Won’t breaking into new markets be quite difficult? More so, if those markets are already being serviced by other global refiners?
Dubai: For one of the Middle East’s biggest gold refiners, it wasn’t an easy time.
In June of 2023, Dubai-based Emirates Gold found itself removed from the UAE’s ‘Good Delivery List’, which was quite detrimental to its operations. (Meeting the UAE Good Delivery standard is critical for refiners of bullion (and silver) if the bars that they make are to be traded and sold in international commodity markets.)
«This meant our refining production went down, which is the wholesale kilo-bar business, ” said Abhijit Shah, who recently took over as CEO of Emirates Gold. „Our capacity was running at probably 30%-35%, even less at times.“
But in the months since the June 2023 decision by the UAE, Emirates Gold went to work on getting back into the Good Delivery List.
Finally, in late November 2024, the company confirmed it was back in the fray — not just that, it even had a new owner.
The new owner is Bright East Holding 1, a entity that is based out of ADGM (Abu Dhabi Global Market) and that has built up quite a decent track record in venture capital and private equity deal-making.
Won’t breaking into new markets be quite difficult? More so, if those markets are already being serviced by other global refiners?
t’s buying of Emirates Gold sure has out the shine back on the company. But that’s just the start of the comeback story, according to Shah. In an interview to ‘Gulf News’, the CEO lists the priorities for Emirates Gold to shine brighter.
- Has production revived in full now that the company is back in the UAE Good Delivery List? By this month, we should be back to our usual capacity, which is a ton (of refining) a day and two tones a day for smelting.
- We also have the space and machines to produce jewellery in partnership with others.
- So, after Emirates Gold is done streamlining the business on the refining and minting side of things, we could reactivate the jewellery production.
