Kaloti Precious Metals


  • 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 Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas guidelines, 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.