Responsible Sourcing of Precious Metals

DMCC is committed to responsible sourcing and continuously looks to embrace and develop the very latest international standards in due diligence and responsible supply chain management. In the short space of 12 years, DMCC has established a unique eco-system to support a range of commodity sectors, including a robust regulatory framework and innovative physical and financial infrastructure and services.

DMCC's role

DMCC has played an instrumental role in ensuring Dubai remains at the forefront of the global gold trade through the establishment of the appropriate regulatory and ethical standards, such as the DMCC Practical Guidance on the Responsible Sourcing of Gold, a 5-step due diligence framework, and the DMCC Responsible Sourcing of Precious Metals Review Protocol. At the 10th India International Gold Convention, DMCC also received the “Business Catalyst 2013″ award for its pioneering role in responsible sourcing.


DMCC Guidance

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.

The DMCC guidance can be downloaded inEnglish,Arabic,Hindi,Malayalam,French andTurkish

From June 2012, DMCC made it a mandatory requirement for all DGD member refineries for gold to comply with and implement all of the provisions of the DMCC Guidance.


DMCC Review Protocol

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. Released in August 2014,Version 3.3 of the Review Protocol can be accessed here

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.

The DMCC List of Approved Auditors can be found here


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.

Download the Comparative Analysis of the DMCC Responsible Sourcing Guidance and other Relevant Initiatives report – June 2013
Download the Comparative Analysis of the DMCC Responsible Sourcing Guidance and other Relevant Initiatives report – August 2014

 Independent Governance Committee for Responsible Sourcing 

The Independent Governance Committee for Responsible Sourcing was established in January 2015. It provides an independent oversight role on assessments performed pursuant to DMCC's Review Protocol. 

The Committee's objectives include:

  • To ensure consistency, transparency and robustness of the implementation of the Guidance for responsible sourcing of gold and related review process in accordance with the Review Protocol
  • To uphold the integrity of the review process for DMCC’s responsible sourcing programme
  • To perform the annual review of the governance framework for the programme
  • To ensure continuous improvement of the programme

The Committee is composed of industry experts and key stakeholders representing different market segments and geographies. 

Committee members are:

  • Effie Marinos, Sustainability Manager, Consumer Testing Services, SGS London (Committee Chair)
  • Tawhid Abdulla, Chairman, Dubai Gold and Jewellery Group
  • Paul Motmans, CEO, MineralCare
  • Pankaj Parekh, Vice-Chairman, Gems and Jewellery Export Promotion Council of India (GJEPC)
  • Gerhard Schubert, Precious Metals Expert
The short form of the IGC meeting minutes are available here:IGC Meeting 27 July 2015andIGC Meeting 5 October 2015