In a meeting held by the Ministerial Development Council on Sunday, The Council discussed introducing good delivery standard on gold sold in the UAE.
The UAE Good Delivery Standard will be regarded as the benchmark for quality and technical specification for the production of gold. It contains a set of rules describing the physical characteristics of gold used in settlement in the wholesale.
The UAE Good Delivery Standard will also provide standards for creditworthiness, operational competency and appropriate production procedures, ensuring the manufacturing of high-quality gold.
The council further discussed the need to strengthen the growth in the gold sector which accounts for 29% of the total non-oil foreign trade exports of the country.
The meeting was held in Qasr Al Watan in Abu Dhabi and chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
A special committee has been appointed by the Council to monitor the UAE bullion market, along with a federal platform for gold trading and tracking.