin, in addition to guaranteeing the quality of the coins and monitoring the business practices of the appointed agent.
Expressing the support of the World Gold Council for the project, Moaz Barakat, Managing Director, World Gold Council Middle East, Turkey and Pakistan, said: "Worldwide, there has been increasing demand for souvenir gold coins. Global gold coin sales reached 129 tons in 2006, up from 111 tons the previous year. The coin will add significant value to the gold trade in the emirate and will further promote Dubai as ‘The City of Gold.’ It will also highlight DMCC's role as the facilitator of the gold trade in the region."
Powered by Business.Maktoob.com. All rights reserved
MECOM opens at ADNEC
New Frontiers Award confirms shortlist of ten... 