UAE Gold Refineries: Emirates Gold, Kaloti and the Region's Refining Industry

The UAE as a Global Gold Refining Center

Beyond trading and retailing, the UAE has developed a substantial gold refining industry that processes raw gold doré from mines worldwide into investment-grade bars and granules. UAE refineries are among the world's largest by volume, processing thousands of metric tons of gold annually. Their LBMA (London Bullion Market Association) accreditation means their output is accepted on global markets without additional assaying — a critical quality endorsement.

Emirates Gold: The UAE's Pioneer Refinery

Emirates Gold was established in 1993 and is headquartered in Sharjah's Hamriyah Free Zone. It holds LBMA accreditation and is a member of the DMCC, meeting the Dubai Good Delivery (DGD) standard. Emirates Gold can process up to 400 metric tons of gold per year and produces a full range of investment products:

• Cast bars: 1g, 2g, 5g, 10g, 20g, 50g, 100g, 250g, 500g, 1kg, 100oz, 400oz
• Minted/assay card bars: 1g to 100g in sealed assay packaging
• Gold granules for the jewelry manufacturing trade
• Gold grain for industrial applications

Emirates Gold bars can be purchased directly from their facility or through authorized dealers in the UAE. Their branded bars carry a serial number, the Emirates Gold logo, the purity mark (999.9 for standard investment bars), and the assay stamp. Premiums over spot price typically range from 1% to 3% for larger bars and 3–8% for small bars under 10g.

Kaloti Jewellery International: The Middle East's Largest Refinery

Kaloti Jewellery International is arguably the largest gold and precious metals refinery in the Middle East by processing capacity. Founded by the Kaloti Group, the company processes over 2,000 metric tons of gold per year — a volume that places it among the top ten refineries globally by throughput. Kaloti is headquartered in Dubai and operates its main refinery in the Jebel Ali Free Zone.

Kaloti produces:

• Standard 1kg and 400oz (Good Delivery) bars
• Small investment bars from 1g to 1kg
• Kaloti-branded assay bars in sealed packaging
• Gold alloys for the jewelry manufacturing industry (14K, 18K, 21K, 22K alloy grain)
• Silver and platinum refining (diversified precious metals operation)

Kaloti has faced scrutiny in the past regarding its sourcing practices — a 2014 investigation raised questions about gold sourced from conflict zones. Kaloti has since implemented more stringent due diligence processes and third-party audits. Their bars are sold through dealers across the UAE, GCC, and internationally.

Al Etihad Gold Refinery

A third significant UAE refinery is Al Etihad Gold, established in Dubai. Like Emirates Gold and Kaloti, Al Etihad holds LBMA accreditation and produces investment-grade bars. The company has positioned itself particularly in the artisanal and small-scale mining (ASM) gold sector, working with responsible sourcing programs for gold from African ASM operations.

How Gold Refining Works

Stage	Process	Output
1. Smelting	Raw doré melted at 1,064°C+	Crude gold alloy
2. Sampling/Assaying	Chemical analysis of purity	Purity certificate
3. Refining	Wohlwill electrolysis or Miller chlorination	999.9 fine gold
4. Casting	Molten gold poured into bar moulds	Cast bars
5. Stamping	Serial number, purity, weight engraved	Finished bar
6. Packaging	Assay card sealing (small bars) or tamper-proof packaging	Market-ready product

Buying Directly from UAE Refineries

Emirates Gold and Al Etihad Gold allow direct purchases from their facilities for large orders (typically minimum 100g). Kaloti sells through its dealer network. For retail investors, buying from authorized dealers is more practical — you get sealed, certified bars in convenient sizes with minimal transaction friction. Prices from refineries for large bars are very close to spot, with premiums of 0.5–1%.

Premium Comparison: Refinery Bars vs. Dealer Bars

• 400oz (12.44kg) bar direct from refinery: Spot + 0.3–0.5%
• 1kg bar from UAE authorized dealer: Spot + 1–2%
• 100g bar from mall gold shop: Spot + 2–4%
• 10g assay bar from retail: Spot + 4–8%
• 1g assay bar from retail: Spot + 8–15%

The premium-size relationship is universal: smaller bars carry higher percentage premiums because the minting and packaging cost is spread over less gold content.