An Indian firm is currently in negotiations with the Dubai International Gold, Diamonds and Commodities Center to set up the facility’s fourth gold refinery, reported WAM. The factory would have annual capacity to refine 100 tons of gold annually.
In a bid to capture a 50 percent share of international gold trade, the Center is expected to be transformed into a precious minerals free trade zone. The center’s three refineries are Al-Ghurair Gold Refinery, the Emirates Gold Company and ARY.
The United Arab Emirates (UAE) jewelry market is approximately 25 percent supplied by local fabrication and 75 percent supplied by imports. The country is a major center of gold fabrication, the third largest in the Middle East after Saudi Arabia and Egypt.
The industry consumes close to 40 to 45 tons of annually, mainly in the production of gold jewelry, reported the Gold Fields Mineral Services Consultants. — (menareport.com)
© 2002 Mena Report (www.menareport.com )