Dubai investor to open first Monaco gold refinery

Dubai investor is planning the refinery even as global gold jewellery demand is shrinking, and some factories are closing

Aurum Monaco will produce up to one metric tonne of gold a month in its first year.
Aurum Monaco will produce up to one metric tonne of gold a month in its first year.

Dubai-based investor Selim Fendi plans to open Monaco’s first gold refinery in early 2017 to meet demand from local and global jewellers.

Aurum Monaco will produce up to one metric tonne of gold a month in its first year, with capacity to boost that to 3 tonnes a month, Fendi said in an interview with Bloomberg.

The gold will be from mines in Colombia, Peru, Chile and soon Ecuador that are financed by Fendi’s Dubai gold-trading company Noble Precious Metal.

Fendi said: “Major luxury groups have lined up to buy, mainly in Europe and the US. Some jewellery brands in Monaco buy gold at a premium because they want gold that hasn’t harmed the environment, was mined using fair labour conditions and is traceable and conflict-free.”

“The big luxury brands don’t have enough gold that is certified. We will have full traceability from mine to refinery.”

Fendi is planning the refinery even as global gold jewellery demand is shrinking, and some factories are closing.

He added: “There is demand for gold in Monaco, maybe more than in many other places because there is a concentration of wealthy people, and the more people are wealthy, the more they want gold.”

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