Emirates Gold Bullion 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 jewelry 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.

Dr. Al Zeyoudi explained that the committee, under the directives of the UAE’s wise leadership, is confidently progressing on the path toward reinforcing the country’s positions as a global hub for gold and precious stones trading and further facilitating doing business while bringing added value to this vital sector in order to contribute to increasing non-oil GDP, and strengthening UAE’s domestic industry sector and the other supporting fields.

He added that the committee has made a tangible progress in implementing policies aimed at bolstering gold trading and positioning this part of the commodities trade firmly in collaboration with all members and strategic partners in order to ensure the development of robust legislation conducive to spurring further growth in the sector.

The minister added that the Emirates Gold Bullion Committee is determined on ensuring the enforcement of international and standards and criteria to ensure greater transparency and bolster the gold trade.

Source: Emirates News Agency