Dubai Multi Commodities Centre (DMCC), the Government of Dubai Authority with a mandate to establish Dubai as the global gateway for commodity trade and enterprise, confirms that the two UAE-based Dubai Good Delivery (DGD) refineries Emirates Gold Refinery and Al Etihad Gold Refinery have successfully completed their first cycle of independent third-party audits confirming their compliance with DMCC's Practical Guidance and Review Protocol for responsible sourcing of gold.
The DGD standard was established by DMCC as an the international benchmark for quality and technical specification for the production of gold and silver.
Gautam Sashittal, Chief Operating Officer, DMCC said:
“We are proud to announce the accomplishment of our UAE-based DGD refineries in successfully completing their Responsible Sourcing audits. It is important for Dubai, as one of the largest physical gold trading hubs in the world, to give industry participants the assurance that they can trade with confidence in Dubai knowing that refineries in the UAE comply with international trade and sourcing best practices. DMCC congratulates Emirates Gold Refinery and Al Etihad Gold Refinery for their efforts and commitment to our Responsible Sourcing initiative.”
DMCC has been at the forefront of issuing and implementing guidelines in conjunction with the OECD and other international bodies to promote responsible supply chain management for gold and other precious metals. DMCC’s Responsible Sourcing of Precious Metals Review Protocol, requires that Dubai Good Delivery accredited member refineries are compliant with the DMCC’s Practical Guidance for Responsible Sourcing of Precious Metals. Adherence to the Guidance is certified by an independent panel of DMCC-approved international audit firms.
In 2013, DMCC appointed SGS to conduct an expert report comparing DMCC’s Practical Guidance for market participants in the Gold and Precious Metals’ industry with other international practical guidelines and industry standards. The report, published in August 2013, concludes that the DMCC’s Responsible Sourcing Guidance is fully in line with the OECD standards and other international benchmarks. The full report is available here. A full list of DGD accredited members is available on DMCC’s website.