DMCC plays no role in the regulation of the precious metals industry, including gold, in Dubai or the wider UAE. All regulation is carried out at a federal level by the Ministry of Economy.
DMCC provides a comprehensive ecosystem for precious metals businesses to grow their operations from Dubai. It does this by providing bespoke facilities and services, as well as dedicated business licences and office space. It also connects the industry through events such as the Dubai Precious Metals Conference.
DMCC’s precious metals facilities and services include:
The DMCC Vault, a secure storage facility operated by Brink’s Global Services
DMCC Tradeflow, an online platform to register possession and ownership of commodities stored in UAE-based facilities
The Dubai Gold and Commodities Exchange, the largest derivatives exchange in the Middle East
All regulation of the UAE’s gold industry is carried out at a federal level by the Ministry of Economy. The MoE has established a comprehensive set of regulations and policies to mitigate risks within the precious metals sector.
More information on the due diligence regulations for responsible sourcing of gold can be found on the MoE website.
The UAE Ministry of Economy established the Emirates Gold Bullion Committee to unify national efforts to enhance oversight of the gold sector.
The Emirates Gold Bullion Committee overseas the UAE Good Delivery Standard for Gold, which was launched in November 2021.
This is a national standard that lays out the quality and transparency specifications for gold traders and refiners in the UAE. It was established in accordance with the latest international best-practice standards from the Organisation for Economic Co-operation and Development (OECD).