GJEPC and Signet recognise responsible sourcing standards of DMCC’s Dubai Good Delivery (DGD) refineries

The Dubai Multi Commodities Centre Authority (DMCC), the Government Authority dedicated to establishing Dubai as the global gateway for commodity trade, announced today that the Gem and Jewellery Council of India (GJEPC) supports the inclusion of imports of gold from Dubai Good Delivery Standard (DGD) compliant refiners into India. Simultaneously, Signet Jewelers Ltd. (Signet) confirmed that based on independent evaluation, the DGD standard is compliant with the Signet Responsible Sourcing Protocol (SRSP) for gold.

These recognitions will allow manufacturers in India to accept gold from refineries on the DGD list, as well as re-assuring others in the supply chain that gold from DGD refineries is responsibly sourced. DGD refineries are all required to adhere to DMCC’s Practical Sourcing Guidance and Review Protocols (‘Guidance’).

Gautam Sashittal, Chief Operating Officer, DMCC, said: “The DMCC Practical Guidance and Review Protocol ensures that the DGD benchmark sets the highest global standards in responsibly sourcing minerals. Signet Jewelers’ confirmation of our alignment with their own guidelines and the support of the GJEPC of India of the inclusion of gold from DGD refineries are further testimony of the robustness of our approach and standards.”

The Signet Responsible Sourcing Protocol (SRSP) for gold outlines the procedures for suppliers to Signet Jewelers to ensure that all products which include gold are from conflict-free sources. The SRSP recognises global industry guidance and standards, including the recently added Dubai Good Delivery Standard.

Pankaj Parekh, Vice Chairman of the Gem and Jewellery Export Promotion Council (GJEPC) of India, added: “We are encouraged to know that the Dubai Good Delivery Standard has been endorsed by Signet Jewellers, confirming that DGD-accredited refineries are in line with not only Signet’s benchmarks but international best practice as well. With Signet being one of our most significant clients, we are certain that this recognition will have a positive impact on the gold market in India, in the near future, in particular with regards to responsible supply chain management.”

The DGD standard, launched by DMCC in 2005, is the adopted quality standard for gold and silver bars production and technical specification in the Middle East, and is benchmarked to international standards.