First Turkish refinery achieves international ranking with inclusion in DMCC's Dubai Good Delivery List

The listing means that IAR's one-kilo gold bars are now accepted for delivery against gold futures contracts on the Dubai Gold and Commodities Exchange (DGCX).

The DGD standard was introduced by DMCC in 2005, in a move to promote international standards, and increase confidence for the local and regional trade, as well as provide the delivery standard for DGCX.

With this award, Istanbul Gold refinery joins the ranks of 23 other international firms that have obtained DGD-listing for approved refiners of gold and silver. IAR was approved by the DMCC Precious Metals Physical Committee for the DGD status after the refinery successfully passed the testing procedures conducted by an independent assayer. The refinery has also met other DMCC quantitative and qualitative requirements for the production of 99.5% pure gold.

"Turkey plays a significant role in the world gold market, ranking second largest in gold fabrication and fourth largest in gold jewellery consumption worldwide," said Colin Griffith, Executive Director of Gold & Precious Metals, DMCC, and Chairman, DGCX.

"Much of the gold jewellery manufactured in the country is currently consumed internally. With IAR awarded the DGD status, the Turkish gold industry is set to explore international opportunities."

In 2006, the total volume of gold fabrication reached 242 tonnes in Turkey, while the local consumption of gold jewellery was 166 tonnes.

"Economic and commercial co-operation between Turkey and the UAE is already at a considerably high level, thus making Turkey an ideal starting point for DMCC to build relationships with the gold trade in Europe. The inclusion of Istanbul Gold refinery into DMCC's approved list of gold refiners is expected to reinforce Dubai-Turkey relationship in the precious metal and other sectors," added Griffith.

He continued: "DMCC's Dubai Good Delivery (DGD) standard monitors product adherence to international standards, and generates increased trade finance activities, by enhancing the confidence in the quality of metal traded."

Omer Halac, Chairman, Istanbul Gold Refinery, said: "This listing is an acknowledgement by DMCC that our processes and products meet the highest international standards. We are very pleased with the recognition this brings to our company and gold products, as it enables us to operate on the global platform, with greater confidence. "

He further added: "As the gateway to the growing consumer markets of the Middle East, Dubai is increasingly becoming one of the most important global destinations for gold, and ranks second only to our home market. With this listing, we look forward to further grow business with Dubai and contribute to its role in the global gold trade."

Istanbul Gold Refinery was founded in 1996 by a group of leading Turkish banks with the support of the Turkish Government Treasury and the Istanbul Gold Exchange. Halac Refinery, which was the first refinery in Turkey to have the technology to produce high quality gold of 9999 purity, acquired IAR in 2002, but maintained its original name.