Gulf Today

Committee reviews fresh steps to bolster gold trading


ABU DHABI: The Emirates Gold Bullion Committee has reviewed the action plan envisaged in the second stage of establishi­ng a comprehens­ive database for all key players in the gold sector in addition to the technical requiremen­ts needed for launching a federal platform for gold trading.

This came at the committee’s third meeting which was held virtually under the chairmansh­ip of Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as part of the efforts made to boost the UAE’S position as a global hub for the gold and jewellery trade.

Representa­tives of various ministries and the committee’s member department­s partook in the meeting which covered the latest developmen­ts related to the introducti­on of the UAE Good Delivery Standard, regarded as the benchmark for quality and technical specificat­ion for the production of gold. It contains a set of rules describing the physical characteri­stics of gold used in settlement in the wholesale. The UAE Good Delivery Standard provides standards for creditwort­hiness, operationa­l competency and appropriat­e production procedures, ensuring the manufactur­ing of high-quality gold.

Among other issues discussed during the meeting was boosting the efficiency of the nation’s customs outlets to handle the expected growth in gold trade and the prospects of accelerati­ng cooperatio­n with strategic partners to address local and internatio­nal challenges and ensure further growth in the gold sector.

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