Kaloti Jewellery Group, one of the world’s largest gold and precious metals refiners and trading houses, has appointed Jeffrey Rhodes as managing director of the company’s new Financial Institutions division.

Munir Kaloti, chairman of the Kaloti Jewellery Group, said: “Rhodes is a leading figure in the international bullion market and with his depth of knowledge and experience, is ideally equipped to develop our bullion trading business.”

The Financial Institutions division’s principal aim is to expand and increase the physical bullion trading desk, targeting both institutional and retail clients. The division will also look at initiating and developing all of Kaloti’s trading activities and providing consultation services to current and prospective clients.

“Kaloti is investing in the expansion of its physical bullion trade in anticipation of the opening of our new office in Peru and our new precious metal refinery in 2015,” the chairman added.

“Upon completion of the refinery, Kaloti will have one of the largest gold refineries in the world, with an annual output of 1,400 tonnes. I am confident Rhodes will make a significant contribution in helping help us achieve these goals.”

Rhodes has spent the last 35 years involved in the international precious metals market, working with major bullion banks and financial institutions.

He was prominent in the development of the Dubai Multi Commodities Centre and has been a member of Dubai’s Gold Advisory Group since its inception in 2003. He is a former Chairman of the Public Affairs Committee of the London Bullion Market Association.

“Kaloti is fast moving with extraordinary ambitions to build one of the world’s largest gold and precious metals businesses in the coming years. This is an exciting time to be joining the company and I look forward to supporting their next phase of growth,” Rhodes said. – TradeArabia News Service