Three prominent gold refiners have declared their intention to invest in expansions at the soon-to-come up Dubai Metals and Commodities Centre (DMCC), a move that could enable them meet a third of global consumption of the yellow metal.

Ary Group is setting up a 250 tonnes-per-year gold refinery, announced Haji Abdul Razzak Yakoub, its managing director.

"We will begin working as soon as we get the land, hopefully soon," he said, adding the refinery would be spread out on a 200,000 sq ft plot and have the latest machinery.

Ary plans to discontinue its Sharjah refinery, which has a capacity of 30 tonnes of gold per year, and relocate it in Saudi Arabia.

Al Ghurair Giga Gold Refinery is establishing a 100-tonne facility, the first by the Ghurair family, said Essa Al Ghurair, director of the refinery.

Al Ghurair said investment in the new project would be less than the SR150 million ($40 million) spent on a refinery in Saudi Arabia. Production at the new refinery would be 100 tonnes per year but later there would be a doubling from an expansion.

Project designs had been finalised and the project itself would be implemented in collaboration with two partners Mazioud Jewellery and the South African firm Mintec, who have the knowhow, the official said.

Emirates Gold also disclosed plans for production at DMCC. Mohammed Shakarchi, managing director of the company, said it would relocate its 50-tonne refinery there and expand capacity to 350 tonnes per year.

The three companies will be able to refine between them some 700 to 800 tonnes of gold annually, which amounts to more than a third of the current global gold consumption estimated at 2,300 tonnes.