Kaloti Precious Metals, a leading gold and precious metals refiner and trading house based in the UAE, has completed a voluntary reasonable assurance audit of the company’s precious metals supply chain, the company said.

Conducted by the forensic audit team at leading accountancy firm Grant Thornton, the audit results confirmed Kaloti’s full compliance with Dubai Multi Commodities Centre (DMCC) guidelines, which are based on the Organisation for Economic Cooperation and Development’s (OECD), and are in line with international standards for responsible sourcing of precious metals, it said.

Kaloti’s board decided to undertake the audit, with the engagement aimed at reviewing the company’s compliance in relation to the responsible sourcing of gold for the period October 1 last year to March 31 this year, said the statement.

Tarek El Mdaka, co-chief executive officer of Kaloti Precious Metals, said: “Kaloti is pleased to once again provide evidence of the full compliance of Kaloti Jewellery International DMCC and Kaloti Gold Factory with responsible sourcing of precious metals from all its local and international sources.

“As an organisation, we are dedicated to providing the highest standards of due diligence for the good of the industry and the sustainability of our own business. We remain committed to continually improving our risk management and reporting processes, and we are regularly educating our staff as well as suppliers to ensure the highest possible responsible supply chain standards are maintained.”

To ensue transparency, and as required by DMCC Guidelines, Kaloti Precious Metals has published the Refiner’s Compliance Report and Auditor’s Assurance Statement on its website, added the statement. - TradeArabia News Service