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In the presence of His Excellency Abdullah bin Touq Al Marri, Minister of Economy; And His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade and Chairman of the UAE Bullion Market Committee, the UAE Bullion Market Committee launched the “Emirates Standard for Good Delivery” for refineries and smelters.
The event was attended by Ahmed bin Sulayem, CEO and CEO of DMCC, and Ibrahim Al Zaabi, Assistant Governor of the UAE Central Bank for the monetary policy and financial stability sector.
The Emirates Standard for Good Delivery is a voluntary standard that provides a national framework for the gold sector in line with international best practices. The new national standard represents a reference in the quality and technical specifications of refineries and gold production facilities in the country, and includes three evaluation criteria related to the technical capabilities of the facilities, their financial soundness, and their procedures related to gold sources.
Dr. Thani Al Zeyoudi stressed the importance of launching the standard within the framework of the federal policy for the gold sector and in line with the Cabinet’s decision to adopt the Dubai Good Delivery Standard as the applicable standard at the national level.
He pointed out that the standard represents a qualitative addition that contributes to the consolidation of the country’s position as one of the most important poles of the gold, jewelry and bullion trade in the world, and enhances the competitiveness and attractiveness of the products of refineries and local facilities and facilitates their access to global markets.
He added: “The Emirates Standard for Good Delivery” supports the development of the sector’s role as a vital economic tributary that enhances the diversity and flexibility of the national economy system, as the contribution of gold, diamonds, jewelry and jewelry has reached 25% of the country’s total non-oil foreign trade.
On the other hand, His Excellency Ahmed bin Ali Al Sayegh, Minister of State, confirmed that launching the Emirates Standard for Good Gold Delivery is a developmental methodology aimed at promoting and adopting best practices in gold trading in the country, whether exports or imports, as well as manufacturing and logistics operations.
He stressed the importance of continuing to adopt the best initiatives and practices to advance the gold trade sector in the UAE and enhance its position in the global trade map of this strategic commodity.
In 2020, the country’s foreign trade volume of gold, diamonds, jewelry and jewelry amounted to nearly $100 billion, and the UAE’s gold exports grew by 56 percent compared to 2019, with a value close to $30 billion.
In the first half of 2021, the value of the sector’s exports exceeded $18 billion, recording a growth of about 40% compared to the same period in 2020 and nearly double compared to the same period in 2019. The UAE’s bullion exports also recorded a growth of 42% in 2020.
The gold and jewelry sector is witnessing a steady growth in the UAE, as the number of licensed smelters has reached 28, while the country hosts 5,604 facilities operating in the minerals and gemstones sector and related commercial activities.
The UAE Bullion Market Committee formed its executive office, and began the actual implementation of the committee’s activities and initiatives, including managing the operations of the Emirates Standard for Good Delivery.
Mohammed Ali Al Kamali, Head of the Executive Office of the UAE Bullion Market Committee, said: The launch of the Emirates Standard for Good Delivery translates the committee’s work objectives in developing an integrated system for the UAE bullion sector. The office will support the committee by implementing the most prominent initiatives and activities assigned to it, in addition to managing the Emirates Standard for Good Delivery and supervising the progress of the operations of the standard and the programs emanating from it.
He added: We are working in cooperation with all concerned parties to develop various plans for future activities to promote the standard through various channels and at the local and international levels. We will continue our efforts, in partnership with the private sector, to monitor all developments in this vital sector to contribute to its sustainability and consolidate the country’s position as a global center for trade, as we witnessed an increase in bullion exports from 50.6 billion dirhams in 2017 to 105.3 billion in 2020.
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