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.