Dubai: The gold refinery operator and bullion dealer, Kaloti Precious Metals, said it has been found to be in full compliance with the DMCC (Dubai Multi Commodities Centre) Guidelines. The guidelines require DMCC member firms to rigorously follow set processes on their sourcing of the metal from the open market.
That Kaloti is in conformation with the DMCC requirements follows an audit conducted by Grant Thornton, the accountancy firm. The audit applied to two of the company’s operations — Kaloti Jewellery International DMCC and Kaloti Gold Factory LLC.
The audit — a voluntary one on the refiner’s part — applies to Kaloti’s sourcing of the metal from October 1, 2013 to March 31. (The DMCC Guidelines are in sync with those issued by OECD.) Earlier this year a controversy had erupted in sections of the UK media after an official at the global firm E & Y was quoted as saying that there were discrepancies in some of the sourcing done by Kaloti.
Kaloti had vigorously opposed the assertion and had said at the time that it had always been in sync with regulatory requirements and best practices within the industry. After the initial flaring up following the revelations, matters had died down pretty quickly. DMCC on its part had also issued statements saying that the most stringent compliance standards are expected from — and met by — its members.
Following the Grant Thornton audit trail, as required by DMCC Guidelines, Kaloti Precious Metals has published the ‘Refiner’s Compliance Report’ and ‘Auditor’s Assurance Statement’ on its website.
“Kaloti is pleased to once again provide evidence of the full compliance,” said Tarek Al Mdaka, Co-CEO of Kaloti Precious Metals.
“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.”
In its statement, Kaloti reiterated that it “continues to refute previous false and misleading media allegations made against the company”.
