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DMCC Launches Responsible Sourcing Program for Gold, Silver

Feb 3, 2014 5:41 PM   By DMCC
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Press Release:  The Dubai Multi Commodities Centre (DMCC), Dubai’s and the region’s global gateway for commodity trade and enterprise, has confirmed the launch of its new responsible sourcing market deliverable brand (MDB) accreditation initiative designed to certify gold and silver refineries (in operation for over one year) for their quality and technical production of gold and silver. For gold refineries specifically, the certification also includes responsible sourcing of gold bars in accordance with the DMCC Guidance and Review Protocol.

Gautam Sashittal, the CEO of DMCC, said, “It is important for Dubai, as one of the largest physical gold trading hubs in the world, to give industry participants the assurance that they can trade with confidence knowing that upcoming refineries in the UAE and globally comply with international trade and responsible sourcing best practices. DMCC’s MDB accreditation initiative marks an important milestone as it enables refineries in operation for over one year to ensure their gold is sourced responsibly and that their gold and/or silver production processes are in line with globally accepted best practices to assure quality of their gold and/or silver products. DMCC would like to congratulate Fujairah Gold Refinery for their efforts in becoming the first member of the MDB initiative for gold and silver.”

Being the first gold refinery in the UAE to successfully complete the MDB accreditation process, Tarundeep Arora, the head of operations at Fujairah Gold Refinery, said, “It is the duty of each and every market participant throughout the entire supply chain to ensure gold is sourced responsibly - DMCC’s MDB initiative has enabled Fujairah Gold Refinery to implement these guidelines successfully and they will stand us in good stead as we continue to grow and access new markets in compliance with international benchmarks.”

DMCC has been at the forefront of issuing and implementing guidelines in conjunction with the OECD and other international bodies to promote responsible supply chain management for gold and other precious metals. Adherence to the DMCC guidance and review protocol is certified by an independent panel of DMCC-approved international audit firms.

In 2013, DMCC appointed SGS to conduct an expert report comparing DMCC’s practical guidance for market participants in the gold and precious metals’ industry with other international practical guidelines and industry standards. The report, published in August 2013, concludes that the DMCC’s Responsible Sourcing Guidance is fully in line with the OECD standards and other international benchmarks.

A list of MDB accredited members is available on www.dmcc.ae.

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.


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Tags: DMCC, Dubai, Dubai Multi Commodities Centre, gold, refinery
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