Welcome!

News Feed Item

Dubai-based Kaloti Brand of Gold Bars Accepted on Hong Kong Mercantile Exchange

DUBAI, UAE, November 11, 2012 /PRNewswire/ --

  • Accepted as Good Delivery Brand for Gold at HKMEX
  • Dubai Good Delivery refinery since 2010
  • Demonstrates robustness and relevance of DGD accreditation in global markets

Kaloti Jewellery International DMCC ('Kaloti'), a leading global corporation accredited by Dubai Multi Commodities Centre's ('DMCC') Dubai Good Delivery ('DGD') Standard announced today that it has been accepted on the Hong Kong Mercantile Exchange (HKMEX) for good delivery of its gold bars. As the only globally accepted and relevant standard for 1kg gold bars with a minimum of 995 fineness, the DMCC's DGD Standard has paved the way for Kaloti to enter Far Eastern markets such as China, Hong Kong and Japan.

     (Photo: http://photos.prnewswire.com/prnh/20121111/573780 )

In June 2012, DMCC made it a mandatory requirement for Dubai Good Delivery ('DGD') refineries to implement all of the provisions of the DMCC Practical Guidance for Responsible Sourcing of Precious Metals in order for DGD members to continue their membership from June 2013. The Guidance also enables other global industry participants to perform the necessary risk assessments to ensure conflict free gold supply chains.

Tarek El-Mdaka, Managing Director, Kaloti Jewellery Group, said:

"Since Kaloti Jewellery International DMCC became a DMCC-licensed member in 2004, our business has expanded from trading to refining, assaying, logistics, financing and more, and today we have established our presence in Istanbul, Miami, Hong Kong and Singapore. Our growth is largely due to the infrastructure, products and services provided by DMCC such as the DGD Standard. Kaloti has been a DGD accredited refiner and an approved gold brand for Dubai Gold and Commodities Exchange since 2010, which contributed greatly towards our recent listing for gold good delivery on the HKMEX.

"The robustness of the DGD Standard has allowed us to maintain transparency and trust amongst our international client base by satisfying the requirements of our regulators and market participants across the globe.Seeing our gold bars accepted on regional and global exchanges, we appreciate the DGD standard also as a catalyst for growth. We are certain that our recent adoption of the DMCC Guidance and complying with the upcoming DMCC Review Protocol will be equally as fruitful as we continue to expand into new markets."

The Guidance is based on the Organisation for Economic Co-operation and Development (OECD) 'Supplement on Gold' for conducting due diligence for responsible sourcing of gold, and incorporates their '5-Step' framework that relies on each stakeholder within the supply chain to work together to ensure due-diligence is carried out at the highest level. DMCC has also been in discussions with concerned UAE governmental agencies to ensure that the Guidance is successfully implemented across the UAE.

Gautam Sashittal, Chief Operating Officer, DMCC, said:

"As the region's leading commodities marketplace, DMCC advocates transparency and due diligence throughout the entire commodities value chain by ensuring that regional standards are in line with global best practices.

Kaloti's experience with the DGD Standard demonstrates its relevance in the precious metals arena, as well as the confidence such standards create among other key participants. By adopting and implementing the DGD Standard and DMCC Guidance, market leaders such as Kaloti are in a position to provide the necessary assurance that they have the appropriate management systems in place to perform risk assessments on their  supply chain and take appropriate risk mitigation actions to encourage conflict free and responsible sourcing of gold."

DMCC will introduce the Responsible Sourcing of Precious Metals Review Protocol in November 2012, which will ensure that Dubai Good Delivery (DGD) accredited member refineries and global industry participants that have adopted the guidance are compliant with the DMCC issued Guidelines. Adherence to the Guidelines will be certified by a panel of reputed international audit firms which will be announced in due course.

Today, Dubai is one of the foremost gold centres in the world, with import and export numbers totalling 1,200 tonnes ($56 billion in value) in 2011. DMCC has played a vital role within Dubai's growth as a gold centre by offering state-of-the-art infrastructure and innovative products and services that benefit the industry, such as the Dubai Gold and Commodities Exchange, the Dubai Gold Vault, and the DGD Standard.

Notes to editors:

About The Dubai Multi Commodities Centre

The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0% corporate and personal income tax, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies. DMCC owns three fully operational towers which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialized diamond and pearl exchanges and gold vaults.

About the Kaloti Group

Established in the UAE in 1988, Kaloti Jewellery Group has benefited from the strategic location of its Dubai headquarters. Dubai is known worldwide as a trading crossroads - where East meets West and North meets South. Kaloti Jewellery Group has leveraged this exceptional position to create a company with a truly global outlook.

An international corporation, with interests that span the globe from the Far East to the Americas, Kaloti Jewellery Group has integrated its operations under the mantle of Dubai Multi Commodities Centre (DMCC). From this location the Group has expanded and now operates in a number of complementary areas.

The Group provides complete precious metal solutions, from the financing of raw material mining in the depths of Latin America, via complex supply and logistics chains, all the way through to the end product - whether beautifully crafted pieces of handmade jewellery or commercial bullion bars.

Furthermore, the Group has attained ISO certification in a number of fields due to an unrelenting focus on quality. With a base in one of the world's foremost gold trading cities, and Dubai's tax-free status and smooth trading environment, the Group is confidently anticipating continued growth - both financially and geographically.

About the DGD Standard

The DGD Standard was originally launched by DMCC in 2005 as an international benchmark for quality and technical specification standards for the production of gold and silver. The objectives of the system are to increase confidence in the gold and silver industry, create more opportunities for trade finance activities and provide a delivery standard for the Dubai Gold & Commodity Exchange ("DGCX").  In addition this delivery service will provide the technical robustness that brings credibility in the market.

About the Practical Guidance for Responsible Sourcing of Precious Metals

DMCC issued this practical guidance in April 2012 to assist DMCC licensed members and non-members within the UAE's gold and precious metals industry on the implementation of the OECD guidelines on conducting due diligence and developing a risk management framework for responsible supply chain management of gold and precious metals when sourcing from conflict-affected and high risk areas. The guidance provides a common reference for all actors in the supply chain on a step-by-step basis to ensure responsible sourcing and chain of custody of the gold and precious metals and to eliminate the risk of direct or indirect support to any kind of conflict in accordance with international standards.

For media enquiries:
Dubai Multi Commodities Centre
Sandra Vetter Sloan
Director
Marketing & Corporate Communications
+971-4-433-6274
[email protected]

Brunswick Group
Jade Mamarbachi
Director
+971-50-600-3829
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Pentaho has announced orchestration capabilities that streamline the entire machine learning workflow and enable teams of data scientists, engineers and analysts to train, tune, test and deploy predictive models. Pentaho’s Data Integration and analytics platform ends the ‘gridlock’ associated with machine learning by enabling smooth team collaboration, maximizing limited data science resources and putting predictive models to work on big data faster – regardless of use case, industry, or languag...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's DevOps Summit at Cloud Expo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq specializes in creating innovative solutions to solve business processes through the use of DevOps automation. Addteq was founded on the firm belief that automation is essential for successful software releases. Addteq's products and services are centered around the fundamental approach of understanding the pr...