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DMCC awards DGD status to Istanbul Gold Refinery

DUBAI — Dubai Multi Commodities Centre (DMCC) yesterday announced that it has awarded the Dubai Good Delivery Status (DGD) status to Istanbul Gold Refinery (Istanbul Altin Rafinerisi - IAR), enabling it to become the first Turkish refinery to achieve international ranking.

The listing means that IAR's one-kilo gold bars are now accepted for delivery against gold futures contracts on the Dubai Gold and Commodities Exchange (DGCX).

The DGD standard was introduced by DMCC in 2005, in a move to promote international standards, and increase confidence for the local and regional trade, as well as provide the delivery standard for DGCX.

With this award, Istanbul Gold refinery joins the ranks of 23 other international firms that have obtained DGD-listing for approved refiners of gold and silver. IAR was approved by the DMCC Precious Metals Physical Committee for the DGD status after the refinery successfully passed the testing procedures conducted by an independent assayer. The refinery has also met other DMCC quantitative and qualitative requirements for the production of 99.5 per cent pure gold.

"Turkey plays a significant role in the world gold market, ranking second largest in gold fabrication and fourth largest in gold jewellery consumption worldwide," said Colin Griffith, executive director of gold and precious metals, DMCC, and Chairman, DGCX.