Thursday, 15th September 2005 (2739 views)

Rand Refinery Limited (RRL) has become the world's first refinery to receive Dubai Good Delivery (DGD) accreditation.

The recently launched DGD standard will provide Dubai with a trading facility, which will ensure gold bullion is properly regulated.

Monitored by the Dubai Metals and Commodities Centre (DMCC) , companies such as RRL will have to meet strict standards of production.

"Refineries applying for good delivery status also have to show compliance with strict financial and operational criteria," says DMCC executive director, Colin Griffith.

Johan Botha from RRL's Global Markets Department said that the refinery aimed to have its kilo bars traded and delivered to the exchange towards the second half of 2005.

It is expected that other refineries will soon receive DGD accreditation.

 

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