Text size:

  • Small
  • Normal
  • Large
Kaloti's new facility at the DMCC 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. Above, gold is being refined at the company's plant in Sharjah. Delores Johnson / The National
Kaloti's new facility at the DMCC 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. Above, gold is being refined at the company's plant in Sharjah. Delores Johnson / The National

Kaloti begins work on world’s largest gold refinery at DMCC

It will cost $60 million and be capable of refining up up 1,400 tonnes of the precious metal annually.

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.

lgutcher@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 An air traffic control tower is seen at the central terminal of LaGuardia Airport on April 8, 2014. Shannon Stapleton / Reuters

In pictures: New York’s LaGuardia Airport in need of a rebuild

With constraints on its resources and no appetite for further debt, private investors and developers are being tapped to rebuild the 50-year-old central terminal for $3.6 billion, instead of using traditional public finance methods.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 An Uber taxi driver drives his car through a street in New Delhi, India. Saurabh Das / AP Photo

In pictures: On-demand cab service app Uber targets India

Taxi-hailing smartphone app Uber is making a big push into Asia with the company starting operations in 18 cities in Asia and the South Pacific including Seoul, Shanghai, Bangkok, Hong Kong and five Indian cities in the last year.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National