The first precious metals refinery and storage facility in the Gulf region is planned to be created by the Dubai Multi Commodities Centre (DMCC). This is enabled by the block chain technology.
Precious metals like gold, silver, platinum, palladium and rhodium are to be refined and stored in this facility. A secured trading platform, known as goldexchange.com will then tokenise those metals. As part of the agreement, REIT Development acquired industrial land located in DMCC’s Jumeirah Lakes Towers’ business district, it said.
The precious metals refinery and storage facility is about 100,000 square foot. It will create a decentralised record of transactions. This makes it possible to track all precious metals that are refined. Then it can be eventually sold internationally to more than 150 countries.
Mike De Vries, chief operations officer of REIT Development said that block chain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no dirty gold in circulation and illicit trades.