ABU DHABI, 7th December, 2022 (WAM) –The UAE has announced the exportation of the first shipment of gold exports that conform to the UAE Good Delivery (UAEGD) standard to the International Bullion Exchange of India (IIBX).
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 consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the Indian International Bullion Exchange, according to the Emirates Standard for Good Delivery of Gold. For his part, Anto Joseph, CEO of the Emirates Gold Refinery, said, “We feel proud of the completion of this deal, which enhances international confidence in the UAE’s national gold exports, and sends optimistic messages to investors in that vital sector in the UAE and India. 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.”