23 March 2005
DUBAI -- South African-based Rand Refinery Limited's first consignment of 100 kilogrammes of gold bars arrived in Dubai for trade and distribution, said Johan Botha, Head of Global Markets for Rand Refinery Limited.
Botha said: "Rand Refinery expressed an immediate interest in the certification and was the first applicant for the standard, which will boost trade efforts with the local and regional markets."
"The creation of the Dubai Good Delivery Standard offers a much-needed standard for trade in the region. We strongly believe that this certification will strengthen our market positioning and boost our efforts to enter new and competitive markets," he added.
Offering strategic access to large consumer markets, the DMCC is encouraging international standards for the gold industry.
The Rand Refinery is an integrated precious metals management company that has built its reputation on quality, reliability and integrity.
"The creation of the Dubai Gold and Commodities Exchange is an added incentive to achieve the accreditation. We aim to have Rand Refinery's kilo bars traded and delivered on the Exchange during the second half of 2005," Botha said.
"The Accreditation from DMCC's Dubai Good Delivery standard requires refineries to maintain strict standards of creditworthiness, financial strength, operational competency and superior production procedures. The qualifying criteria are designed to ensure acceptable standards of weight, fineness, appearance and marks, added Botha.
BY A STAFF REPORTER
© Khaleej Times 2005
