Dubai investor Selim Fendi is going ahead with plans to open Monaco’s first gold refinery in early 2017 to meet demand from jewellers anxious to ensure the raw materials they use are not from conflict zones.
Monaco adheres to the Organisation for Economic Cooperation and Development’s due diligence pointers for accountable sourcing of gold.
Aurum Monaco SAM, registered in the Principality in May 2016, will produce one metric tonne of gold each month in its first 12 months, with the capacity to boost that to three tonnes a month. Gold will be supplied by mines in Colombia, Peru, Chile and Ecuador that are exploited by Fendi’s Noble Precious Metal DMCC.
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