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Article

4 Mar 2015

Author:
Manoj Nair, Zawya (UAE)

UAE: Systems to be put in place to ensure ethical sourcing of Dubai’s gold & jewellery

"Dubai's gold retail to sign up for ethical sourcing", 2 Mar 2015

Systems are going to be put in place across Dubai's gold and jewellery trade to ensure retailers are in full compliance on their sourcing of the yellow metal. It would mean that all of their transactions will be through "official" channels alone, and which would mean there is no place in Dubai's jewellery stores for gold taken from strife-torn countries...A similar process is being followed...in the local diamond trade by signing up for the Kimberley Process...The template that the trade — and other industry bodies — will use is that set forth by the...OECD...On the ethical sourcing in gold, OECD has in place a 'Due Diligence Guidance for Responsible Supply Chains of Minerals' from conflict affected areas...