Kaloti
Precious Metals, one of the world’s largest gold and precious metals refiners
and trading houses, today announces the successful completion of a voluntary
reasonable assurance audit of the company’s precious metals supply chain.
Conducted
by the forensic audit team at leading accountancy firm Grant Thornton, the
audit results confirm Kaloti’s full compliance with DMCC Guidelines, which are
based on the OECD’s, and are in line with international standards for
responsible sourcing of precious metals.
Kaloti’s
Board of Directors voluntarily decided to undertake the audit, with the
engagement aimed at reviewing the company’s compliance in relation to the
responsible sourcing of gold for the period 01 October 2013 to 31 March 2014.
Grant
Thornton’s Audit Report is Kaloti’s most recent demonstration of its commitment
to undertaking voluntary audits as a method of publicly reaffirming the
company’s supply chain is fully compliant with international requirements. As
such, Kaloti also continues to refute previous false and misleading media
allegations made against the company.
Commenting, Tarek El Mdaka, Co-CEO of Kaloti Precious Metals said: “Kaloti is pleased to once again provide evidence of the
full compliance of Kaloti Jewellery International DMCC and Kaloti Gold Factory
LLC with responsible sourcing of precious metals from all its local and
international sources.
“As
an organisation, we are dedicated to providing the highest standards of due
diligence for the good of the industry and the sustainability of our own
business. We remain committed to continually improving our risk
management and reporting processes, and we are regularly educating our staff as
well as suppliers to ensure the highest possible responsible supply chain
standards are maintained.”
To ensue transparency,
and as required by DMCC Guidelines, Kaloti Precious Metals has published the Refiner’s
Compliance Report and Auditor’s Assurance Statement on its website.
