Responsible Raw Materials Initiative

CFSI Update in Regards to Dubai Gold Refiner Allegations

News reports today in the BBC, the Guardian and other outlets, along with NGO Global Witness cite claims from a former auditor that a major gold refiner trading in the Dubai Multi Commodities Centre (DMCC) "committed serious breaches of the rules designed to stop gold mined in conflict zones from entering the global supply chain," (BBC).

In relation to these allegations, the CFSI provides the following update about our activities. 

  • The CFSI does not have a mutual recognition program with the DMCC. We have discussed mutual recognition with them in the past but do not, and never have had, an agreement on mutual recognition.
  • The allegations made in this story do not cause us to question the validity of the findings of our current CFSP-compliant gold refiner list as available on our website. This is due to the fact that none of the parties in question in these allegations are part of the CFSP.
  • The CFSP auditors are Liz Muller & Partners, SGS and UL.
  • We do have a mutual recognition program with LBMA and RJC. These agreements do not extend to any agreement RJC and/or LBMA may have with DMCC.

We will continue to follow the implications of this story as part of our ongoing evaluation and mitigation of risk, in accordance with OECD Guidance.

 

Contact:

Julie Schindall, Director of Communications & Stakeholder Engagement

jschindall@eicc.info / +1 571.858.57121 / +1 703.647.0967