International News
DMCC Launches ‘DMCC FinX’ To bridge institutional capital, trade and technology
DMCC – the leading international business district that drives the flow of global trade through Dubai – officially launched DMCC FinX today during the 13th Dubai Precious Metals Conference (DPMC) at Atlantis The Palm. Bringing together more than 1,000 senior industry figures, the conference convened global leaders from precious metals, finance, policy and technology to examine the forces reshaping the future of the sector.
Held under the theme “The Future of Precious Metals: Tariffs, Tokenisation and Trade Flows,” DPMC 2025 explored the rapid transformation of global commodities markets as geopolitical realignment, emerging technologies and reconfigured trade corridors redefine how value moves worldwide. Discussions centred on the convergence of precious metals, digital assets and finance; the rise of tokenisation; and Dubai’s accelerating role as a centre of trust, transparency and innovation for the global gold and precious metals industry.
Keynote speeches were delivered by H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, Ruth Crowell, Chief Executive of the London Bullion Market Association (LBMA) and global financial commentator Grant Williams. The conference featured senior representatives from leading exchanges, refineries, bullion banks and regulatory bodies, including the World Gold Council, the Shanghai Gold Exchange, CME Group and the UAE Ministry of Economy. Panel sessions explored the realignment of global trade flows, the harmonisation of international standards, responsible sourcing in artisanal mining and the evolving role of bullion banks in a multipolar economy.
One of the headline announcements of the day was the formal launch of DMCC FinX – a strategic expansion designed to connect capital market participants, trade finance professionals and fintech innovators with DMCC’s rapidly growing community of more than 26,000 companies. Built on DMCC’s established financial and commodities infrastructure – including the Dubai Gold & Commodities Exchange (DGCX), its central counterparty and clearinghouse the Dubai Commodities Clearing Corporation (DCCC), DMCC Crypto Centre, DMCC Tradeflow platform, and key industry partnerships with regulatory players such as the Dubai Virtual Assets Regulatory Authority (VARA) – DMCC FinX will bridge real-world commerce, capital markets and digital assets, reinforcing Dubai’s position as a global hub where finance and trade intersect
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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