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DMCC announces latest member to get DGD standard

DUBAI — Dubai Metals and Commodities Centre (DMCC) yesterday announced the latest member to receive Dubai Good Delivery (DGD) standard. Emirates Gold dmcc is the first local gold refinery to be added to eight approved international firms holding the DGD standard.

The DMCC Gold Physical Committee has approved Emirates Gold's application after the British Standard Institute (BSI) tests of EG gold bars met qualifying criteria for DGD status.

Emirates Gold dmcc (EG) was established in Dubai and has been part of the DMCC free zone community since 2003. EG's activities include refining of gold and silver, foundry, die making and minting of coins and medals. EG's key markets are Middle East, Far East and Africa. EG method and equipment used for assaying, weighing and quality control is consistent with the Swiss Metal Control and its production capacity is approximately 250 to 300 tonnes of gold per year.

In line with its ambitious drive to promote international standards for the local and regional trade, DMCC has developed the Dubai Good Delivery standard. This standard, specifically designed for small gold bars does, in DMCC's view, fully complement the London Good Delivery standard for large 400-ounce bars.

The creation of this standard improves tradability and distribution of small bars and enhances the reputation of approved refineries. By ultimately increasing confidence in the quality of gold bars for the local and regional markets, this system in turn creates extra trade finance activities.

Approved bars will also meet delivery requirements for the Dubai Gold & Commodities Exchange (DGCX) thus easing processes for participants.