India to receive only conflict-free Gold from Dubai
Dubai is one of the major gold suppliers to India and is also a hub for conflict gold, illegally mined by rebel outfits in Africa and sold clandestinely to buyers across the globe
World's largest gold consumer India continued it's efforts to keep away from conflict gold and got an assurance from Dubai in this regard.
According to Indian trade body Gem and Jewellery Export Promotion Council (GJEPC), Multi media Commodities Centre Authority (DMCC), has assured it that it will not export "conflict gold" to India.
DMCC said Dubai has come up with norms to ensure that only "responsible gold" is exported to other nations.
The assurance was given to GJEPC by DMCC during the recently concluded Dubai Precious Metals Conference. GJEPC has requested the Reserve Bank to permit gold only from refineries accredited to the London Bullion Market Association.
Dubai is one of the major gold suppliers to India and is also a hub for conflict gold, illegally mined by rebel outfits in Africa and sold clandestinely to buyers across the globe, thus enabling them to finance their wars against establishments.
Analysts said conflict gold is the greatest generator of revenue for armed groups operating and committing mass atrocities in eastern parts of Congo. In 15 major mines and other smaller mines across the region, children work in life threatening conditions to extract gold.
The move comes at a time when members of Organisation for Economic Co-operation and Development (OECD), one of the largest buyers of Indian jewellery, have alleged that Indian jewellers are using conflict gold in their operations.
There are 34 OECD countries which include the US, France, Germany, Italy and the United Kingdom. Nearly $70 billion worth of gold was traded through Dubai during 2012.
India imports nearly 200 tonne of gold from Dubai. In 2012, India imported 864 tonne of gold for meeting its domestic consumption and for exporting to the world market in value-added forms.
Sumber : Google
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