LONDON (Reuters) – Dubai-based Emirates Gold DMCC, one of the largest gold refineries in the Middle East, said on Monday that it was working on getting back to the “good delivery” list, certification scheme that sets responsible sourcing rules.
The United Arab Emirates temporary removed Emirates Gold, which has been operating for 30 years, from its “good delivery” list from July 7, the government website showed last week.
“The suspension of the UAE Good Delivery accreditation is merely a temporary suspension and management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated,” the refinery said in a statement.
The London Bullion Market Association (LBMA) last week also suspended Emirates Gold’s affiliate membership until further notice “due to the outcome of the recent LBMA due diligence review.”
The LBMA suspension has been purely a reaction to the UAE’s suspension, Emirates Gold said in the statement, adding that the refinery strictly follows the LBMA responsible sourcing requirements and the UAE Economy Ministry anti-money laundering rules.
(Reporting by Polina Devitt; Editing by Conor Humphries)