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$60m gold refinery being built in Dubai

New 1,400-tonne Kaloti refinery will be one of world’s biggest and shift balance of power in trade

Image Credit: Supplied
Annual gold refining capacity in the UAE is about 800 tonnes. Switzerland dominates the industry with over 3,000 tonnes, accounting for roughly 50 per cent or more of global refining.
Gulf News

Dubai: In the desert on the outskirts of Dubai, one of the world’s biggest gold refineries is under construction. When completed next year, it will help to alter the balance of power in the global gold industry.

Growth in demand for the precious metal is shifting east, to Asia’s fast-growing economies. But key industry activities such as refining and clearing ­ matching investors’ buy and sell orders ­remain dominated by Europe and the US.


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As on 2018-09-13 00:25:14

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As on 2018-09-13 00:25:14