UAE considers creating UAE Good Delivery Standard, federal gold platform

UAE considers creating UAE Good Delivery Standard, federal gold platform

The UAE Ministerial Development Council has studied the establishment of the UAE Good Delivery Standard and a federal platform for gold trading and tracking, according to the Emirates News Agency (WAM).

The UAE Good Delivery Standard will be regarded as a benchmark that will provide quality and technical specifications for gold production and rules describing the physical characteristics of gold used in the wholesale.

During its meeting held on Sunday, 6 December, the Ministerial Development Council highlights ways to promote growth in the gold sector, which represents 29% of the total non-oil foreign trade exports of the UAE.

The Council also mulled forming a specialised committee to supervise the UAE bullion market.