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Emirates take on LBMA with launch of UAE Good Delivery Standard for gold
By Ronan Manly
Bullion Star, Singapore
Friday, January 21, 2022
In the ongoing tug of war between the gold trading centres of, on the one hand, the United Arab Emirates, and, on the other, the axis of London-Switzerland, the UAE has now thrown down the gauntlet with the launch of a UAE Good Delivery Standard for gold, a system that will go into effect in February.
This UAE Good Delivery Standard will be pretty much like the LBMA Gold Delivery Standard for gold and will govern which gold bars from which refiners will be acceptable for settlement and trading in the UAE market.
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Readers of BullionStar blogs will be familiar with the fact that UAE-Dubai and London-Switzerland have not been on the best of terms for quite some time, and that the Dubai / UAE gold industry, in the form of such personalities as Ahmed Sultan Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre, have not been afraid to push back against LBMA–Swiss interference. ...
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