Friday, 21st October 2005 (3162 views)

Emirates Gold DMCC has become the first local gold refinery to be accredited with Dubai Good Delivery (DGD) standard.

DGD was recently set up to improve the distribution of small gold bars and to ensure their quality. It functions much like the London Good Delivery Service, which covers larger gold bars.

All approved gold bars automatically meet delivery requirements for the Dubai Gold and Commodities (DGCX), due to be launched next month, which will create further trading opportunities for traders in the region.

"Emirates Gold is a good example of how companies from the region and beyond will be able to obtain internationally recognised status from DMCC, and have the opportunity to offer their gold for trade over the region's biggest exchange for gold, DGCX," Colin Griffith, the DMCC's executive director of gold and precious metals told AMEInfo.

Dubai-based Emirates Gold refines gold and silver in addition to minting coins and medals, die making and foundry. Its production capacity is estimated at 250 to 300 tonnes of kilo gold a year.

Emirates Gold's new status brings the total of approved international firms to nine.

 

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