Dubai Center Sees First Gold Refiner Start Operations

Al Ghurair Giga Gold (GGG) refinery has become the first gold refinery to start operations at the Dubai Metals and Commodities Centre (DMCC) and another major producer plans to open a refinery next month.

 

The GGG refinery is a $13.6 million joint venture between the Al Ghurair Group and Haji Muhammad Rafiq, owner of Mazyood Jewellery and began test production earlier this year.

With an annual capacity of 100 tons initially, the refinery is seen as having significant expansion potential since the regional market imports an estimated 2,000 tons annually.

India alone imports close to 900 tons of gold every year while Saudi Arabia, Bahrain, Pakistan and Iran are also large regional gold consumers.

Rafiq, who holds 49 per cent stake in the venture and will also serve as its managing director, said he believed the gold project would play a major role in the UAE’s economic development.

Meanwhile, Emirates Gold is planning to open its new refinery at the DMCC next month which it expects to produce 300-350 tons of refined gold annually compared with its current annual output of 50 tons.