The Dubai Jewellery Group (DJG) and Dubai Business Group for Bullion & Gold Refinery (DBRG) have signed a strategic Memorandum of Understanding (MOU) to strengthen collaboration across the UAE's bullion, refining, and jewellery sectors.
The signatories include Mr. Mohammad Ayyob, Chairman of DBRG, and Mr. Tawhid Abdullah (Chairman of DJG). The agreement establishes a framework for joint efforts to promote responsible industry practices, strengthen UAE Good Delivery standards, improve regulatory compliance, enhance consumer awareness, and reinforce UAE's position as a regulated global hub for gold and precious metals.
The MOU signing and subsequent industry dialogue brought together senior representatives from the jewellery, bullion and refining sectors, focusing on global recognition of UAE Good Delivery, refinery regulation, responsible sourcing, consumer education, transparency and the need for greater international awareness of the UAE's regulatory framework.
Strengthening UAE's Position as a Global Gold Hub
Opening the meeting, Mr. Tawhid Abdulla, Chairman of the Dubai Jewellery Group, highlighted the importance of ensuring all bullion and refining participants operate as per regulated standards to protect and strengthen UAE's global reputation.
The discussions stressed the importance of presenting a unified industry approach to demonstrate the strength of the UAE's regulatory framework and reinforce confidence in the UAE as a major global gold trading centre.
Mr. Abdulla also called for greater efforts to showcase investment gold bars manufactured in UAE, internationally.
Promoting UAE Good Delivery Globally
Mr. Mohammad Ayyob, Chairman of the Dubai Business Group for Bullion & Gold Refinery, identified the lack of global awareness and recognition of UAE Good Delivery as one of the industry's key challenges.
The discussion highlighted the need to communicate the UAE's regulatory framework and the measures introduced to strengthen the country's gold ecosystem to international stakeholders.
DJG and DBRG agreed to work together to promote Dubai's standing as a regulated gold trading hub, including engagement with international organisations and stakeholders.
Building International Awareness
Mr. Chandu Siroya, Vice Chairman of the Dubai Jewellery Group, highlighted the importance of building stronger bridges between UAE and international markets.
As part of this effort, he advocated showcasing UAE through presentations at international conferences, summits and exhibitions, providing global audiences with greater understanding of UAE's gold ecosystem, regulatory framework and industry capabilities.
World Gold Council Support
Ms. Lisa Vainio of the World Gold Council outlined the organisation's continued commitment to the UAE market, including its permanent presence in the country.
The World Gold Council highlighted offering strategic advice to DJG and DBRG, as well as knowledge-sharing sessions for jewellers and bullion industry participants.
The WGC also expressed its willingness to participate along with DJG and DBRG to represent UAE at international events, conferences and platforms, helping present the country's compliance programmes and regulatory frameworks accurately to global stakeholders.
Strengthening Consumer Understanding and Provenance
The dialogue also addressed the need to improve consumer understanding of investment gold products, particularly gold bars, hallmarks and other markings that provide information about the product.
Mr. Ajay Pahuja of AU Finja highlighted the opportunity for UAE-based jewellery businesses to promote products with clear provenance and standards.
The discussion emphasised that consumer confidence should extend beyond the finished product to include transparency around the processes through which gold is refined and enters the supply chain.
Joint Government and Industry Engagement
DJG and DBRG agreed to approach relevant government entities to understand their priorities and explore how the industry can support efforts to strengthen the UAE's reputation as a regulated gold trading hub.
The two organisations will also work jointly to promote UAE's regulatory framework to global stakeholders, including international market bodies and standard setters
A Broader Framework for Collaboration
Beyond regulatory advocacy, the MOU establishes a broader framework for cooperation between DJG and DBRG.
The areas of collaboration include:
- Joint government advocacy
- Responsible sourcing and UAE Good Delivery standards
- International promotion of the UAE as a gold hub
- Knowledge sharing and training
- Joint research
- Co-hosted events
- Innovation and traceability
- Crisis and business continuity coordination
Next Steps
As an immediate next step, DJG and DBRG will engage with relevant government entities regarding the industry’s priorities and proposed initiatives, and jointly promote UAE Good Delivery and UAE's position as a regulated trading hub.
The organisations will also take up the World Gold Council's offer of strategic advice and joint representation at international events and platforms.
A Joint Steering Committee comprising representatives from both organisations will oversee the collaboration and guide the implementation of the MOU. While the MOU provides for Steering Committee meetings at least twice a year, DJG and DBRG have agreed to meet quarterly to review progress and develop year-long plans for joint initiatives, going beyond the minimum requirement.
The collaboration reflects a shared commitment by the jewellery, bullion and refining sectors to strengthen standards, improve transparency, enhance consumer confidence and reinforce the UAE's reputation as a leading global centre for gold and precious metals.