Gold bangles are displayed at a gold shop in Gold Souq in Dubai, United Arab Emirates, December 30, 2018. Picture taken December 30, 2018. REUTERS/ Hamad I Mohammed/File Photo
Dubai Multi Commodities Centre (DMCC) plans to create the first precious metals refinery and storage facility in the Gulf region enabled by blockchain technology.
The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com, a secured trading platform, it said in a statement.
As part of the agreement, REIT Development acquired industrial land located in DMCC’s Jumeirah Lakes Towers’ business district, it said.
The 100,000 square foot precious metals refinery and storage facility will create a decentralised record of transactions, making it possible to track all precious metals that are refined and eventually sold internationally to more than 150 countries.
“Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades,” said
Mike De Vries, chief operations officer of REIT Development.
Our Standards: The Thomson Reuters Trust Principles.
Tiiny AI’s Pocket Lab makes headlines at CES 2026 with a pocket size personal AI…
Study by fäm Luxe highlights how Dubai has built ecosystem designed to attract and retain…
At CES 2026 in Las Vegas, ACEMAGIC unveiled its latest AI-powered Mini PC lineup
Technology is rapidly reshaping the gaming industry, driving a fundamental shift in how games are…
All applications will be treated with strict confidentialityAccess Multimedia Content LONDON, United Kingdom, January 23,…
Be part of the global dialogue shaping the future of work at the Global Labor…