DGCX opens trading of SAM Precious Metals gold and silver bars

SAM Precious Metals, which received UAE good delivery authorisation for its gold and silver bars, can now be traded and cleared on DGCX and its Clearinghouse



Ahmed bin Sulayem, CEO of DGCX, and Sami Abu Ahmad, CEO at SPM, at the launch of the SAM Precious Metals trading at DGCX. — Supplied photo
Ahmed bin Sulayem, CEO of DGCX, and Sami Abu Ahmad, CEO at SPM, at the launch of the SAM Precious Metals trading at DGCX. — Supplied photo
by

A Staff Reporter

Published: Mon 21 Nov 2022, 5:12 PM

Dubai Gold & Commodities Exchange (DGCX) on Monday announced that SAM Precious Metals (SPM) gold and silver bars can now be traded on its exchange and clearinghouse as it continues to support members by providing them with a wide range of high-quality innovative products.

In a statement, the DGCX defined SPM as an ‘Intelligent Refinery’ focused on driving innovation. Globally renowned in the industry with high end and efficient facilities in Dubai, and Egypt, SPM is creating a benchmark for gold and silver refinery by utilising the most advanced chemical processes to refine and evaluate gold, silver, and other precious metals.

With the trading of SPM gold and silver bars on DGCX, members at DGCX can securely trade SPM products using the exchange and clearinghouse.

“DGCX is continuously expanding its operations by building new partnerships and providing investors and market participants with products and services that are highly innovative and add value. SPM is a world-class refinery that has received the UAE good delivery authorization for their gold and silver bars, and we are delighted to have the products traded and cleared through DGCX," Ahmed bin Sulayem, CEO of DGCX, said.

"Our partnership with SPM is crucial to driving volumes in the UAE markets, cementing its position as a regional financial and commodities trading hub, especially gold and silver,” he said.

Headquartered in Dubai, the city of gold, SAM Precious Metals is one of the top gold and silver refineries in the UAE that has been a trade member of DGCX since May 2021. It received UAE good delivery authorization for their silver bars in 2021 and UAE good delivery for their gold bars in July 2022.

Sami Abu Ahmad, CEO at SPM, said SPM is a UAE-based precious metals refinery that prioritises meeting the highest standards using deep industry know-how.

"In carrying out the operations, SAM strictly ensures adherence to high ethical and moral standards and follows the process of responsible sourcing. Being able to trade at an esteemed exchange such as DGCX is a testament to our exceptional product quality and rapidly growing demand for our gold and silver bars. We hope to support DGCX in providing market participants with high quality products and drive volumes in the gold and silver markets,” he said.

Dubai Gold and Commodities Exchange (DGCX) recently launched new Physical Gold Futures and Spot Gold Contracts that provide traders and financial institutions the ability to use physical gold as collateral to access affordable sources of short-term lending.

— muzaffarrizvi@khaleejtimes.com


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