The partnership with SPM will help to drive UAE market volumes and further cement its position as a leading regional trading hub, especially for gold and silver, he added.
SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) announced that SAM Precious Metals (SPM) gold and silver bars can now be traded on the exchange and cleared at its clearing house.
Dubai, UAE-headquartered SPM, the industry renowned ‘intelligent refinery’, has state-of-the-art facilities in Dubai as well as Egypt. It makes use of most advanced chemical processes to refine gold, silver and other precious metals. SPM had received UAE good delivery authorization for their silver bars last year and UAE good delivery for their gold bars in July this year.
Commenting on the development, Ahmed Bin Sulayem, CEO, DGCX stated that the exchange is delighted to have SPM products traded and cleared through the exchange. The partnership with SPM will help to drive UAE market volumes and further cement its position as a leading regional trading hub, especially for gold and silver, he added.
Sami Abu Ahmad, CEO, SPM noted that the opportunity to trade at an esteemed exchange such as the DGCX demonstrates its exceptional product quality and rapidly growing demand for its gold and silver bars. The company hopes to support DGCX in providing market participants with high quality products, thereby driving volumes in the gold and silver markets, Ahmad added.
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