SAM Precious Metals, a UAE-based refiner, is planning to set up around 13 refineries around the globe, at a time the market is projected to grow at a CAGR of 8.1 per cent, earning revenues of around $415.3 billion by the end of 2028.
The main target of opening 13 refineries worldwide is to link the producing countries with the consuming countries. The company has plans of setting up footprints of SAM Precious Metals across the world and establish the firm as an international brand.
Headquartered in Dubai, the city of gold, SAM Precious Metals is one of the top gold and silver refineries in the UAE and is globally renowned in the industry with high end and state-of-the-art facilities in Dubai and Egypt.
MARKET TO REACH $25.3BN
The Middle East Precious Metal Refining Market size is forecast to reach $25.3 billion by 2027 after growing at a Compound Annual Growth Rate (CAGR) of 6 per cent during the forecast period 2022-2027. Precious metals are available in a wide range of product types which include gold, iridium, silver, platinum, palladium, ruthenium, and others.
They are used for a wide range of applications which include jewellery, watches, catalysts, automotive, electronics, antimicrobial agents, and other similar applications.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Precious Metal Market was worth $240.5 billion in the year 2021. The Global Precious Metal Market is booming because of the increasing demand from end-use industries.
Sami Abu Ahmad, Chairman of SAM Precious Metals, said the company has recently signed a 10-year contract to procure a facility in Dubai Production City, which is 65,000 sq ft. Along with the current refinery, this will take the company space to approximately 87,000 sq ft, making SAM one of the biggest refineries in the world. This is not just about the capacity but also about the value-added products.
Mohammad Ayyob, General Manager, SAM Precious Metals, said: “The primary focus of SAM is not only to establish itself as a key player in the bullion industry, but also to position itself as a market leader in developing value added products that have applications in jewellery, catalysts, medicine, electronics, automotive, and aerospace industries.”
Currently, SAM is offering minted bars ranging from 1 gram to 250 grammes with different shapes and trademarks. SAM currently has five exclusive trademarks, and will start producing precious chemicals used in the precious metal industry.
Ayyob further added: “The objective of establishing 13 refineries is to ensure that SAM is able to cater to the specific requirements of each market, while operating in compliance with the best international standards and regional regulations.”
Ahmad Abu Ahmad, Deputy General Manager, SAM Precious Metals said: “We want to provide our customers with the best quality products and services at competitive prices and timing. We want to ensure that SAM Precious Metals will become one of the top refineries in the world.”
The company has already completed the initial phase of opening refineries. It has opened refineries in Egypt in 2021 along with Dubai.
“We are very confident that soon we will achieve all our objectives. We have already expanded to Egypt, and hopefully, there will be many more,” added Ahmad.
The company believes in being environmentally responsible and is trying to take steps to conserve energy and curb the amount of pollution.
Ahmad said: “No waste goes out of SAM’s factories. All the solid waste is sent to ash refineries where it is recycled; we have a recycling plant for water within our factory itself and all gases generated from the processes is closely monitored and ensured to be within the limits prescribed by the government.”