KALOTI BEGINS CONSTRUCTION ON ONE OF THE WORLD’S LARGEST PRECIOUS METALS REFINERIES
Dubai, UAE; 9 December 2013: Kaloti Jewellery Group, one of the world’s largest gold and precious metals refiners and trading houses, commemorated the start of construction for its new Dubai Good Delivery precious metals refinery with a ground breaking ceremony in Dubai, UAE and announced the appointment of contractor United Engineering Construction (UNEC).
With a built-up area covering 15,000 sqm in the heart of DMCC, Dubai gold and commodity hub, the new state-of-the-art refinery will cost USD $60 million (AED220 million) and will be one of the world’s largest with a capacity of refining up to 1400 tons of gold and 600 tons of silver per year as well as PGMs and other metals. In addition, the refinery will produce wholesale investment casted and minted bars as well as jewellery and semi-finished precious metals products. It is anticipated to be completed in the first half of 2015.
Munir Kaloti, Chairman of Kaloti Group, said:
“The construction of our new refinery is part of the company’s overall strategy to expand its capacity up to 2,000 tons. It is an imperative development in the company’s global growth and institutionalization scheme and will form the basis of our expansion for the next generation.”
The new refinery will use the most advanced technologies, including the gold and silver electrolysis refining methods, and will feature two laboratories for advanced assaying of gold and silver and other noble metals. It will also be the first refinery to implement Green Building Standards, stipulated by the Dubai Municipality and EHS with regard to the environment, fire and life safety, security and risk assessment and management.
Ahmed Bin Sulayem, Executive Chairman of the DMCC, commented:
“Kaloti’s new facility is a real investment into the long-term future and sustainability of Dubai’s gold trade and in line with DMCC’s continuous drive to enhance the flow of commodities trade through the Emirate. We would like to congratulate Kaloti on this important milestone and look forward to seeing the new refinery, set to be one of the world’s largest, in operation in 2015.”
As part of Kaloti’s refining division, the new refinery will abide with DMCC's Practical Guidance on Responsible Sourcing and the Review Protocol, of which Kaloti Jewellery Group is the first global gold company to have both its trading and manufacturing divisions as fully compliant with.
In attendance at the ground-breaking were Munir Kaloti, Chairman of Kaloti Jewellery Group; Ahmed Bin Sulayem, Executive Chairman of DMCC, in addition to project managers and senior engineers.