The Center for the Dubai Multi Commodities, the responsible authority and developer of the Free Zone Jumeirah Lakes Towers, yesterday handbook to provide guidance on the management of risk gold and precious metals under the title “Practical Guide to specialists in the market for gold and precious metals” (“Guide” or “document”). The guide is aimed to assist members holding a license from the center and others on the application of specific standards of due diligence and deliberation when they receive the official gold and precious metals from the conflict-affected areas and high risk. Document has been designed to complement the guidelines on due diligence in the circulation of gold, which released “World Organisation for Economic Cooperation and Development” (OECD) in the spring of 2012.
And the cooperation of the Dubai Multi Commodities with the advisory group affiliated to the World Organisation for Economic Cooperation and Development, which developed the guidance of gold trade is responsible, as he returned the Dubai Multi Commodities to the views and visions of specialists in the refinement of gold and trade, companies and representatives of workers in this field in order to develop the new principles in a manner that is applicable easily and high efficiency while reducing costs to a minimum. The directory of the framework of the five steps can be any of the stakeholders within the supply chain applied collectively to perform due diligence to the fullest, according to the highest standards.
Said Ahmed bin Sulayem, Executive Chairman of the Dubai Multi Commodities: “The position of leading Dubai as a market international trading of precious metals reflect the success of the Dubai Multi Commodities in the promotion of trade goods across the emirate. Therefore aware of the Dubai Multi Commodities important to keep Dubai in the foreground and the requisite that of the highest regulatory standards and ethical by our customers and the Gaza global gold trade in general. lies behind the guiding principles three main objectives, the first being the development of indicators measuring the clear, and second, ensure to make all efforts required for the production of gold is free of conflicts, and finally allow the company to continue to work ininvestment conditions are difficult. “.
Continued Bin Sulayem added: “Sustainable development requires achieving an optimal balance between economic objectives and environmental and social development. Although our understanding of how difficult it is to achieve, but we do our best to ensure access to this goal and ensure its success in the UAE and that permeated his interest to workers in the local and regional markets. “.
The proof of the need to make maximum efforts to reduce the risk of causing conflicts when companies get the gold without affecting the movement of trade. Brochure also proposes creation of a certificate granted by the Dubai Multi Commodities at the beginning of its members to be awarded for non-members at the end. He has the Dubai Multi Commodities developed a program to review periodically and will enable him to make sure that these companies continue to meet all the conditions associated with the certificate.
Dubai is today one of the most important centers of gold in the world with the arrival of its exports and imports of the precious metal to 580 tonnes (worth $ 25 billion) during the first three quarters of 2011. The booklet will contribute to the Dubai Multi Commodities strengthen Dubai’s position as a world leader in the gold sector to become an example in this regard.
Will be reviewed this practical guide in the “Conference of the Dubai Precious Metals,” which will be held during the period between April 29 to 30, 2012 at Almas Tower area Jumeirah Lakes Towers, where the conference will cover trends and recent developments in the precious metals market world Ktjarh gold, and risk management, trade finance .The conference will address many important issues relevant such as marketing, technology, and regional growth and opportunities.