Press Release

Dubai: For one of the Middle East’s biggest gold refiners, it wasn’t an easy time.

In June of 2023, Dubai-based Emirates Gold found itself removed from the UAE’s ‘Good Delivery List’, which was quite detrimental to its operations. (Meeting the UAE Good Delivery standard is critical for refiners of bullion (and silver) if the bars that they make are to be traded and sold in international commodity markets.)

“This meant our refining production went down, which is the wholesale kilo-bar business,” said Abhijit Shah, who recently took over as CEO of Emirates Gold. “Our capacity was running at probably 30%-35%, even less at times.”

Dubai: One of the UAE’s biggest gold refiners, Emirates Gold, has been bought by Bright East Holding 1, which is an ADGM (Abu Dhabi Global Market) licensed entity that operates in the venture capital and private equity space.

Bright East’s takeover of Emirates Gold adds to its reach in the metals and commodities space. The value of the deal has not been disclosed. The DMCC-based Emirates Gold is into refining and minting of coins and bars. Its operations also cover smelting and assaying (which is to do with determining the quality of gold).

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 founder of the Emirates Gold refinery in Dubai has proved that even the most daunting of professional setbacks can be overcome and long-held dreams can eventually be realised with hard work and a little help from your friends, Hadeel Al Sayegh reports.

Mohamed Shakarchi can still remember when, as a boy in the 1940s, he would watch his father buying and selling gold at a street market in Beirut.

Traders from around the Levant would come to the Lebanese capital to deal in strips of gold, nicknamed “frenchfries”, in coffee shops thick with smoke from nargile pipes.

“Some of the men would be holding rosary beads saying, ‘I buy, I sell, I buy, I sell’ with every flick of the bead,” Mr Shakarchi recalls.

Dubai: Dubai Multi Commodities Centre (DMCC) yesterday announced that Emirates Gold, the only silver refinery in the UAE, has been awarded the Dubai Good Delivery (DGD) status, thereby enabling it to achieve international ranking.

The inclusion of Emirates Gold into DMCC’s approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost, as silver traders do not have to turn to international suppliers for their requirements.