Photo used for illustrative purpose.

Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE has created its own standard for good delivery in the gold trade, which constitutes a qualitative leap in the sector, stressing during a press conference that the standard adopted in Dubai will be circulated in the Emirates.

In the UAE, there are 28 gold smelters, while the state’s trade in gold and diamonds amounted to Dhs365 billion in 2020, making up a quarter of its non-oil trade.

Al Zeyoudi said that the standard would require refiners to properly scrutinise suppliers and prove to outside auditors they have done so.

On the sidelines of the conference, Ahmed Bin Sulayem, CEO of the Dubai Multi Commodities Center, said that the allegations that the Dubai exchanges did not do enough to regulate the gold trade in them are false and untrue, noting that these allegations were made by some foreign regulators and organizations. Non-governmental organizations aim to damage the reputation of the UAE.

He stressed, "These allegations and attacks are unfounded."