Tops «Gold conflicts» list of priorities and concerns of the Dubai Conference on precious metals which starts off today, in order to raise levels of awareness among producers of the guidelines and rules are supposed to follow in the process of selecting sources of precious metals in order to purify the gold markets of impurities immoral. Participants in the conference of experts from around the world.
The move comes after he committed the Dubai Multi Commodities »last June, refineries, precious metals, all of which hold membership« standard Dubai to deliver the goods », a« Practical Guide to specialists in the market for gold and precious metals », a prerequisite to keep those plants on its membership in the «Dubai standard for the delivery of goods after June 2013. This obligation came after the Center issued a comprehensive review of the protocols used in the process of selecting sources of precious metals (review), in November.
Include audit guidance for audit firms the world on the mechanism of evaluation of due diligence to members of the «standard Dubai to deliver the goods» from refineries, also aims to provide a degree of consistency in the application «Practical Guide to specialists in the market for gold and precious metals» Special at the Dubai Multi Commodities.
And similar anti-gold rules conflict with the rules of the Kimberley Process which restricted since 2003 diamond exploration in areas conflicts كسيراليون, and these rules are part of a larger effort of the Organization for Economic Cooperation and Development aims to formulate and lay down rules governing the trade of metals globally.
I have put the development of economic cooperation system certain to buy gold ore from the mines, and the system includes guidelines follow by refineries gold buying gold ore so there will be controls on the sources of supply of gold, as well as raise awareness among customers about the importance of avoiding buying gold conflicts and disputes , and show responsibility and the obligation to buy gold, although it is difficult to distinguish between official gold and irresponsible, but to follow these rules contributes greatly to the reduction of gold is in charge.
Reflects issued Multi «went conflicts» discussions of the Conference Dubai gloss Precious fact elevate «standard Dubai to deliver the goods» باكتسابه greater reliability and credibility, where the process is based on the strict application of the standard to the best practices globally, and are subject to audits intensive conducted by a group of prominent specialized agencies at the level of the world, and has become «standard Dubai to deliver the goods» as a global standard followed in the production alloy of gold and silver, and has signed all the refineries approved by the standard on the adoption and application protocols put forward by the Dubai Multi Commodities and targeting the supply charge for gold and precious metals.
And brought these developments to reflect the strategy of the Dubai Multi Commodities aimed to play a leading role in the dissemination of the values associated with ethical responsibility and social to become one of the pillars that promote the trade of precious metals, through compliance with the lines of action guidelines developed by the Organization for Economic Cooperation and Development on combating gold-related conflicts , which aims to increase the moral value of the yellow metal trade along the lines of the Kimberley Process against blood diamonds.
This was followed by, the Dubai Multi Commodities Free Zone Authority JLT launch new terms and conditions to qualify for the Dubai standard for delivery of goods “Dubai having Delevera”. Amendments were introduced after in-depth consultations were made with the dealers in the market and sector representatives along the supply chain of gold.
The “Dubai standard for delivery of goods” which was launched by the Dubai Multi Commodities in 2005, according to international standards, a quality standard based on the level of the region in the production of gold and silver alloy and technical specifications.
The list of the members of the Dubai standard for the delivery of goods refineries international and domestic, which it must adhere to strict standards of the ability to repay, and the efficiency of the process and procedures for the production of sound, which ensures the manufacture of gold and silver alloy high quality.
Revision amendments include increasing the net total value of the refineries members and those applying for accession to the “Dubai standard for delivery of goods.” Moreover, the integration of the Dubai Multi Commodities categories measured “Dubai standard for delivery of goods” in one category, and after that adopted a risk-based approach with respect to audit the new applicants, and control of the current members. And will be subject to the current members and applicants to join a sudden inspection and preventive tougher to make sure you agree the quality of gold and silver alloys with the technical specifications for “Dubai standard for delivery of goods.”
He said Ahmed bin Sulayem, that these guidelines provide real opportunities for the Emirate of Dubai to be abreast of international standards in relation to trade in gold, which enhances their ability to move forward towards the consolidation of its position as a global hub for gold trade, and to strengthen its competitive position in the face of global centers other.
He added: We look forward to increasing awareness of the main companies in Dubai on these guidelines, where Dubai is a global hub for gold trade and, therefore, we hope to apply the companies these guidelines to purify the gold trade from unethical practices, in a manner that contributes to the increase in value Moral of the gold trade.
Ahmed pointed out that the center of the Dubai Multi Commodities is part of the process of developing the guiding lines of action to combat conflict went, as a member of the Working Group on this issue in the Organization for Economic Cooperation and Development.
He continued by saying: The gold market in Dubai is a huge market with all standards, which make the emirate a global player however, and as a global hub, the cooperation with them in this area would enhance our ability to access corporate non-performing in the countries of the Organization for Economic Cooperation and Development, which Dubai-based operations, as the city of Dubai has already become a popular destination for huge amounts of gold gets her from Central Africa.
In this context, said Malcolm Wall Morris, Chief Executive Officer of the Dubai Multi Commodities, “is a strong regulatory framework for the work of the Dubai Multi Commodities testament to his commitment to adopting the highest international standards in the field of product development and services, as well as to enhance transparency.
The amendments to the ‘standard Dubai to deliver the goods’ after a series of consultations with independent experts in the sector as a proactive step effective and transparent. We believe that the revised eligibility criteria will strengthen confidence in the quality of gold and silver alloy produced by plants that bear De leave. G. D, which improves their reputation and thus increases the gold and silver trading and financial trading activities. ”
On his part, said Gautam Sahital, Chief Operating Officer of the operational center of the Dubai Multi Commodities: «Both the process of adoption of the new members, such as« Union of gold », and work equally matched with agencies of the international audit on precious metals, such as« Anspctoraat International », the best An example of compatibility (Dubai criterion for the delivery of goods) with the highest international standards, also highlights the efforts made by the Dubai Multi Commodities to ensure that the standard with international best practices.
It is noteworthy that “Dubai Gold and Commodities” has adopted the measure “standard Dubai for delivery of goods” and leave granted by the Regulation by GSO “brands certified” Gold and silver, which are delivered with the solutions time to repay futures kg gold and a thousand troy ounces of silver.
In the same context, praised Gerhard Schubert, head of precious metals at Emirates NBD, lines of action guidelines in relation to combating went conflicts, noting that it is important to develop lines of action guidelines to regulate the market, the World Gold, similar to what happened with the diamond market, He stressed that Emirates NBD welcomes any initiatives that would prevent the entry of conflicts went to the gold market in Dubai.
Dubai center for precious metals
Approached the development of the city of Dubai as a center for precious metals in a short period of time with all standards of access to the status of ancient cities in the trade of precious metals as a London city famed for trade in precious metals for a period of more than three centuries.
Where folded Dubai an important stage of development in this sector, a stage role was limited only to provide «transit Square» transmitted through incoming shipments of gold, for example, from London to Mumbai, India, but has become this stage of history.
And entered the city of Dubai to another stage which processing and manufacturing quantities of gold alloy body, as it comes gold ore from various mines الموجدة around the world to Dubai for refined and filtered and synthesized in the form of gold bullion, and gold export to abroad through banks London traditional have been doing in the past to export gold directly from London to consumption areas.
But now moved to the work of export of gold from Dubai to consumption areas, in order to reap the benefits is the low cost of refining gold in Dubai compared to refineries gold in London, which maximizes the profit margin of these banks, as well as the growth of the gold traders make them key players in the export of gold bullion out of Dubai.
In the opinion of Tariq pistil that Dubai has succeeded in attracting a large part of the work of the City of London in the gold bullion, and demonstrated supply only that the volume of gold traded in the city of Dubai in 2002 was in the range between 200 and 300 tons, but increased that amount to up to 1200 tons per year, which amounts gold ore of approximately 600 tons per year, pointing out that the company كالوتي imported gold ore in the range of 300 tons per year.
