Kaloti Jewellery Factory Ltd (the ‘refinery’) and Kaloti Jewellery International DMCC (the ‘global trading arm of Kaloti Jewellery Group’) today announced that they have jointly achieved fully compliant status by an independent third party audit in accordance with DMCC's Practical Guidance on Responsible Sourcing and the Review Protocol. Kaloti Jewellery Group is the first global gold company to have both its trading and manufacturing divisions comprehensively audited and assured as fully compliant by an independent third party. The auditor, Ernst & Young, covered the period from June 1 to December 31, 2012 and as part of their review included the group’s production facility and the trading supply chains from its six international subsidiaries.

Tarek El Mdaka, Managing Director, Trading at Kaloti Jewellery Group, said:
“We are committed to the responsible sourcing of conflict minerals and we continue to work hard alongside the relevant authorities and international standards to support their efforts in eliminating it from the supply chain. As a result, we have ensured that both our trading and refining divisions are audited and fully compliant with DMCC's Practical Guidance on Responsible Sourcing, in doing so becoming the first global gold company to achieve this status.”

DMCC's Practical Guidance on Responsible Sourcing was issued in April 2012. The document is based on the Due Diligence Guidance on Gold Trade issued by Organisation for Economic Co-operation and Development and requires refineries to incorporate a 5-step framework. DMCC made it a mandatory requirement for Dubai Good Delivery refineries to implement all of the provisions of the DMCC Practical Guidance as a pre-requisite for DGD members to continue their membership. The DMCC Review Protocol, issued in November 2012, provided guidance to international audit firms for conducting assessments on DGD member refineries as well as to ensure conformity to DMCC’s Practical Guidance.

DGD’s mutual cross-recognition with relevant standards and industry initiatives also means DGD compliant refineries now conform to other international standards such as Responsible Jewellery Council, London Bullion Market Association, Conflict Free Sourcing Initiative as well as ensuring compliance with US regulations, specifically Dodd-Frank Act Section 1502.