The Dubai Multi Commodities Centre (DMCC), which helps to promote the local trade in precious metals, yesterday endorsed a global initiative to curb the market for gold mined in conflict zones.
The UAE came under scrutiny two years ago after a report by the United Nations on the Democratic Republic of the Congo said customs officials in the Emirates had allowed shipments of gold into the country with "minimal documentation" and without requiring importers to say where their metals were purchased or would be sold.
Dubai is a long-established market for gold bullion and jewellery. Its trade is fuelled by demand from India, the world's number one gold consumer.
The new guidelines require traders to track the metal from the mine to the jeweller or bank vault.
"DMCC recognises the imperative to ensure that Dubai remains at the forefront of this global trade sector, which requires the highest regulatory and ethical standards for both our member companies and the global trade of gold," said Ahmed bin Sulayem, the executive chairman at the free-zone authority, which is based in Jumeirah Lakes Towers in Dubai.
"Its purpose is to assist DMCC-licensed members and other industry participants in the UAE to enforce acceptable standards of due diligence and responsible supply-chain management when sourcing gold and precious metal from conflict-affected and high-risk areas," Mr bin Sulayem said.
The new rules echo the Kimberley process for diamonds.
That 2003 protocol restricted the global trade in diamonds mined from conflict zones such as Sierra Leone.
The Organisation for Economic Co-operation and Development (OECD), a group comprising 28 industrialised economies, invited the UAE and India last year to be part of the drafting process.
The DMCC published a practical guide tailored for the UAE in the spirit of the OECD's due-diligence manual.
It introduced a certification programme that will be available to members first and then will be gradually offered to non-members.
The regulator will periodically audit companies to ensure that they maintain standards to keep the DMCC certificate.
Mohamed Shakarchi, the owner of Emirates Gold,a refinery in Dubai, said the new rules would make it more difficult for warlords to smuggle gold out of conflict zones.
"We'll finish from the gold warlords," he said. "The regulations will bring more benefit to the owners offering the concessions to mine, it will make the trade more transparent, and return some of that money to those countries that are already in need."
halsayegh@thenational.ae
twitter: Follow and share our breaking business news. Follow us
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.