DMCC has led the UAE industry in promoting the implementation of responsible sourcing practices for precious metals, introducing its first practical guidance in April 2012 on the basis of November 2011 recommendations by the Organisation for Economic Co-Operation and Development's (OECD). As of June 2012, it became mandatory for all Dubai Good Delivery (DGD) member refineries to comply with these provisions. The final version of the guidance for the review protocol was delivered by DMCC in January 2013.
DMCC has worked with the Organisation for Economic Co-operation and Development (OECD) advisory group, the developers of the responsible gold guidelines, to develop the ‘Practical Guidance for Market Participants in the Gold and Precious Metals Industry’ (the DMCC “Guidance”). DMCC has taken a leading role in the UAE in engaging Dubai-based gold refiners, traders, companies and representatives to develop and facilitate the implementation of the Guidance in an efficient and cost-effective manner. DMCC is also collaborating with various Governmental Agencies to formalise the implementation of the DMCC Guidance across the UAE.
Gold and precious metals market participants can report any adverse information with regards to conflict gold to DMCC in confidence by email@example.com
In April 2012, DMCC issued a risk management reference manual,Practical Guidance for market participants in the Gold and Precious Metalsindustry (“the DMCC guidance”). Its purpose is to assist DMCC licensed members and other industry participants in the UAE to enforce acceptable standards of due diligence and responsible supply chain management when sourcing gold and precious metals from conflict-affected and high-risk areas. The DMCC guidance incorporates a five-step framework that relies on each stakeholder within the supply chain to collectively work together to ensure due diligence is carried out at the highest level.
In November 2012, DMCC issued theResponsible Sourcing of Precious Metals Review Protocol(the DMCC review protocol), which ensures that DGD accredited member refineries and global industry participants that have adopted the guidance are compliant with the DMCC issued guidelines. Version 3.3 of the Review Protocol was released in August 2014 and the version control documenting previous changes to the Review Protocol can be accessedhere
The DMCC Review Protocol will provide guidance to international audit firms and DMCC approved reviewers for conducting assessments on DGD member refineries’ due diligence processes, as well as ensure a level of conformity when implementing the DMCC Guidance. The Review Protocol promotes responsible sourcing throughout DGD accredited refiners supply chain and will serve as an international industry benchmark.
Comparative analysis of the DMCC Responsible Sourcing Guidance
In June 2013, DMCC appointed SGS London consultants to conduct an expert report comparing DMCC’s Practical Guidance for market participants in the Gold and Precious Metals’ industry (“the DMCC guidance”) with other similar internationally accepted guidelines and industry standards such as those of the Organisation for Economic Co-operation and Development (“the OECD”). The report, published in August 2013, concludes that the DMCC’s Responsible Sourcing Guidance and Review Protocol is aligned with the OECD standards and other international benchmarks.