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Due Diligence Regulations for Responsible Sourcing of Gold

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Summary

The regulations require all gold and precious metals refineries in the UAE to undergo a due diligence process to ensure that they only source gold from responsible and sustainable sources. Refineries must also obtain a responsible supply chain certification from a recognized international organization. In addition, the regulations require all gold and precious metals traders to implement a responsible sourcing policy and conduct due diligence on their suppliers to ensure that they also adhere to responsible and sustainable sourcing practices. The UAE government has also established a national committee to oversee the implementation of these regulations and ensure compliance across the gold industry. Failure to comply with the regulations can result in penalties and revocation of licenses.

Thumbnail image for The regulations require all gold and precious metals refineries in the UAE to undergo a due diligence process to ensure that they only source gold from responsible and sustainable sources. Refineries must also obtain a responsible supply chain certification from a recognized international organization. In addition, the regulations require all gold and precious metals traders to implement a responsible sourcing policy and conduct due diligence on their suppliers to ensure that they also adhere to responsible and sustainable sourcing practices. The UAE government has also established a national committee to oversee the implementation of these regulations and ensure compliance across the gold industry. Failure to comply with the regulations can result in penalties and revocation of licenses.
Issuer

United Arab Emirates

Year

2021

Region

Middle East

Issuer (type)

Ministry of Economy (Government)

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Mining, Quarrying, Oil & Gas Extraction
  • Transportation & Warehousing
  • Manufacturing
  • Retail trade
Restrictiveness

Very High

Sustainable Development Goals (SDGs)
  • SDG 16: Peace, Justice, and Strong Institutions
  • SDG 17: Partnerships for the Goals

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