13th May 2015
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 gold 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 gold 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.