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Lighthouse - July, 2021.

BLOCKCHAIN-ENABLED PRECIOUS METALS REFINERY AT DMCC, DUBAI

DMCC has announced signing a sale and purchase agreement (SPA) with REIT Development to establish the largest precious metals refinery and storage facility across the GCC. This refinery will be the first to be entirely enabled by blockchain in the GCC.

As part of the agreement, REIT Development has acquired industrial land strategically located in DMCC’s Jumeirah Lakes Towers (JLT) vibrant business district. The facility will refine and store precious metals, including gold, silver, platinum, palladium, and rhodium, which will be tokenized on goldexchange.com.

DMCC- the world’s flagship Free Zone

DMCC (Dubai Multi Commodities Centre) was established in 2002 by the Government of Dubai to provide the physical, market, and financial infrastructure required to establish a hub for global commodities trade. DMCC Free Zone is the largest Free Zone in the UAE, with more than 18,000 registered members as of 2021.

In 2018, DMCC was named the number one global free zone for a fourth consecutive year by the Financial Times.

DMCC is made for trade and has established Dubai as a leading center for trading international commodities. DMCC is also the world’s fastest-growing Free Zone. Promoting and facilitating trade across various goods from gold, diamonds, and precious metals to tea, food, and industrial materials, the DMCC is home to major multinationals and start-ups.

Gold Exchange DMCC

Gold Exchange DMCC is a secured trading platform. This platform will provide access to financial assets in stablecoins namely GoldCoin, SilverCoin, PlatinumCoin, PalladiumCoin, and RhodiumCoin.

Each Ethereum-based token will represent the current value of one gram of each metal and can be traded on the exchange. The tokens will be physically backed by the precious metals at DMCC’s secure storage facility, meaning they can be traded with confidence.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The gold and precious metals industry is at a tipping point, but without a doubt, there are boundless opportunities that lie beneath the uncertainty of a post-pandemic world.

He further emphasized, “The gold and precious metals industry is expected to witness significant growth in the coming period, and through similar agreements, we can advance the industry as a whole.”

Enabling Blockchain Technologies in Dubai

With the inking of this agreement with REIT Development, DMCC will continue to play a crucial role in pinpointing the UAE on the world map as a leader in the precious metals industry. Deployment of cutting-edge technology such as blockchain is the added advantage to the quotient.

In February 2021, Ahmed Bin Sulayem, the Executive Chairman of DMCC, and Jumeirah Lakes Tower joined the advisory board of the Swiss Government-supported blockchain investment company CV VC following an earlier agreement between DMCC and CV VC and CV Labs.

This partnership will bring a leading blockchain and cryptographic technologies ecosystem to Dubai.

First-of-its-kind facility by REIT Development

REIT Development is one of the leading organizations that is specialized in precious metals and blockchain technologies. This agreement is the first of its kind and will be completed in the last quarter of 2022. This new facility will strengthen DMCC’s position as a global hub for precious metals and a leader in technological advancements.

Mike De Vries, Chief Operation Officer, REIT Development, said: “Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades.”

The 100,000 sqft precious metals refinery and storage will create a decentralized, immutable record of all transactions, making it possible to track all precious metals refined in our refinery and eventually sold internationally to over 150 countries. Customers who buy the products or use the storage can verify all the information in the blockchain.

This will set a precedent for metals trading of the future as blockchain will be the norm of the future. By the year 2025, it is predicted that every precious metals refinery and storage facility will be on a blockchain.

Paul Ashton, Executive Director – Property, DMCC, said: “The appeal of Dubai as a prime destination, combined with our world-class market infrastructure, state-of-the-art facilities, business-friendly environment and unparalleled investments in digital solutions, provide the ideal proposition for any business looking to grow and set operations in the region.”

Source: www.transportandlogisticsme.com, www.dmcc.ae

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