The LBMA, the global authority for precious metals, in November published recommendations for bullion centres such as Dubai with three main aims: the responsible sourcing of recycled gold, eliminating cash transactions and support for artisanal and small-scale mining.
The LBMA says it will only permit its Good Delivery List (GDL) refiners to source material from bullion centres which meet OECD standards.
According to The Sentry, an investigative and policy group, 95% of the gold mined in east and central Africa reaches Dubai, where it enters international markets. Armed groups and criminal networks benefit from the trade, The Sentry says. The UN says that conflict gold provides the largest source of revenue to armed groups in the eastern DRC…
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