The UAE said Thursday that it will launch new ones standard aimed at increasing transparency and combating illegal trade in the gold market.
UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said his country will launch a “coupon standard delivery “for gold in February.
February is on a voluntary basis and this will include a third party review.
The minister indicated that the implementation of the standard The delivery of the good gold will begin next February on a voluntary basis as part of a reform aimed at market transparency, Reuters reported.
Al-Zeyoudi had stated in precedence that these standard they would have required refineries to carry out adequate checks with supply companies and to prove this before external auditors.
The minister stated that this is a new and important step in the framework of the development of the institutional structure for the governance of the gold sector in the country and the construction of an integrated system in this field, in line with leadership directives to adopt best practices that support the UAE’s economic and trade position and enhance its competitiveness as one of the best global destinations in the field of gold trading.
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