Dubai’s gold trade caught in crossfire over weak compliance | GulfNews.com:
"While Dubai-headquartered Kaloti Jewellery Group is at the centre of certain international media reports over alleged laxness on its bullion sourcing, Dubai’s multi-billion dollar gold trade itself has been caught in the crossfire over weak compliance requirements.
This, market sources say, is “totally out of step” with reality.
In particular, the reports seem to suggest the supposed presence of “conflict area” gold washing up within Dubai’s bullion industry, and inclusive of refining, wholesale and retail operations.
Plus, there is the impression tied to the reports about less-than-secure control mechanisms on the part of the Dubai Multi Commodities Centre (DMCC), the commodities hub and which is closely associated with the physical storage and the futures contracts on the metal."
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