Kaloti Precious Metals

Responsibility is at the forefront of our corporate strategy and has a vital place in moulding our societal impact. As one of the aspects that drives and improves performance at Kaloti, Corporate Social Responsibility is a key contributor to our Corporate Brand Equity and an essential consideration of our manufacturing philosophy.

At Kaloti, responsible business and sustainability is regulated through the governance system and our workforce ensures that sustainability is part of our day to day business activities. We monitor and measure performance of our CSR activities through external reviews and certifications by Environmental, Municipality, and Quality Standard Institutions including ISO, Dubai Municipality, and OHSAS.

As a result of our efforts to boast this approach and bearing testimony to our expertise in sustainability, Suriname government has selected us as a partner of choice in developing the gold refining industry in the region and driving economic development through establishment of the first gold refinery and mint house in the country. This venture will modernize the gold industry in Suriname and will engage the local resources, workforce, gold miners, and associated stakeholders towards realization of this vision for shared value creation.

 

Responsible Sourcing of Gold: We are strong endorsers of OECD responsible sourcing guidelines and encourage our supply chain partners and stakeholders to align their policies with responsible sourcing guidelines.

 

Green Environment: Kaloti gold refinery in Sharja, U.A.E. is a leader in bringing technology for Control of Harmful Emissions in precious metals manufacturing. Our refinery is ISO 14001:2004 qualified for waste management. Our energy conservation team has implemented efficient energy management practices and control of our carbon footprint is an on-going process.

Community Involvement: We are sponsors of charity schemes initiated by Welfare Associations aimed at education and development of refugees in the region. Our own educational programme annually awards 15 full university scholarships to talented and needy students in the region. Under our Innovation Award programme we provide the youth of the region to enter innovation competitions and grants USD 50,000/- to successful applicants. As part of philanthropic initiatives, we routinely sponsor events aimed at youth development and welfare of the handicapped and underprivileged in Dubai.

  • Workplace Development: Our refinery is ISO 14001:2004 certified for Health & Safety Management and we have initiated many more programmes for welfare of our work force in the areas of education, vocational training, emergency assistance, and fire and hazardous material management.
  • Child Labour: KPM will not tolerate the use of unlawful child labor or forced labor in the gold mining and will not accept gold from suppliers and miners that employ or utilize child labor or forced labor in any manner.
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It is the policy and practice of Kaloti Precious Metals to maintain high standards of ethical conduct, to comply with all applicable laws, and to do business only with persons who themselves abide by law and ethical principles. When dealing in precious metals, we will operate only with transparency by all parties and with assurances of legitimacy in all transactions.

Kaloti Precious Metals policy covers all our employees, officers and directors. We expect, and will assist and ensure, that all these persons learn and comply with company standards and laws applicable to their job responsibilities, and to adhere to the guiding principles of this policy. We will supplement and administer this policy through more specific codes and procedures, effective communication and training, regular monitoring and periodic review.

This policy and due diligence procedures that implement it are based on our commitment to conduct business in a culture of honesty and opposition to fraud and corruption; maintain high moral, ethical and social standards in our business and activities; and maintain proper business relationships with all individuals, including government officials and employees and to be fully complied with OECD & DMCC guidelines for Responsible Sourcing of Precious Metals.

In addition

1. Kaloti Precious Metals will follow DMCC and OECD guidelines for combating Money Laundering and the Financing of Terrorism by implementing internal measures as may be deemed necessary.

2. Kaloti Precious Metals will have agreements in place with suppliers that support responsible sourcing of minerals from high risk & conflict affected areas in order to avoid any action which may contribute to financing of conflict.

3. Kaloti Precious Metals will comply with all relevant UN resolutions combating any and all forms of inhuman treatment, forced child labor & sexual violence.

4. Kaloti Precious Metals will be using intelligence systems such as World Check to scan customer’s background against sanction lists including UAE, UN, EU, OFAC and SDN lists.

5. Kaloti Precious Metals will not tolerate direct or indirect support of non state armed groups &/or their affiliates at any level of the mineral production process including but not limited to trade with illegally controlled mines, illegal taxation and/or exportation.

6. Kaloti Precious Metals will not offer, promise, give and/or demand any bribes and/or fraudulent misrepresentations of the origin of minerals, taxes, fees, and royalties paid to governments for any mineral process.

7. Kaloti Precious Metals will not open any account or conduct any business transactions with a potential client ‘Applicant’ unless the KYC forms (account opening forms) are complete and have been approved by the compliance department.

8. Kaloti Precious Metals will implement a risk matrix to assess our customers and based on the status of that client Kaloti Precious Metals will implement enhanced due diligence.

9. Kaloti Precious Metals shall carry out trainings on regular basis within their offices to ensure they are fully aware of Anti Money Laundering, Financing of Terrorism regulation, controls and responsibilities as well as DMCC and OECD guidelines for responsible sourcing of precious metals.

10. Kaloti Precious Metals shall report any suspicious activity or information to DMCC Compliance and Inspection Department or Local Authorities.

11. Kaloti Precious Metals will be conducting internal and external audits to make sure that all procedures and controls are operating in accordance with DMCC and OECD guidelines for responsible sourcing of precious metals.

We require our employees, agents, consultants, and business partners to comply with this policy, and will enforce it with appropriate disciplinary measures, up to and including termination of employment or contract.

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Click below to view the compliance reports:
Grant Thornton Assurance Report 
KPM Compliance Report 

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Click here for the DMCC Guidelines:
DMCC Guidelines

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Click here for the OECD Guidelines:
OECD Guidelines

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Click here for the LBMA Guidelines:
LBMA Guidelines

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Responsible Conflict Minerals Reporting

As the regulatory change around the Gold industry continues to be adapted namely 1502(d)(3)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act) the Governing bodies such as the Department of Commerce and the SEC are requiring US Corporations to report on Responsible Sourcing of Conflict Gold and other named minerals. The Act defines “conflict minerals” to mean “columbite-tantalite (coltan), cassiterite, gold, wolframite, or their derivatives” or any other mineral determined by the Secretary of State to be financing conflict in the Democratic Republic of Congo or adjoining country. From a commercial standpoint, tin, tantalum, tungsten, and gold are equivalent to the minerals set forth in the statute and are more commonly used terms in commerce, and therefore these are the terms used in the listing.

Kaloti Precious Metals has always adhered to meet the highest industry standards by following the guidelines of the of OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, LBMA Responsible Gold Guidance as well as that of our own regulator the DMCC, whose Guidelines can be found here Responsible Sourcing of Gold and Precious Metals.

Kaloti Precious Metals has already been engaging with number of US corporation on this subject for their own SEC reporting and would like to extend the offer out to invite the rest of the US Corporations to contact us directly using a personalised email address sec.enquiries@kalotipm.com that is sent directly to an officer who will handle all SEC reporting enquiries that will allow you to fulfil your SEC reporting obligations, so feel free to contact us directly.

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