UAE to Launch 'Good Delivery Standard for Bullion' Next February

The United Arab Emirates plans to launch a "Good Delivery Standard for Bullion" next February, the UAE Minister of State for Foreign Trade Thani Bin Ahmed Al Zeyoudi announced.

The new strategy aims at increasing transparency and combating illegal trade in the gold market.

"The standard would require refiners to properly scrutinize suppliers and prove to outside auditors they have done so," Al Zeyoudi told 'Reuters'.

This important step came within the framework of ongoing efforts to develop the institutional structure of the gold sector in the country, the minister added.

Through this step, the UAE seeks to strengthen its position as a global center in the manufacture, and trade of gold and precious metals, as it is regarded one of the major countries in this field.

Contributed by Nada Mustafa