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DMCC launches Good Delivery Standard for gold industry
BY A STAFF REPORTER

22 February 2005
DUBAI - Dubai Metals and Commodities Centre (DMCC) has launched Dubai Good Delivery Standard (DGDS) for the gold industry, said Colin Griffith, executive director-Gold and Precious Metals, DMCC.

Griffith said the DGDS is aimed at improving the tradeability and distribution of small gold bars.

The Dubai Good Deilvery standard will ensure the manufacture of high quality gold with a minimum purity of 995 in the regional market and will specify the delivery requirements on the soon to be launched Dubai Gold & Commodities Exchange (DGCX). The London Good Delivery standard for the London Bullion Market is the internationally accredited good delivery standard. A good delivery bar for London must weigh between 350 and 430 ounces (gold content), of  minimum purity 99.5 per cent .

In order to be included in DMCC's Dubai Good Delivery list, refineries will now be required to maintain strict standards of creditworthiness, financial strength, operational competency and superior production procedures. Additionally, the small gold bars produced by these refiners would have to meet certain specifications concerning weight, fineness, appearance and marks. This qualifying criteria is designed to ensure the sustainability of the refinery's operations with a specified volume of production and a minimum tangible net worth as defined by DMCC. 

The Dubai Good Delivery listing includes two categories of members. Category 1 covers refineries listed on the LBMA (London Bullion  Market Association) Good Delivery list and whose brands currently hold London Good Delivery status while Category 2 covers other international and local gold refineries who meet all DMCC listing requirments.


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