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RESPONSIBLE SOURCING OF GOLD AND PRECIOUS METALS IN DUBAI, UAE

Gold, since the dawn of civilization, has been recognized as an essential commodity of trade. Over time, its status saw a surge among the people, where owning it was acknowledged as a symbol of power and wealth. Even today, Gold as a commodity finds itself extensively used in trades, bullion, and jewellery. Many of us face uncertainty while dealing with this yellow metal in fear of fraud and thus heavy losses. Therefore, it becomes essential evermore for ethical sourcing of Gold and the transparency to be maintained throughout.

PRACTICES IN DUBAI GOLD MINES:

Countries must mandate Gold's quality being produced by the people for the sheer transparency in the process. The source's credibility plays a significant role in determining the final pricing that needs to be laid down. It is necessary as the Gold must be ethically mined and meet international environmental and social standards.

Some of the several standard criteria that the gold mines must meet include as follows- ● Gold mined must not be obtained by dumping the mine waste into water bodies (also termed river tailing) or submarines. ● Ensuring the fundamental human rights set by the United Nations are met throughout the process of mining. ● The Gold obtained has not been sourced from the methodology that generates hazardous chemicals, which ultimately are drained into water bodies or contaminate the environment. ● Gold is not seized from armed or militarized conflicts. ● Gold is not seized over areas of ecological importance or have those which have been declared conservation zones. ● To see that the workers' rights under the eight core conventions of the International Labour Organization are strictly adhered to. ● The mining activities do not result in the displacement of communities. ● Proper procedures for the closing of mines must be carried out.

Based on the above guidelines, people generally opt for alternatives for better introspection and reliability.

ARTISANAL AND SMALL-SCALE MINING IN DUBAI:

Numerous reasons support artisanal and small-scale mining compared to others. Some of these are enumerated as follows- These include securing new and diverse changes in the procedure that help in securing global supply chains. The groups involved in such activities are generally small family groups or cooperatives, which adhere to rudimentary mining, exploration, and manufacturing methods. Traceability of the gold sources provides the consumers a better idea of the source. Due diligence companies are available that help to retrace the source, inspecting transport hubs based on their positions in the supply chain. This helps in the decentralization of the task and thus better control and quality check. However, some general conflicts in this method revolve around legalization and the reliability of the process. Thus, a universally accepted certification is introduced to provide training and development to such artisans' small-scale mines and prevent infringement of any human right.

Nevertheless, MULTIPLE COMPANIES HAVE ESTABLISHED THEMSELVES FOR RESPONSIBLE SOURCING OF GOLD AND PRECIOUS METALS. And they have conquered this feat with remarkable diligence setting up an excellent example for all of us. Here are some of them.

● DIJLLAH GOLD

Dijllah gold has emerged as a prominent name for its honesty, fair transactions, and ethics. Established in 2005 in Dubai as Dijllah Jewellery FZCO, they have managed to establish their niche in such a short period. They have set up new benchmarks in their domain by setting up new heights through transparency and reliability in their operations. They have focused on creating a positive value in the community by focusing on their past and current attributes.

They have been DGCX certified which is one of the leading derivatives exchanges in the Middle east. Some other laurels include ISO certification etc., which is recognized as a benchmark for quality and technical specifications in gold and silver.

● STONEX

StoneX, over the years, has made its name as a trustworthy trade partner and member over various domains ranging from Bullion, Platinum, and Palladium market to Gold exchanges. They have a globalized network with offices located in some of the world's prominent places, including London, Singapore, Shanghai, and Dubai. Making their name as a reliable trade partner, they have helped in expanding and helping several businesses over time.

● SAM PRECIOUS METAL

With an experience of over two decades in running gold and silver refineries, SAM precious metals boast of a wide range of unparalleled expertise when in its domain. Over the years, it has established its service centers in various corners of the world. With its head office in Dubai, they have collaborated with multiple national and international organizations upholding their value and principles of fair trade.

● ETIHAD REFINERY

Established in the year 2009, the history of Etihad Refinery traces back to the traditional gold markets of Bahrain. Honored with prestigious DGD accreditation for Gold and Silver by Dubai authorities, it has established its name as a premium service provider with quality standards.

Thus, it is necessary for anyone investing in Gold to go through the credibility of the sources they are availing. One must ensure that all the proper guidelines are being followed concerning this trade. The point of contact in the operations must be well assessed. It is advisable as well before investing to go through the statistics and the market thoroughly. This will help you to figure out the best time to invest in this trade.

TO CONCLUDE GOLD REFINERY IN DUBAI:

Gold sourcing has emerged as a prominent trade in the given field. Over time, people have tried to carve out a niche for themselves through various unfair practices and misconduct. Keeping them in mind, many international organizations have drawn out different guidelines over this matter for smooth functioning. Some organizations like Dijllah gold (Dijllah gold Refinery, FZC) , whose practices are renowned for greater accountability, ensure quality.

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