Abu Dhabi, UAE – The UAE has exported the first shipment of gold that meets the UAE Good Delivery (UAEGD) standards to the International Bullion Exchange of India (IIBX), Emirates Gold Bullion Market Committee said on Wednesday.
The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices. It covers quality and technical specifications of refineries and gold production facilities in the UAE.
“The deal is an important step and an added value to the UAE standard for good delivery of gold that will help strengthen the UAE’s position as an international trading center for gold, and represents one of the fruits of the comprehensive economic partnership between the two nations,” Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade and Chairman of the UAE Bullion Market Committee, said.
“The UAE’s participation in global gold trading will enable the country’s refineries and other national companies to gain reliable and reliable access to global markets, while continuing to adhere to best practices and international standards.”
The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the IIBX, according to the Emirates Standard for Good Delivery of Gold.
Anto Joseph, CEO of the Emirates Gold Refinery, said, “The partnership and cooperation with the Indian Stock Exchange deepens channels cooperation, encourages the conclusion of more deals, and will work to increase UAE exports during the next stage.”