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Dubai Gold and Commodities Exchange (DGCX) The commodities exchange in Dubai, UAE. According to its website (accessed April 2017): ‘Dubai has historically been an international hub for the physical trade of not only gold, but also many other commodities and so the establishment of the Dubai Gold and Commodities Exchange (DGCX) was the next logical step for the region and the local economy. DGCX commenced trading in November 2005 as the regions first commodity derivatives exchange and has become today, the leading derivatives exchange in the Middle East.

‘DGCX is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and the Multi Commodity Exchange of India Limited (MCX). The Management team of DGCX comprises senior personnel from the commodities, securities and financial services industries bringing a wealth of experience and expertise to ensure the success of DGCX.’

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Dubai International Financial Centre (DIFC) A financial hub in Dubai, UAE, containing a financial free zone. Its six sectors are: banking services; capital markets; asset management; fund registration; reinsurance; and Islamic finance.

Dubai Mercantile Exchange (DME) An energy-focused commodities exchange based in Dubai, UAE, launched in 2007 and located in the Dubai International Financial Centre.

Dubai Multi Commodities Centre (DMCC) A commodity market in Dubai, UAE founded in 2002.

dunya The world.

Dutch auction An auction whereby the price starts high and drops continuously until a bidder stops it, signifying the price they are willing to pay. Each bidder technically has no way of knowing at which point the rival bidders would stop the auction, so might be tempted to bid early and pay more than if the goods on offer are highly desirable. This in effect means that the prices paid could be way above those that would be paid in a normal, ascending, auction, which is why the Dutch auction is not especially common or popular with buyers. 

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