Physical gold, traded through one of the world’s leading gold centres
We trade physical gold with refineries, bullion banks, wholesalers, jewellery manufacturers and institutional investors. Dubai is one of the world’s leading physical gold centres, and our UAE base gives us direct access to its refining, vaulting and logistics infrastructure.
A round-the-clock market across linked hubs
London sets the global benchmark price, New York and Shanghai host the largest futures and exchange markets, and Dubai, Hong Kong, Singapore and Switzerland handle much of the world’s physical refining and delivery.
- Dubai and the UAE. A major hub between African, Middle Eastern and Asian supply and demand, with accredited refineries and free-zone vaults.
- Asia. Strong jewellery and investment demand in India, China, Southeast Asia and Cambodia, which our Asian client network serves.
Bullion trading
Purchase and sale of refined bars and coins to wholesale, institutional and manufacturing buyers.
Doré offtake
Gold doré from licensed mining companies, refined at accredited refineries before resale.
Back-to-back and spot
Matched purchase and sale contracts priced from the LBMA Gold Price, to limit open price exposure.
Supply programmes
Scheduled delivery of bullion or grain to jewellery and industrial clients.
Bars, coins, doré and grain
| Product | Fineness | Typical form | Principal customers |
|---|---|---|---|
| Five-nines gold bars | 999.99 (99.999%) | 1 kg bars; other sizes on request | Investors, high-tech industry, central and private banks |
| Fine gold kilobars | 999.9 (24K) | 1 kg bars | Wholesalers, investors, jewellery trade |
| Good Delivery bars | Minimum 995.0 | About 400 oz (12.5 kg) bars | Bullion banks, institutional vaults |
| Small bars and coins | 999.9 | 1 oz to 100 g bars, bullion coins | Retail distributors, private investors |
| Gold doré | Variable, by assay | Bars from licensed mines | Refineries |
| Granules and grain | 995 to 999.9 | Grain, casting shot | Jewellery and industrial manufacturers |
99.999% with an LBMA-accredited hallmark
| Purity | 99.999% Au (999.99 fine, “five nines”) |
| Standard weight | 1 kg (32.1507 troy oz) |
| Refiner | On the LBMA Good Delivery List |
| Hallmark | Refiner’s name and logo, fineness, weight, unique serial number and year of manufacture |
| Certification | Refiner’s assay certificate for each bar, plus a full bar list |
| Packaging | Individually sealed, tamper-evident packaging |
| Delivery | Insured, to an approved vault in Dubai or another agreed hub |
Every bar we supply carries the hallmark of a refiner accredited to the London Bullion Market Association (LBMA) Good Delivery standard, such as Valcambi, PAMP, Argor-Heraeus or Metalor. The hallmark is accepted by banks, vaults and exchanges around the world, which makes our gold easy to verify, finance and resell.
LBMA does not stamp bars itself. “LBMA standard” gold carries the hallmark of an LBMA Good Delivery-accredited refiner. 400 oz Good Delivery bars have a minimum fineness of 995.0.
How we price gold
| Benchmark | LBMA Gold Price, set twice daily in London (AM and PM auctions, in US dollars per troy ounce), or live spot XAU/USD at execution |
| Premium or discount | Agreed per deal for bar size, fineness, brand, delivery location and timing |
| Doré pricing | Payable gold content by final assay, priced on the benchmark, less agreed refining, assay and logistics charges |
| Units | 1 kg = 32.1507 troy oz; 1 metric tonne = 32,150.7 troy oz |
| Price fixing | Fixed at the time of order, or on an agreed benchmark date, recorded in a written trade confirmation |
Ways to trade with us
| Spot | Price fixed on the trade date; delivery and payment within two business days or as agreed |
| Back-to-back | Purchase and sale matched on the same terms, so we carry no open price position |
| Forward | Price fixed today for later delivery, hedged with a bank or exchange |
| Doré offtake | Term agreement with a licensed mine, settled on refinery assay |
| Supply programme | Scheduled monthly or quarterly deliveries to jewellery and industrial clients |
| Location swap | Exchange of metal between vault locations to shorten delivery time and cost |
Six steps from enquiry to title transfer
No metal moves and no payment is released until the step before it is complete.
Enquiry and KYC
Counterparty identity, ownership, licences and sanctions screening are completed before any offer is made.
Offer and contract
Product, quantity, fineness, price basis, delivery location and payment terms are agreed in a written sale and purchase agreement.
Payment security
Letter of credit, standby letter of credit, escrow or delivery versus payment is put in place before metal moves.
Inspection and assay
Bars are checked against the bar list, hallmark and serial numbers. Doré is weighed, sampled and assayed.
Transport and vaulting
Insured, bonded carriers deliver to an approved vault, where title and metal are transferred.
Settlement and title
Payment is released against final assay, vault receipt and title documents, and the trade is closed.
Traceable from mine to vault
- Approved sources only: licensed mines, LBMA or UAE Good Delivery refineries and established bullion dealers.
- Mine due diligence: mining licence, export permits, ownership, capacity and site location reviewed before any doré purchase.
- Refining: doré is refined at accredited refineries, which issue the final weight and fineness report.
- Assay-based settlement: on the refinery’s or an independent assayer’s final assay, never on the supplier’s declaration alone.
Payment protected for both sides
| Delivery versus payment | Payment and transfer of metal take place at the same time at an approved vault |
| Letter of credit | Documentary LC from a first-class bank, payable against vault receipt, assay and title documents |
| Standby letter of credit | Security for supply programmes and forward deliveries |
| Escrow | Funds held by a bank or licensed escrow agent and released on agreed conditions |
| Prepayment | Only for approved, audited suppliers, within limits set by Board Resolution |
Insured from collection to delivery
| Secure transport | Insured, bonded carriers such as Brink’s, Malca-Amit or Loomis, from origin to destination |
| Vaulting | Approved, insured vaults in Dubai or other agreed hubs, with segregated or allocated storage |
| Insurance | All-risk specie and transit cover for the full value of metal from collection to delivery |
| Audit | Regular vault statements and bar list reconciliation |
Every shipment fully documented
- Sale and purchase agreement and trade confirmation
- Commercial invoice and packing list (bar list)
- Refiner’s or independent assay certificate
- Certificate of origin and export permit
- Mining licence and chain-of-custody records for doré
- Airway bill and insurance certificate
- UAE customs import and export declarations
- Vault receipt and title transfer documents
In the UAE, investment gold of 99% purity or above is generally zero-rated for VAT. Tax treatment is confirmed for each transaction with our advisers.
Matched books and daily valuation
- Matched books. Most purchases are matched with a sale at the same price basis, so open price exposure is close to zero.
- Hedging. Any unmatched stock is hedged with gold futures or bank forward contracts.
- Limits. Position, counterparty and stop-loss limits are set by Board Resolution and reviewed daily.
- Daily valuation. All stock and open contracts are valued at market every business day.
Gold volumes, 2027 to 2031
Client demand starts at 3 metric tonnes of gold in 2027 and is planned to grow by 25% each year.
Gold
Metric tonnes a year · +25% a year
| Year | Metric tonnes | 1 kg bars | Troy ounces |
|---|---|---|---|
| 2027 | 3.00 | 3,000 | 96,452 |
| 2028 | 3.75 | 3,750 | 120,565 |
| 2029 | 4.69 | 4,688 | 150,707 |
| 2030 | 5.86 | 5,859 | 188,383 |
| 2031 | 7.32 | 7,324 | 235,479 |
Projections based on demand indicated by clients, not contracted commitments.
Where our gold goes
| Market | Customers |
|---|---|
| UAE (Dubai) | Refineries, bullion dealers, vault operators and jewellery wholesalers |
| Cambodia and ASEAN | Jewellery manufacturers, retailers and investors |
| India | Jewellery manufacturers and bullion importers |
| Hong Kong and Singapore | Bullion banks, dealers and private investors |
| Switzerland | Refineries for doré and recycled gold |
Our gold business is designed to align with the UAE Ministry of Economy Due Diligence Regulations for Responsible Sourcing of Gold and the OECD Due Diligence Guidance for minerals from conflict-affected and high-risk areas. We do not accept gold linked to conflict financing, unlicensed mining, child or forced labour, environmental crime or sanctioned parties.
Discuss a cargo, a term supply or a gold purchase.
Send your Letter of Intent or Request for Quotation. Every enquiry is answered by a member of our trading team after counterparty checks.