Silver Manufacturing to Get Boost in Dubai

The only silver refinery in the UAE, Emirates Gold, was just awarded the Dubai Good Delivery (DGD) status by the Dubai Multi Commodities Centre (DMCC).

The inclusion of Emirates Gold into DMCC's approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost. Now, silver traders won’t have to buy silver from international suppliers.

The DGD standard was introduced by DMCC in 2005. Its purpose: to promote international standards and increase confidence for local and regional trade, as well as provide the delivery standard for the Dubai Gold & Commodities Exchange (DGCX).

Emirates Gold DMCC is now among 14 other international firms that have obtained a listing on the DMCC-approved list of silver refiners.

“Refining is an important aspect of the precious metals industry and is the first step to establishing a full-fledged manufacturing industry,” said Colin Griffith, Executive Director of Gold & Precious Metals, DMCC, and chairman, DGCX.

Mohammed Shakarchi, managing director of Emirates Gold DMCC, said “the inclusion of Emirates Gold in the approved list of silver refiners 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 our silver products, as it enables us to operate on global platform, with greater confidence.”

Emirates Gold DMCC was established in Dubai in 1992. The company’s activities include: refining of gold and silver, foundry, die-making and minting of coins and medals. The company has a production capacity of approximately 100 tons per year of one-kilo silver bars.

Emirates Gold's key markets include Middle East, the Far East and Africa.