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Malabar Gold & Diamonds reaffirms its commitment to ethical sourcing; Procures 100 per cent traceable ‘RandPure’ gold from Rand Refinery, South Africa

Rand Refinery is one of the world’s leading gold and silver refiners and the only referee status Refiner in the southern hemisphere

Published: Thu 14 Dec 2023, 11:00 AM

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One of the most significant challenges confronting the gold and diamond industry is the assurance of complete adherence to ethical and sustainable sourcing. Accredited by the London Bullion Market Association (LBMA), Rand Refinery is one of the world’s leading gold and silver refiners and the only referee status Refiner in the southern hemisphere, making significant contributions towards setting industry standards with their 100 per cent traceable and certified ‘RandPure’ Gold. Malabar Gold & Diamonds has partnered with Rand Refinery, to procure 'RandPure' gold, positioning itself once again as a major proponent of responsible business practices in the jewellery trade.

Shamlal Ahamed, MD — International Operations, Malabar Gold & Diamonds, received the first shipment of RandPure gold from Rand Refinery CEO Praveen Baijnath, in the presence of Rand Refinery CFO, Dean Subramanian and other senior officials from Malabar Gold & Diamonds.

RandPure gold is 100 per cent ethically sourced, with completely traceable origins. Procured exclusively from Rand Refinery’s Securities Exchange listed mines, the raw materials are processed in a segregated production line. Each RandPure gold batch carries a distinctive ‘RandPure’ mark & a ‘Certificate of Assurance’, providing customers with essential details about the raw material such as the country of origin, mining period, conflict-free nature, etc.

"Sustainability and responsible business practices have formed the core of our operations at Malabar Gold & Diamonds. Through our association with Rand Refinery and procurement of RandPure gold, we are reaffirming our commitment towards responsible and ethical sourcing by opting for gold that meets the strictest industry norms," commented M P Ahammed, chairman, Malabar Group.

“We take our responsibilities very seriously. We have a century-long tradition of putting people, products, and the planet first and are known to exercise the highest level of rigour, well beyond the LBMA requirements. Throughout our history, we have contributed to building a robust mine-to-market value chain in Africa," added Baijnath. “Our volume of due diligence puts pressure on suppliers to improve practices and is a deterrent to anyone that wants to contaminate our supply chain," he continued.

The traceability of RandPure Gold is subjected to an annual audit that is in adherence to conflict zone regulations and guidance from reputable organisations like the World Gold Council, LBMA, and OECD. These guidelines including the Global Precious Metal Code encourage refineries to tackle human-rights violations, avoid contribution to conflicts in volatile regions as well as adhere to high standards of internationally accepted environmental practices, Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies.

Shamlal Ahamed said: "The significance of sustainability gains additional prominence in the aftermath of COP 28, hosted by the UAE, where pivotal sustainability goals were established. The acquisition of RandPure gold serves as further evidence of our commitment as a conscientious jeweller, and the heightened levels of accountability associated with this pledge ensure our steadfast dedication to ethical sourcing."

“Through our partnership with Rand Refinery, we aspire to establish a commendable precedent within the industry, encouraging other organizations to play their role in reshaping the gold supply chain with increased transparency, accountability, and ethical standards," said Abdul Salam K P, vice-chairman, Malabar Group.



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