DUBAI - The United Arab Emirates (UAE) will launch new standards aimed at increasing transparency and combatting illicit trading in the bullion market, it said on Thursday.

The Good Delivery Standard will be introduced in February on a voluntary basis and will include a third party audit, Minister of State for Foreign Trade Thani Bin Ahmed Al Zeyoudi said.

The UAE is one of the world's biggest bullion trade hubs.

Al Zeyoudi had previously told Reuters the new standard would require refiners to properly scrutinise suppliers and prove to outside auditors they have done so.

(Reporting by Hadeel Al Sayegh Writing by Lina Najem Editing by Christopher Cushing and Mark Potter) ((Lina.Najem@thomsonreuters.com;))