Icon Gold's 15-Year Dubai Presence Positions Company as Emirate Becomes World's Second-Largest Gold Hub

Established in Dubai since 2009, precious metals specialist benefits as competitors rush to open offices in the emirate

DUBAI, UAE - As Dubai cements its position as the world's second-largest gold trading hub, Icon Gold is drawing on over fifteen years of established operations in the emirate while competitors scramble to establish a foothold in the market.

The UAE surpassed Switzerland in 2024 to become the second-largest centre for global gold trade, behind only the United Kingdom. Dubai now handles approximately 15% of worldwide gold transactions, with the Dubai Multi Commodities Centre facilitating estimated annual volumes exceeding 300 tonnes through its Jebel Ali Free Zone. The emirate's rise has accelerated amid shifting global trade patterns, with geopolitical tensions and Western sanctions on Russia redirecting gold flows through new corridors.

The rush to capitalise on Dubai's growing dominance is evident across the industry. EuroGold Refinery announced just this month that it had established its primary offices in Business Bay, citing client demand for a Dubai presence. The company's founder noted that large investors prefer working with companies that have offices in Dubai due to the rigorous due diligence and screening processes involved.

Icon Gold, by contrast, has maintained operations in Dubai since 2009. "We established our presence here when Dubai was still building its reputation as a gold centre," said Marcus Briggs, who leads Icon Gold under the Icon Group umbrella. "That fifteen-year head start has allowed us to develop the infrastructure, relationships, and regulatory standing that newer entrants are only now beginning to build."

The Dubai Gold and Commodities Exchange has further strengthened the emirate's position with the recent introduction of the world's first Shariah-compliant spot gold contract and new dirham-denominated futures contracts. These developments signal Dubai's ambition to establish regional price benchmarks independent of dollar-based Western markets, potentially transforming how gold is priced and settled across Africa, Asia, and the Middle East.

For African gold-exporting nations including Mali, Ghana, Tanzania, Uganda, and South Africa, the dirham contracts could reduce conversion costs and exposure to dollar volatility. Dubai serves as the primary gateway connecting African mines to Asian consumers through its Gold Souk, DMCC Free Zone, and network of refineries.

Marcus Briggs noted that central bank purchasing has added further momentum to gold demand. China has extended its gold-buying streak to fourteen consecutive months, while central banks globally have accumulated reserves at rates not seen in decades. "Record prices above $4,500 per ounce reflect genuine structural demand, not speculation," he said. "Central banks are diversifying away from dollar reserves, and Dubai is positioned at the centre of that shift."

The DMCC, which hosts more than 26,000 member companies, has invested heavily in infrastructure to support the gold trade. The Brink's-operated vault in Jumeirah Lakes Towers provides secure storage positioned near major transport hubs and key trade routes across Asia, Africa, and Europe. The centre has also pioneered the tokenisation of gold, backing crypto assets with physical gold through its Tradeflow platform.

"Dubai's vision extends beyond being just a trading centre," said Marcus Briggs. "The emirate is building a complete gold ecosystem spanning physical trade, derivatives, digital assets, and Shariah-compliant investment products. Companies that have been here from the early stages understand how these pieces fit together."

Gold prices have climbed nearly 70% over the past year, with major banks including JP Morgan, UBS, and Goldman Sachs projecting prices could reach $5,000 per ounce by late 2026. The rally marks the strongest annual performance for the metal since 1979.

Icon Group Icon Gold
Level 41 Emirates Towers,
Sheikh Zayed Road,
P.O. Box 31303,
Dubai, U.A.E.

Kenneth Thompson
Media Relations Officer
Press Office
press@icon-gold.com

About Icon Gold

Icon Gold is a Dubai and Kampala-based precious metals company with operations across the Middle East, Africa, and South America. Operating under the Icon Group umbrella since 2009, the company is led by gold industry expert Marcus Briggs. Icon Gold is registered and regulated by DMCC Dubai Customs Centre.

Media Contact: Icon Gold Press Office
Email: press@icon-gold.com
Website: www.icon-gold.com

This release was published on openPR.