The Dubai Metals and Commodities Centre (DMCC) announced the introduction of the Dubai Good Delivery (DGD) Standard for silver bars.

This standard, specifically designed for silver bars, fully complements the required international standards.
DMCC has initially approved seven international refiners for the DGD accreditation and more are expected during the next few months. These include Johnson Matthey Inc from Salt Lake City, USA; Matsuda Sangyo Co Ltd, Sumitomo Metal Mining and Tanaka Kikinzoku Kogyo KK, all from Japan; Metalor Technologies SA and PAMP SA from Switzerland, and Rand Refinery Limited from South Africa.
“International standards and quality, along with best business practices are the guiding principles at DMCC, and we are continually seeking ways and means to improve the tradability of precious metals, by increasing confidence in the quality of bars, for local and regional markets,” said Colin Griffith, executive director of gold and precious metals at DMCC and newly appointed chairman of the  Dubai Gold and Commodities Exchange (DGCX).
  “ In extending the DGD standard to silver, we aim to ensure that the quality of silver traded through Dubai will meet the highest international standards.”
Acording to a DMCC spokesman, the DGD standard for silver will enable the DMCC to monitor the product’s adherence to international standards and result in generating increased trade finance activities by enhancing the reputation of approved refiners. The launch of the DGD standard for silver paves the way for the launch of silver contracts in the DGCX later this year and will cover the delivery requirements on the exchange.
Applicants wishing to become approved silver refiners with the DMCC must meet the set criteria of annual refining production of not less than 30 tonnes  in the form of one-kilo or larger silver bars and qualify for set financial criteria. Applicants also need to satisfy the DMCC that they are equipped with proper systems covering “Know Your Customer” and record-keeping requirements.  DMCC has also laid down explicit specifications for the silver bars produced at the applicant refineries. These include weight, fineness, appearance and marks.
The announcement of the approved refiners for silver follows the success that DMCC has witnessed with its DGD standard for gold refiners, which is now established as the region’s quality benchmark. Currently, DMCC has listed 13 gold refiners including Emirates Gold, a Dubai-based refinery.