Dubai, UAE; 9 December 2013: Kaloti Jewellery Group, the world's largest gold and precious metals refiner and a leading international trading house, commemorated the start of construction for its new Dubai Good Delivery precious metals refinery with a ground breaking ceremony in Dubai, UAE and announced the appointment of contractor United Engineering Construction (UNEC).

With a built-up area covering 15,000 sqm in the heart of DMCC, Dubai gold and commodity hub, the new state-of-the-art refinery will cost USD $60 million (AED220 million) and will be the world's largest with a capacity to refining up to 1400 tons of gold and 600 tons of silver per year as well as PGMs and other metals.  In addition, the refinery will produce wholesale investment casted and minted bars as well as jewellery and semi-finished precious metals products. It is anticipated to be completed in the first half of 2015.

Munir Kaloti, Chairman of Kaloti Group, said:
"The construction of our new refinery is part of the company's overall strategy to expand its capacity up to 2,000 tons. It is an imperative development in the company's global growth and institutionalization scheme and will form the basis of our expansion for the next generation."

The new refinery will use the most advanced technologies, including the gold and silver electrolysis refining methods, and will feature two laboratories for advanced assaying of gold and silver and other noble metals. It will also be the first refinery to implement Green Building Standards, stipulated by the Dubai Municipality and EHS with regard to the environment, fire and life safety, security and risk assessment and management.

Ahmed Bin Sulayem, Executive Chairman of the DMCC, commented:
"Kaloti's new facility is a real investment into the long-term future and sustainability of Dubai's gold trade and in line with DMCC's continuous drive to enhance the flow of commodities trade through the Emirate. We would like to congratulate Kaloti on this important milestone and look forward to seeing the new refinery, set to be one of the world's largest, in operation in 2015."

As part of Kaloti's refining division, the new refinery will abide with DMCC's Practical Guidance on Responsible Sourcing and the Review Protocol, of which Kaloti Jewellery Group is the first global gold company to have both its trading and manufacturing divisions as fully compliant with.

In attendance at the ground-breaking were Munir Kaloti, Chairman of Kaloti Jewellery Group; Ahmed Bin Sulayem, Executive Chairman of DMCC; Ahmed Saffarini, Engineering Consultant; Eng A. Halim Muwahid, Managing Director of UNEC; and Hassan A. Nasereddin, Vice President and Area Manager of Projacs.

-Ends-

About Kaloti Group
Established in 1988, Kaloti Group is the world's largest gold and precious metals refiners and a leading international trading house. The company, its subsidiaries and associates employs 300 people in 6 offices, located in Dubai, Singapore, Hong Kong, Miami, Istanbul, Suriname and a gold and precious metals refinery in Sharjah (UAE). The company provides a complete and comprehensive solution for the precious metals industry such as assaying, logistics, bullion trading and refining and vaulting services. Kaloti's refinery is accredited by the Dubai Good Delivery in gold and the Hong Kong Mercantile Exchange (HKME) and has seats on the DGCX, COMEX (division of NYMEX), IGE. It is also a member of the DMCC, DGJG and DGAG, and associated member of LBMA, affording Kaloti the highest international standards and best practice in the industry.

For further information, please visit: www.kalotico.com.

For media enquiries:
Jade Mamarbachi
+971 50 600 3829
kaloti@brunswickgroup.com

© Press Release 2013