Al Etihad Gold Refinery achieves DGD accreditation for Gold and Silver

The DGD Standard is the only globally accepted and relevant standard for 1kg gold bars with a minimum of 995 fineness, as well as the physical delivery standard at the Dubai Gold and Commodities Exchange (DGCX) for futures contracts traded. DMCC also concluded its Dubai Good Delivery ('DGD') renewal cycle for accredited refineries this month which now stands at 19 refineries across 13 countries represented.

Commenting on the benefits of achieving a DGD accreditation for Gold and Silver, Mr. Sami Abu Ahmad, General Manager, Al Etihad Gold Refinery, commented, "To achieve status as a Dubai Gold Delivery accredited refinery has meant that Al Etihad Gold represents the best in its quality of Gold and Silver products. The application process is stringent, based on globally accepted best practices and performed by world class inspection agencies. For Al Etihad Gold, achieving the Dubai Good Deliver accreditation for our Gold and Silver products is a true recognition of our technical and production competencies, complimented by the efforts carried out by our employees. The DGD Standard has already added huge value to the business, especially to our clients, as our brand is now accepted by the DGCX and major international financial institutions. Our DGD accreditation has no doubt enhanced brand recognition and our reputation globally."

Gautam Sashittal, Chief Operating Officer, DMCC, said, "Being able to welcome newly accredited Dubai Good Delivery members such as Al Etihad Gold Refinery and working closely with international precious metals inspection and testing agencies like the Inspectorate International UK is testament to the international relevance of the Dubai Good Delivery as well as DMCC's efforts to ensure that the DGD standard is in line with global best practice".

"The Dubai Good Delivery standard is a world-class robust international benchmark for the production of Gold and Silver. All accredited refineries have signed up to implementing DMCC's guidelines for responsible supply chain management for gold and precious metals, and will be reviewed for compliance by June 2013 based on an agreed Review Protocol", Mr. Sashittal added.

DMCC recently finalised its Responsible Sourcing of Precious Metals Review Protocol, which will ensure that Dubai Good Delivery (DGD) accredited member refineries are compliant with the DMCC's Practical Guidance for Responsible Sourcing of Precious Metals. Adherence to the Guidance will be certified by an independent panel of DMCC approved international audit firms.

Ian Gathercole, Precious Metals and Minerals Division, Inspectorate International Ltd, commented, "Inspectorate International UK, part of Bureau Veritas, is proud to be associated with the DMCC. The steps that the DMCC have taken to ensure their 'Dubai Good Delivery' (DGD) standard accredited refinery members maintain a very high standard of Gold and Silver production and related best practices in their operations, is controlled by the implementation of strict DGD Standards and more recently by issuing a draft Review Protocol for responsible sourcing. Inspectorate has a long experience of auditing global precious metal refineries and we are satisfied that the DGD Standards applied are robust, comprehensive and in line with globally accepted best practices."

Today, Dubai is one of the foremost gold centres in the world, with import and export numbers totalling 1,200 tonnes ($56bn in value) in 2011. DMCC has played a vital role within Dubai's growth as a gold centre by offering physical and financial infrastructure, innovative products and services that benefit the industry, such as the Dubai Gold and Commodities Exchange, the Almas Gold Vault, DMCC Tradeflow, UAE Gold Bullion Coins, the Dubai Precious Metals Conference, the Dubai Gold Advisory Group and the DSAM Kauthar Gold Fund.

A full list of DGD accredited members is available on DMCC's website.