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Monday, 12th September 2005 (5869 views)

Dubai has announced the commencement of its Dubai Good Delivery, which will complement the London Gold Standard.

This new gold standard will be targeting a different market from London as it will be dealing with small refined gold bars, reports the Economic Times.

It is hoped that Dubai Good Delivery will receive business from India and China as, due to the country's location, it will cost less to ship the bars.

Dubai Metals and Commodities Centre (DMCC) will monitor all the certified gold, which must reach stipulated standards, and this will facilitate better regulation and distribution in Asia.

India does not have its own gold standard as it lacks refinery capacity.

DMCC has also brought in Dubai Gold Receipt, which enables traders to track their gold via the web.

 

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