UAE Announces These Rules for Gold Sourcing

The Ministry of Economy (MoE) today held a media briefing on the issuance of the Due Diligence Regulations for Responsible Sourcing of Gold.

The UAE also launched the UAE Good Delivery Standard for Gold in November 2021, a voluntary national standard for the gold sector to establish a framework that favors ideal specifications in the delivery and circulation of gold.

The Due Diligence Regulations specifies the facilities under its control, which include companies working in the field of gold refining and refineries and the recycling of gold products inside and outside the country, falling under the precious metals and gemstones trade sectors, and categorised as Designated Non-Financial Business and Professions (DNFBP).

The regulations state that the controlled facilities must comply with a number of risk management policies when supplying gold from conflict-affected and high-risk areas by following a 5-step framework which stipulates the establishment of an effective governance system, risk assessment in the supply chain, mitigation of identified risks, independent third-party review, and periodic reporting.

These facilities are obligated to present all audit reports required by the regulations annually, while the accredited members operating under the Good Delivery Standard for Gold in the UAE are obligated to submit reports prepared for accreditation purposes to the Ministry on an annual basis in order to fulfill their reporting obligations under these regulations.