Exporting the first shipment of Emirati gold that conforms to the "Emirates Standard Good Delivery of Gold" to the International Stock Exchange of India

The Emirates Gold Bullion Market Committee, which oversees the organization and development of the country's national gold policy and aims to raise the efficiency of UAE exports of this strategic commodity, announced the export of the first shipment of gold exports that conform to the Emirates Standard for Good Delivery of Gold to the International Bullion Exchange of India (IIBX), where the standard is It serves as a guarantor of quality and reliable technical specifications for gold refining and production, which enhances the confidence of global markets in gold exported from the United Arab Emirates, being one of the major countries in the world in gold export.

Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade and Chairman of the UAE Bullion Market Committee, said: “The deal is an important step and an added value to the UAE standard for good delivery of gold that will help strengthen the country’s position as an international trading center for gold, and represents one of the fruits of the comprehensive economic partnership between the UAE and India. The UAE's participation in global gold trading will enable UAE refineries and other national companies to gain reliable and reliable access to global markets, while continuing to adhere to best practices and international standards."

The deal consisted of exporting about 100 kilograms of gold from the Emirates Gold Refinery to the Indian International Bullion Exchange, according to the Emirates Standard for Good Delivery of Gold, after the shipment export contract was listed in the international investment market, as it is the first listing of an export contract on an international stock exchange that meets the requirements of the standard. UAE for good delivery of gold, which contributes to enhancing the confidence of global stock exchanges in the country's gold exports.

The value of the deal, which was listed on the Indian International Stock Exchange, amounted to about $4 million, and the deal is set to contribute to increasing the appetite of Indian gold companies and jewelry factories for gold exported from the United Arab Emirates, as a result of their high confidence in the efficiency of the Emirates Standard for Good Delivery of Gold, along with The Comprehensive Partnership Agreement between the UAE and India, which was signed in the first half of this year, provides a set of facilities and incentives that will increase trade exchange between the two countries.

For his part, CEO of the Emirates Gold Refinery, Anto Joseph, said: "We feel proud of the completion of this deal, which enhances international confidence in the UAE's national gold exports, and sends optimistic messages to investors in that vital sector in the UAE and India, and the partnership and cooperation with the Indian Stock Exchange deepens channels cooperation, encourages the conclusion of more deals, and will work to increase UAE exports during the next stage.”

He added: "The comprehensive economic partnership agreement between the UAE and India enhances growth paths and promotes trade exchanges and sectoral exports between the two countries. The vision of the UAE government and its wise policy regarding the development of the gold sector in accordance with the UAE standard for good delivery of gold will achieve global successes for its exports from these products." strategic commodity.

For his part, Ashok Gautam, Managing Director and CEO of IIBX, said: “The Comprehensive Economic Partnership Agreement signed by the governments of the UAE and India has, according to many signs and indicators, already a significant impact on bilateral trade to facilitate the import of UAE gold bullion according to The standard of good delivery of gold from the United Arab Emirates to India, and the role of the Indian International Stock Exchange will emerge during the next stage as a preferred destination and gateway for trading and importing UAE gold bullion in India and the region, expressing the Stock Exchange's commitment to providing a set of contracts and products to enhance the trade and environment for trading gold bullion.

It is noteworthy that the UAE had announced a federal policy for the gold sector, aimed at developing and governing the trade and circulation of gold in the country in order to be compatible with the best international standards applied in this regard, and to strengthen the position of the UAE as a global center for gold trade, which includes 4 initiatives, foremost of which is the establishment of the Emirates Standard for Good Delivery. for gold, which is a set of rules that define the physical properties of gold and the technical matters related to it, including the certification of gold refining facilities based on responsible sourcing and responsible sourcing of gold.

Also, developing a federal platform for gold trading, establishing a special committee for the UAE bullion market, and building a database for companies and individuals trading in gold.

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