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19 May 2024

Zee Gold DMCC joins DGCX as broker member

The Dubai Gold and Commodities Exchange. (File)

By Wam

The Dubai Gold and Commodities Exchange (DGCX) has announced Zee Gold DMCC as a Broker Member of the exchange. Zee Gold DMCC is a subsidiary of Shirpur Gold Refinery Limited and part of Essel Group, a leading global conglomerate.

The Shirpur Gold Refinery is India's first and largest gold refinery with an installed refining capacity of 217MT per annum of Gold and Silver. The company enjoys a wide membership across key bullion industry forums and is part of the Association of Gold Refineries and Mints, providing a full service suite for the physical bullion market. Zee Gold DMCC became a member of DGCX and will play active role in developing Dubai Spot Gold Contract launched in Dec 2015.

Gaurang Desai, Chief Executive Officer of DGCX said, "We are pleased to welcome Zee Gold DMCC to the DGCX community. As a key bullion industry participant, we look forward to working closely to build our recently launched Dubai Spot Gold Contract that promotes transparent Loco Dubai price discovery and facilitates physical delivery of 1 kg gold bars on a safe and well regulated, government owned exchange platform."

"We are very happy to be part of the DGCX community as their latest broker member. This alliance with DGCX will help create a paradigm shift for the UAE bullion industry and the gold souk participants by providing them access to Loco Dubai gold prices on a federally regulated trading platform. We look forward to this partnership with DGCX, and hope to build strong synergies in the gold trading space for the region," said Jeff Rhodes, CEO, Zee Gold DMCC.