{"id":248879,"date":"2016-09-16T17:56:12","date_gmt":"2016-09-16T17:56:12","guid":{"rendered":"http:\/\/citifmonline.com\/?p=248879"},"modified":"2016-09-16T17:56:12","modified_gmt":"2016-09-16T17:56:12","slug":"ban-hand-carriage-of-gold-dmcc-precious-metals-forum-demands","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/ban-hand-carriage-of-gold-dmcc-precious-metals-forum-demands\/","title":{"rendered":"Ban hand-carriage of gold – DMCC Precious Metals Forum demands"},"content":{"rendered":"
Executive Chairman of the Dubai Multi Commodities Centre (DMCC), Ahmed Bin Sulayem, and other stakeholders, who participated in DMCC\u2019s second Africa Dubai Precious Metals Forum (\u2018ADPMF\u2019) in Accra, have agreed among a number of things that, the global air transport industry enacts a plan to ban the hand-held personal carriage of gold in favour of adopting a \u201ccargo only\u201d policy, which requires proof of responsible sourcing.<\/p>\n
Over 130 industry delegates attended the forum at the Kempinski Hotel on September 7th, to attend the forum.<\/p>\n
Government ministers, regulators, mining industry professionals, security experts, airlines, logistics facilitators and representatives from the OECD, were drawn to the two-day event, which took its theme from an integrated \u2018Special Workshop\u2019 entitled: \u2018Legitimizing the Global Gold Trade.\u2019<\/p>\n
During his welcome speech, Ahmed Bin Sulayem, DMCC Executive Chairman, said: \u201cThrough the Africa Dubai Precious Metals Forum, we seek to strengthen relationships between all market participants, along the Africa-Dubai trade corridor, while creating a theatre of dialogue to better understand the challenges facing Africa\u2019s gold mining and exporting countries, including how the gold trade is conducted.\u201d<\/p>\n
The forum\u2019s theme was developed to discuss ways to combat what has become an unacceptable level of \u2018unofficial’ gold trading, according to participants, which is not only costing governments\u2019 billions of dollars a year in lost revenues, but is impacting severely on the lives of thousands of miners and the supply chain operators through questionable employment, exploitation and transportation practices.<\/p>\n
The sessions, presentations and panel discussions of the two-day forum, covering topics ranging from government policy to employment practices and trading mechanisms, resulted in a clear consensus that whilst various models of government legislation go some way to addressing the complex issues, its industries within the supply chain, both upstream and downstream, could and should do more to help rectify the global problem of questionable practices in the mining, trading and transportation of gold.<\/p>\n
Forum participants also concluded that, in the absence of more robust legislation, airlines and their associations should be asked to do more, as arguably they are the most important component of the supply chain, to help curb the global transportation of gold.<\/p>\n
By banning the shipment of gold via hand-held carry-on baggage, airlines and associations would be protecting passengers on-board from potential security issues, while playing a positive and significant role in reducing the incidence of illicit gold distribution.<\/p>\n
Conference delegates agreed that responsible sourcing is a key factor in determining which path the gold might take to get to its eventual market. Government participants were open about the ineffectiveness of some legislation, or an inability to properly enforce it.<\/p>\n