Kaloti Jewellery Group yesterday started building work on what is to be the world’s largest gold refinery.
The state-of-the-art plant will cover 15,000 square metres at the heart of the Dubai Multi Commodities Centre (DMCC) and cost US$60 million. The facility will have the capacity to refine as much as 1,400 tonnes of gold and 600 tonnes of silver per year as well as other precious metals. The refinery will also produce gold bars as well as jewellery and semi-finished precious metals products.
Work on the plant is expected to be finished in the first half of 2015.
“The construction of our new refinery is part of the company’s overall strategy to expand its capacity up to 2,000 tonnes,” said Munir Kaloti, the chairman of the Kaloti Group. “It is an imperative development in the company’s global growth and institutionalisation scheme and will form the basis of our expansion for the next generation.”
The new refinery will incorporate the most advanced technologies, including the gold and silver electrolysis refining methods, and will feature two laboratories for advanced assaying of gold and silver and other metals. It will also be the first refinery to implement green building standards, stipulated by Dubai Municipality with regard to the environment, fire and life safety, security and risk assessment and management.
“Kaloti’s new facility is a real investment into the long-term future and sustainability of Dubai’s gold trade and in line with DMCC’s continuous drive to enhance the flow of commodities trade through the Emirate,” said Ahmed bin Sulayem, executive chairman of the DMCC.
Kaloti has appointed United Engineering Construction as contractor.