LSE listed ownership and new management brings global reach to Emirates Gold

Emirates Gold to undergo a comprehensive change of its strategic direction, with a focus on building an unparalleled strong reputation for supply of ultra-high purity gold and silver bullion

UAE-Dubai: Emirates Gold DMCC, the UAE’s pioneer in precious metals refining, today announced that Rockfire Resources plc, the gold, base metal and critical mineral exploration company is executing a conditional share purchase agreement with Paloma Precious DMCC for the acquisition of its entire refining and minting franchise. 

The acquisition and the ensuing integration are expected to cover all aspects related to Emirates Gold’s operations, ranging from sourcing, refining, minting, product distribution and market presence.

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UAE-Dubai, 15 September 2023 – Emirates Gold DMCC, the UAE’s pioneer in precious metals refining, today announced that Rockfire Resources plc, the gold, base metal and critical mineral exploration company is executing a conditional share purchase agreement with Paloma Precious DMCC for the acquisition of its entire refining and minting franchise.

The acquisition and the ensuing integration are expected to cover all aspects related to Emirates Gold’s operations, ranging from sourcing, refining, minting, product distribution and market presence.

In parallel with this acquisition, Emirates Gold is poised to undergo a comprehensive refresh of its strategic direction, with a deep commitment to leveraging pioneering technologies in minting, silver electro refining, establishing a global reach for products, diversifying product lines and adhering to the highest industry compliance standards.

Simultaneously with this announcement, Emirates Gold introduces a key management change, prominently featuring the appointment of Daniele Provenzale as CEO. With an impressive track record spanning over three decades, Daniele brings a wealth of experience and expertise to steer the company toward its ambitious goals.

Speaking about the acquisition, Provenzale said: “Our vision is to elevate Emirates Gold to a symbol of trust and integrity within the global precious metals refining and minting industry. A major step in this strategy has been to integrate with a company listed on the globally-respected London Stock Exchange, providing a high degree of governance and reliability.

“The acquisition by Rockfire represents a strategic milestone for us, underscoring our dedication to reshaping the landscape of the precious metals sector. We are resolute in seizing fresh opportunities and guiding the industry toward an era marked by innovation and sustainability.”, he added.

“We deeply value our employees, suppliers, customers, and partners, and we enthusiastically anticipate a future rooted in steadfast values and responsible business practices.”

Emirates Gold, with a legacy spanning over 30 years in Dubai, stands as one of the most influential gold refineries in the GCC region. The company, a pioneer in the gold industry, is

known for its solid reputation, finest quality products, superior client service, great market acceptance and effective management.

The Directors of Rockfire are embarking on an ambitious growth strategy through the acquisition of Emirates Gold, a respected, cash-generating and profitable company. The Directors consider the transaction to represent a potentially transformational, value-enhancing transaction for its shareholders, which is expected to accelerate the Company’s growth strategy.

For all queries related to the acquisition, drop a line to [email protected]

About Emirates Gold

Emirates Gold DMCC is a leading precious metals refining company based in the United Arab Emirates. With a rich heritage spanning over three decades, Emirates Gold has established itself as a trusted name in the global precious metals industry for its finest quality products. Headquartered in Dubai, UAE, Emirates Gold has a global presence, serving customers and partners across the Middle East, Asia, Europe, and beyond.

EMIRATES GOLD DMCC
Date: 15.09.2023

1. Emirates Gold DMCC has not lost its trading license as incorrectly reported in certain articles.

• The suspension of its UAE Good Delivery accreditation is merely a temporary suspension and Management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated.

• Emirates Gold has passed all recent compliance audits relating to the Emirates Bullion Committee Compliance requirements for UAE Good Delivery Accreditation, the LBMA Responsible Gold Guidance audit and the Anti Money Laundering audit. Emirates Gold has received highly positive feedback from its compliance auditors on the strength of its compliance processes.

• The suspension by the Emirates Bullion Committee has nothing whatsoever to do with Emirates Gold’s compliance processes, activities or quality control practices and to the best of our knowledge the suspension has come about because of the Emirates Bullion Committee’s perceived risk to its reputation of our shareholding structure. There have been no concerns raised about Emirates Gold’s responsible sourcing and anti-money laundering practices.

• Emirates Gold has at all times strictly followed the rules and processes of the UAE Good Delivery requirements, the LBMA responsible sourcing requirements and the UAE Ministry of Economy Anti Money Laundering rules.

• Emirates Gold is run by a professional management team who maintain the strictest Anti Money Laundering practices who, to the best of its knowledge, and with the assurance of its strong compliance policies, procedures and implementation, have not been party to any money laundering activity as incorrectly reported on certain websites.

• The LBMA suspension has been purely a reaction to the UAE Good Delivery Accreditation suspension.

• To the best of our knowledge the LBMA has not established any breach of its rules by Emirates Gold as incorrectly implied in certain media reports.

• Stakeholders can refer to our website at https://www.emiratesgold.ae/reports/  for copies of our recent compliance audit reports for both the UAE Good Delivery compliance audit and the LBMA compliance audit.
  
• The ultimate beneficial owners of Emirates Gold have nothing to do with any allegations made by Al Jazeera in their “Gold Mafia Documentary” and are independent and separate from any persons mentioned in this so-called documentary.

We would like to assure our stakeholders that Emirates Gold will continue in business during this time of suspension of our UAE Good Delivery Accreditation and our LBMA affiliate membership whilst it works with the relevant entities to reinstate such accreditation and membership.

Emirates Gold humbly requests the general public not to fall victim to the unseen plot by some vested interests who stand to benefit from the outcome of the ongoing media attack on the company and its ultimate beneficial owners. We look forward to your support to tide over the most unfortunate phase of Emirates Gold’s history and its employees, many of whom have served, with loyalty and professionalism, the company and the industry for decades.

EMIRATES GOLD DMCC
Date: 15.07.2023

The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices. It covers quality and technical specifications of refineries and gold production facilities in the UAE.

The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the Indian International Bullion Exchange, according to the Emirates Standard for Good Delivery of Gold. For his part, Anto Joseph, CEO of the Emirates Gold Refinery, said, “We feel proud of the completion of this deal, which enhances international confidence in the UAE’s national gold exports, and sends optimistic messages to investors in that vital sector in the UAE and India. The partnership and cooperation with the Indian Stock Exchange deepens channels cooperation, encourages the conclusion of more deals, and will work to increase UAE exports during the next stage.”

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Mohamed Shakarchi can still remember when, as a boy in the 1940s, he would watch his father buying and selling gold at a street market in Beirut.

Traders from around the Levant would come to the Lebanese capital to deal in strips of gold, nicknamed “frenchfries”, in coffee shops thick with smoke from nargile pipes.

“Some of the men would be holding rosary beads saying, ‘I buy, I sell, I buy, I sell’ with every flick of the bead,” Mr Shakarchi recalls.

The inclusion of Emirates Gold into DMCC’s approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost, as silver traders do not have to turn to international suppliers for their requirements.

Dubai Multi Commodities Centre (DMCC) today announced that Emirates Gold, the only silver refinery in the UAE, has been awarded the Dubai Good Delivery (DGD) status, thereby enabling it to achieve international ranking.

The inclusion of Emirates Gold into DMCC’s approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost, as silver traders do not have to turn to international suppliers for their requirements.

The first edition of the exclusively crafted coins carry an image of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on one side and on the other, the world�s only seven-star hotel, the iconic Burj Al Arab. The second edition, VoD � Palm Edition, was launched in 2010 and carried on the second side an engraved image of the Palm Jumeirah, Dubai�s iconic island project.

The launch marked a significant breakthrough in the coin’s return into the realm of usage. The Islamic Gold Dinar was the currency of the Muslim Community from its first year�s right up to the fall of the Osmanli Khalifate, and was ousted precisely by the persistent infiltration of non-Shari’i money instruments into the Muslims societies, by those forces wishing to harness the vast wealth of the Islamic homelands.

Gold refining and the manufacture of bars take place at the DMCC complex.