Company is aligned with the gold market’s shift towards the East
Kaloti Precious Metals,
one of the world’s largest precious metals refiners and trading houses,
has been accepted as a founder member of the International Board,
Shanghai International Gold
Exchange (SGEI).
Kaloti’s type-B
membership of the exchange allows the company to carry out proprietary
business, which includes trading on the SGEI.
The SGEI was launched
in September 2014 in the Shanghai Free Trade Zone, enabling foreign
companies to directly invest in China’s gold market for the first time
using offshore Yuan.
China is now the
largest producer and consumer of gold in the world, while market
commentators have suggested that China’s gold strategy is to create a
strong currency, backed by large holdings
of physical gold.
Commenting, Munir Kaloti, Chairman of Kaloti Precious Metals, said:
“We are delighted to have been accepted onto the International Board of
the SGEI. This
membership ensures we are aligned with the significant shift in the
gold industry towards the East, and particularly towards China, where
physical demand for gold has witnessed a major increase over recent
years.
“Later this year, our
new refinery located in Dubai will be operational, adding to our overall
capacity and capabilities and enabling us to serve the growing global
markets around the world;
and in China in particular.
“We look forward to
working closely with our new partners and fellow members on the
International Board, SGEI, and we remain fully committed to the highest
standards of best practice within
the precious metals industry.”
Kaloti’s membership of
the International Board, SGEI builds on its many other global industry
memberships and accreditations. In addition to being licensed and
regulated by the Dubai Multi
Commodity Centre Authority, Kaloti is a member of the Dubai Gold and
Jewellery Group, CME Group, IPMI and Hong Kong Jewellery Manufacturers'
Association.
The company also has
seats on the boards of the DGCX, COMEX (a division of NYMEX) and IGE.
Kaloti’s trading and dealing systems are ISO 9004 certified, while
Kaloti’s Sharjah-based refinery
is currently ISO 14001 certified for superior quality, as well as being
ISO 9001 and OHSAS 18001 certified. The company’s gold and silver
testing laboratory is ISO 17025:2005 certified and operates under Dubai
Municipality Order 52.
